Industry

Saxo Bank announced it has reappointed Steen Jakobsen as its chief economist after leaving the Danish bank in early 2009 where he served as chief investment officer at Limus Capital Partners.

Industry veteran will head Russell’s defined contribution business.

Richard Davies is leaving AllianceBernstein to join Russell Investments as the head of its defined contribution business.

Roy Seay and Carolyn Edwards each worked at UBS for 11 years and together had $850,000 in annual production.

In an effort to continue its national expansion, U.S. Trust, a unit of Bank of America, has hired 14 wealth management executives.

The brokerage adds Rob Pietroburgo from Wells Fargo to its Springfield, Ill., branch as part of its advisor and branch expansion strategy.

New advisor growth increased by more than 60% from a year earlier.

The company added six wealth executives in California, two in St. Louis, two in Washington state, one in Portland, Ore., one in Nasvhille, one in Portland, Maine, and one in Chicago.

Last year, wirehouses were hot. This year, they are not. At least not with banks trying to recruit additional registered representatives.

Hendel is set to start in New York in June as managing director and head of global prime brokerage.