Industry

Putnam Investments is laying off 78 employees, or 4.4% of its workforce. The layoffs, primarily in operations, follow a 3% decline in assets under management, from $121 billion in 2010, to $117 billion in 2011.

William Polk Carey, founder of investment management firm W.P. Carey & Co., died on Jan. 2 at age 81, the company announced.

Raymond James & Associates has hired two financial advisors from Wells Fargo to open its first office Richmond, Va., office for its employee broker-dealer business.

Web Exclusive: It took Oxford Financial CEO Jeffrey Thomasson years to figure out how to recruit and hire the best people. Now, the nation’s second-largest RIA has it down to a science – and the firm is thriving like never before.

Web Exclusive: The nation’s third-largest RIA now has more than $10 billion in assets under management due in large part to its comprehensive approach to managing and maximizing clients’ investments with the taxman in mind.

There is strength in numbers, and practices across the country are banking on size to position themselves for success.

Union Bank has promoted bank veteran Terry Negendank to regional managing director of The Private Bank, in charge of wealth management in Northern California.

Morgan Keegan's brokerage force has stayed in wait-and-see mode as parent firm Regions Financial looks to sell that business, but that could all change if uncertainty about the firm's future persists or if a new deal presents unfavorable terms, experts say.

UBS AG has named Robert J. McCann chief executive of UBS Group Americas in addition to his current role as CEO of the Wealth Management Americas unit. McCann replaces Philip J. Lofts, who returns to his former role as group chief risk officer. McCann will coordinate the efforts of the business units in the Americas, including asset management, investment banking and wealth management.

The head of wealth management strategies for UBS discusses his 14 years in the securities business.