Industry

Schwab Advisor Services says fewer RIA mergers and acquisitions took place in the first half of 2012 compared to the same period last year, but the average assets under management acquired in those transactions jumped dramatically.

Morgan Stanley, trading at less than half of its liquidation value, could be worth as much as $32 a share in a breakup, said Michael Mayo, an analyst at CLSA Ltd.

The trio brings the total staff to 19, up from 12 a year ago when the firm purchased the asset management business of Chicago-based Talon Asset Management.

Evercore Partners Inc., the advisory firm founded by former U.S. Deputy Treasury Secretary Roger Altman, said second-quarter profit rose 19% as investment-banking revenue climbed.

Jefferies Group Inc. and Goldman Sachs Group Inc. led Wall Street’s largest securities firms in average compensation per employee at midyear, widening a lead over JPMorgan Chase & Co.

Thirty-year industry veteran Chris Willett will help expand business in the South.

On July 25, 2012, Old Mutual Asset Management, the U.S.-based global asset management business of Old Mutual plc, has named John Harrington as Director of U.S. Consultant Relations, responsible for business development in the consultant channel.

BNY Mellon has hired a former Northern Trust wealth strategist to be senior director in the firm’s Naples, Fla., office, in response to growing business in the region.

Did you ever wonder why the word "billion" seems to elicit a terrible feeling in your gut? Do you remember when a billion dollars seemed like so much money it was unattainable? Do you remember when a millionaire was considered really wealthy? Now, a millionaire is not rich and a billionaire must have done something evil to become one.

Industry veteran John Sullivan is joining Dynasty Financial Services as senior vice president, RIA and Transition Services.