Industry

UBS Wealth Management Americas hired 11 advisors with $1.2 billion in AUM. The largest team included six Morgan Stanley Smith Barney advisors in Washington, D.C. including David Andreadis, Karen Ben-Shlaush, Richard Haskin, Frederick Schultz, Lloyd Seested and Eric Teichberg. Together, they oversaw $659 million in client assets.

Morningstar has promoted William Harding to head of manager research for its investment management division, a new position in which Harding will develop best practices in investment manager research and selection.

BNY Mellon Asset Management has promoted Christopher Sheldon to chief investment officer of The Dreyfus Corp. Sheldon hails from BNY Mellon Wealth Management, where he was director of investment strategy and president of BNY Mellon Funds.

J.P. Morgan Asset Management has hired James Gearin as chief operating officer of its retirement plan services business, reporting to the unit’s CEO, David Musto.

Janney Montgomery Scott has hired financial advisor James A. Baber IV, who previously oversaw $61 million in client assets, to join the Strange Group in the firm’s Richmond, Va. office.

Bank of America Merrill Lynch has hired Wells Fargo financial advisor Adam Gurien, who previously oversaw $283.3 million in client assets.

UBS on Tuesday said it will eliminate 3,500 jobs over the next two years in a cost-cutting move.

Advisor Group names Jerry Murphy as president and chief executive officer of Atlanta-based FSC Securities, the company announced on Monday.

Tom Steinert-Threlkeld

Bank of America will lay off at least 3,500 employees in the next few months.