Industry

Securities America has hired Denise Morrison as its new chief compliance officer.

Michael Mortensen, the former president and CEO of PNC Investments, will oversee Union Bank's brokerage operation and all the registered representatives.

The agency's order initiating administrative proceedings alleges that Noah Myers, president of MiddleCove Capital, netted "ill-gotten gains" of about $460,000, while his clients lost more than $2 million from around October 2008 through February 2011, when an employee threatened to report the activity to the SEC.

Three former Morgan Stanley Smith Barney advisors have taken their business to Stifel Nicolaus to start an office in Madison, Connecticut.

John Cartolano and his Scottsdale, Ariz., based team at NetVest Financial have joined Ameriprise from LPL, bringing with them $200 million in assets under management.

Already this year, Independent Financial Partners, which has nearly 500 advisors, has increased its advisor count by more than 50% over the total number of advisors it added in 2011.

Morgan Stanley and Citigroup have pushed the deadline for determining the fair market value of their Morgan Stanley Smith Barney joint venture to Sept. 10 as they wait for an independent appraisal to help reconcile their opposing values of the business

Fidelity Investments today named Abigail Johnson president of Fidelity Financial Services, consolidating all of the company’s core businesses under her leadership.

Ryan Kaufman decided to leave Woodbury, where he has worked since 2009, after the company announced in July that it would be acquired by American International Group. "Given my personal experiences and past dealings with the potential new purchaser, I thought it would be hard for me to go back to my clients and explain that we were re-affiliating with the parent company," he said.

Merrill Lynch Wealth Management has snapped up three UBS financial advisors with more than $323.2 million in client assets under management.