Industry

CIBC is taking a 41% stake in American Century, paying $848 million in cash for the shares that JP Morgan currently holds. JP Morgan paid $900 million for a 45% stake in American Century in 1998 and pared back its holdings over the years.

To increase its presence in the bank channel for adviser-sold business, Russell Investments has promoted John Harrell and Paul Izzo to the newly created positions of national account executive.

UBS Wealth Management Americas has hired Morgan Stanley Smith Barney executive Jon Mallon as director and branch manager for its Santa Rosa, Calif. office.

The new financial advisor team, which operates under the name VWG Wealth Management, includes John Verfurth, Richard Weeks and Jeff Grinspoon.

Great-West Life & Annuity has hired Joe Greene as chief marketing officer, a new position at the firm. Greene reports to President and Chief Executive Officer Mitchell Graye.

Morgan Stanley Private Wealth Management has named Leerink Swann wealth management head Devon Baranski to the post of regional manager for the Southwest.

Citi Private Bank has hired Northern Trust Managing Director Perry Brown to serve as a managing director and private banker in Palm Beach, Fla.

MF Global Holdings Ltd. this week appointed David Simons as its new global head of operations where he will oversee the management and strategic development of trade processing and clearing operations.

Last year was a good one for registered investment advisors, according to the 2011 RIA Benchmarking Study from Charles Schwab, the largest focused solely on RIAs.

Bank of America has lured Morgan Stanley Smith Barney financial advisor David Massey, who previously had $1 billion in assets under management, to its Merrill Lynch brokerage in Carlsbad, Calif.