Industry

The 50 largest asset managers accounted for more than US$38 trillion in assets under management at the end of 2012. This is a full US$4 trillion more than the year before, even as the biggest firms in the industry continue to enlarge, according to The Cerulli Report: Global Markets 2013.

Best known as the first woman to own a seat on the New York Stock Exchange and the first to head one of its member firms, Muriel F. "Mickie" Siebert died of complications from cancer on August 24 at the age of 80.

Southern California-based Beacon Pointe Wealth Advisors has another notch on its belt.

Citi Private Bank nabs talent from J.P. Morgan and Abbot Downing to serve the super wealthy in key markets.

The 50 largest asset managers accounted for more than US$38 trillion in assets under management at the end of 2012. This is a full US$4 trillion more than the year before, even as the biggest firms in the industry continue to enlarge, according to The Cerulli Report: Global Markets 2013.

UBS picked up a Morgan Stanley veteran with $345 million in assets under management.

The expansion-focused $6 billion wealth manager has added Santa Barbara-based Pacific Pointe to its roster, making it the fifth firm in Beacon Pointe’s growing stable, and the fourth in California.

Senior executives with leadership experience and strong sales skills in high demand as current advisors look to retire.

Morgan Stanley Chief Executive Officer James Gorman said there’s almost no chance of another financial crisis like the one that endangered his firm five years ago.

Larry Roth, former president and chief executive officer of Advisor Group, one of the country’s largest networks of independent broker-dealers, is joining Realty Capital Securities, a major broker-dealer and wholesaler of real estate investment trusts, as chief executive officer.