Industry

Mark Evans will provide investment advice to clients of Ascent Private Capital Management. He is the second managing director of investments to join Ascent's Minneapolis office.

Canadian Imperial Bank of Commerce is weighing a bid for Frank Russell Co.’s asset management arm, a business the London Stock Exchange Group is preparing to sell early next year, people with knowledge of the matter said.

The three founders of Concord Equity Group Advisors, a firm LPL bought in 2011 after the RIA allegedly hid commissions from its institutional clients, settled with the SEC.

Raymond James & Associates recruited an advisor managing more than $191 million in assets from regional rival Stifel.

Man Group, the largest publicly traded hedge fund manager in the world, will buy fund-of-hedge funds assets from Merrill Lynch Alternative Investments to expand in the U.S. The London-based firm will acquire the contracts to manage Merrill’s $1.2 billion multi-strategy investments, and will pay Merrill Lynch $2.9 million when the deal closes and 35% of the management fees generated annually for five years, not to exceed $30 million.

The wirehouse brought over five advisors from UBS and Citi Personal Wealth Management.

The team, known as Madison Street Financial Group, generated $3.5 million in annual revenue.

HighTower recruited a Merrill Lynch advisor to join a group that broke away from the wirehouse earlier this year.

The resignation comes in the wake of the apparent suicide in October of David Zier, Convergent's chief executive.

An advisor team generating $6.7 million in annual revenue has left J.P. Morgan Securities for Raymond James & Associates.