Industry

HighTower Advisors has snapped up Morgan Stanley Smith Barney branch manager Ann T. Rieder in the latest acquisition for its targeted national hiring spree.

Sales of asset managers slowed in the most recent quarter after an 18-month surge as fewer independent and foreign-owned firms changed hands, according to Sandler O'Neill & Partners LP.

Trust and customer service are the most important reasons why clients opt to work with registered investment advisors, according to TD Ameritrade’s latest RIA survey.

Prudential Financial has named David A. Hunt chief executive officer of Prudential Investment Management, in charge of all of its asset management businesses-including public fixed income, real estate, public equity, private fixed income, mutual fund and wealth management business. Hunt will start his position Nov. 9.

Having gone into bankruptcy, Financial Research Corp. is now being evaluated by Strategic Insight parent Asset International for potential purchase. Asset International, however, is only interested in purchasing certain FRC research products: those covering 529 college savings plans, alternative investments, target-date funds, industry assets under management by company and distribution channel, sub-advised funds and its “Monitor” research.

The Investment Company Institute has named Gregory Johnson, president and chief executive officer of Franklin Resources as chairman for a one-year term. As chairman, Johnson will oversee ICI’s board of governors, which sets policies and oversees the institute.

Frank Roccisano has been named complex manager in Kentucky and West Virginia at Morgan Stanley Smith Barney.

The Investment Management Consultants Association appointed Elizabeth Piper-Bach, CFP, as chair of its 2012 board of directors. She leads a slate of four new officers and four new board members for the new term.

Morgan Stanley Smith Barney has hired four new financial advisors from Bank of America Merrill Lynch and RBC Dain Rauscher.

Touchstone Investments and Old Mutual Asset Management have entered into an agreement whereby Touchstone will acquire the $2 billion U.S. mutual fund business of Old Mutual, bringing Touchstone’s assets to nearly $10 billion. The deal will also add several new sub-advisors to Touchstone’s roster of fund managers.