Industry

Schwab Advisor Services is launching a multi-million dollar marketing and education campaign aimed at promoting the registered investment advisor (RIA) sector in an effort to differentiate the channel from other, more traditional models in the eyes of affluent investors.

Cantor Fitzgerald named Jeffrey Lumby as its head of equity capital markets where he’ll be continue to oversee the firm’s Controlled Equity Offering product as well as a variety of equity linked origination and execution responsibilities on behalf of the firm’s clients.

Last week’s deal between The Colony Group and Focus Financial Partners is just the latest in what’s turned out to be a very busy merger and acquisition period for registered independent advisor firms. Here's a look at this year's five-largest deals:

While it’s still unclear as to whether The Colony Group and Focus Financial Partners union announced last week is the largest merger by assets under management completed in the RIA space so far this year, one thing is certain: the deal is sophisticated and accomplishes strategic and financial goals for both firms at the same time.

As Bank of America Merrill Lynch continues to streamline its business, it has created a new global wealth and retirement solutions organization, said Andrew Sieg, who heads the new unit, in an internal memo to employees on Friday.

Orion Advisor Services unveiled the latest release for it Advisor Desktop portfolio management suite for RIAs on Monday with new features designed to make it easier for advisors using the primary database management tool to rebalance their clients’ portfolios and create tax efficient strategies at the household level.

Atlantic Fund Services has hired Marianne K. Smythe, former director of the division of investment management at the Securities and Exchange Commission, as an analyst of mutual fund products and other pooled investments. Smythe also worked at the SEC's division of market regulation, was deputy director of the Commodity Futures Trading Commission, taught law and was assistant provost at the University of North Carolina at Chapel Hill and was a partner and head of the investment management practice group at Wilmer Cutler Pickering Hale and Dorr. Smythe will continue as an independent trustee for The Rohatyn Group of Funds.

Bank of America Merrill Lynch wealth management executive John Thiel unveiled a new plan that restructures the firm’s U.S. wealth management business in a memo to employees on Wednesday.

When financial advisor Jeff Leventhal left UBS Financial Services for HighTower Advisors earlier this month, the decision was as much about serving his clients as the direction in which he saw the entire wealth industry headed.

Guggenheim Partners and Rydex/SGI announced Wednesday that Guggenheim will acquire Rydex in the first quarter of 2012 and combine its asset management capabilities under the name Guggenheim Investments. Once the deal is closed, Guggenheim Investments will have $119 billion of assets under management. Terms of the acquisition were not disclosed.