Industry

Fidelity Investments has closed off one of its funds to new investors.

In the fourth quarter of 2012, wealth and investment services earned $7.8 million in non-interest income for the bank, a 36% jump from a year earlier and 9% increase from the previous quarter.

Deutsche financial advisor Jason Zaks, number 23 on the Top 40 Under 40 list, prefers the personal side of investing including handwritten notes to clients.

Morgan Stanley is seeking Federal Reserve approval to buy the remaining 35 percent of its brokerage joint venture with Citigroup Inc. this year.

Morgan Stanley, the top global equity underwriter last year, reported profit that beat analysts’ estimates as brokerage earnings more than doubled and margins from that unit surpassed the firm’s goal for this year.

Legg Mason, the money manager best known as home to stockpicker Bill Miller, is folding Miller’s Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled.

U.S. Bancorp’s wealth management and securities services business contributed $41 million to the bank’s bottom line in the fourth quarter of 2012, down $2 million, or 4.7%, from the previous quarter, but unchanged from the same quarter a year earlier.

Nasdaq OMX Group said it hired Bradley J. Peterson as its global chief information officer.

“This is the first significant change to our grid during my almost 20 year tenure at Raymond James,” Tash Elwyn, president of the firm’s Private Client Group, said. “With this new grid we have achieved our goal of continuing to offer a very competitive payout within an environment and culture at Raymond James that’s unique in that we treat our advisors with respect.”

UBS financial advisor Bryan Mountain, number 24 on the Top 40 Under 40 list, helps clients find a balance between finding retirement income and taking on the risks that can grow their portfolios.