Industry

The Financial Planning Association this week elected Michael Branham as its new president-elect and added three new board members.

BOSTON—The largest, and most successful, asset managers are structured as partnerships, Bob Pozen, chairman emeritus of MFS Investment Management, told Fund Forum USA’s Global Fund Distribution Summit here Monday.

The owners of Standard & Poor’s Indices and Dow Jones Indices will create a joint venture in index services.

Putnam Investments has named industry veteran Stephen Jenks head of products and marketing for its defined contribution business.

DataContent has teamed up with UK recruitment agency IT Human Resources to create an executive search partnership specializing in market data.

JP Morgan Chase & Co. has named Viswas Raghavan its new global head of equity capital markets. At the same time, Andy O’Brien and Jim Casey become co-heads of global debt capital markets.

Investment banking and brokerage firm Stephens Inc. has named John Baumgartner managing director and co-head of equity capital markets.

Wells Fargo Advisors hired a father-son advisor team in Oak Brook, Ill. from UBS Financial Services. Robert Iorii, Sr. and Robert Iorii, Jr. , who joined on Oct. 14. Iorii Sr. oversaw $49.83 million in client assets and had $617,219 in annual fees and commissions. His son had $99.65 million in client assets under management and $1.26 million in annual production.

Almost 30% of households with more than $5 million to invest are using four or more advisors.

The head of Merrill Lynch U.S. Wealth Management and the Private Banking and Investment Group discusses his 22 years in the securities business.