Industry

Private equity firms Bain Capital Partners and Hellman & Friedman acquired Neuberger Berman Monday for $2.15 billion, with the two firms holding equal positions in Neuberger, the firm’s portfolio managers given a “significant stake” and the deal expected to close early next year.

Many hedge funds will have trouble retaining top managers next year, thanks to terrible market performance across the board and a reward system based on that performance, The Wall Street Journal reports. To retain talent, they will have to tap into profits. Otherwise, they will have to close shop.

Putnam's Investment Chief Cronin Stepping Down

Sallie Krawcheck, the chief executive officer and chairman of Citi Global Wealth Management, is set to leave the firm, according to a statement from Citigroup, the parent company.

FRC Founder Bathon Forms New Company

Jeffrey Gundlach, chief investment officer of TCW Group, ticked off a host of cataclysmic forecasts for the financial services industry in a client conference call Wednesday that he titled “No Market for Old Men,” MarketWatch reports.

As the shock of the turmoil in the financial services industry continues its ripple effect, businesses and governments outside New York and Boston are bracing for lower tax rolls as a direct result of tax cuts.

Legg Mason Taps Odenath To Head Up the Americas

John Thain, chief executive officer of Merrill Lynch, said the reaction of his firm’s “thundering herd” of more than 16,000 financial advisers to the Bank of America sale has been almost 100% positive.

Over the next several months, Curian Capital plans to hire 21 additional salespeople: 10 external wholesalers, 10 internal wholesalers and a divisional vice president overseeing them. “The expansion of our sales team will allow us to keep pace with the number of new advisory relationships that Curian has entered into this year, and support the robust growth of the managed accounts industry as a whole,” said Michael Bell, president and chief executive officer of Curian. “We are seeing an increased demand for dedicated business consulting and practice management support, particularly as more financial professionals transition to advisory business,” Bell continued. “We will continue to expand our distribution force in order to satisfy these demands and maintain a high level of personal service for our business partners.”