Industry

Merrill Lynch Wealth Management has tapped Ashvin Chhabra to serve as chief investment officer and head of Investment Management and Guidance.

Credit Suisse Group AG sued its former vice president of emerging markets, Agostina Pechi, over claims she stole the bank’s trade secrets in a bid to win clients for her new employer, Goldman Sachs Group Inc.

UBS plans to move out of almost three-quarters of the space it rents at Manhattan’s 299 Park Ave. as it seeks to reduce real estate costs, but the company intends to keep some wealth-management operations in place while moving its investment-banking department to another location.

UBS AG is always looking at all shareholder suggestions, Chief Executive Officer Sergio Ermotti said, after investor Knight Vinke Asset Management LLC called for a spinoff of the lender’s investment bank.

UBS promotes regional director John Mathews to help capture growth in the ultrahigh-net-worth market.

The financial services industry needs a major makeover, Sallie Krawcheck said at an industry conference Friday.

Former ICI President David Silver Dies

UBS AG should consider splitting its investment bank from the wealth management and Swiss banking businesses, shareholder Knight Vinke Asset Management LLC said.

Independent broker-dealers and RIAs have the edge over wirehouses when it comes to adding mutual fund assets under management, according to Access Data and Strategic Insight.

Robert Sharpe joined Heartland Advisors in the role of co-portfolio manager of the International Value Fund (HINVX), which invests in smaller equity dividend-payers in developed and emerging markets.