Industry

John Hancock Financial, the US division of Manulife Financial Corporation, has named Sebastian Pariath as head of John Hancock Operations, effective January 1, 2013.

Treasury Secretary Timothy Geithner offered Republican House Speaker John Boehner a proposal to avert an end-of-the-year fiscal cliff that would trade $1.6 trillion in tax increases for $400 billion in unspecified entitlement program cuts, a Republican aide said.

Merrill Lynch has snapped up 10 financial advisors from rival wirehouse firms who managed a total of $1.07 billion in assets and had $7.7 million in fees and commissions.

While most companies seem hesitant to spend their cash, at least one company is eager to take advantage of sluggish market activity to grow.

Mark A. Ritter will lead the growth and development of Susquehanna Trust and Investment Company.

“What we ... know is that there are a lot of advisors who think their entire value is wrapped around they’re delivering advice to clients and telling them how it’s going to work out,," Joe Duran, the CEO of United Capital said. "But the reality is that we don’t believe that’s the future."

Kayne Anderson Rudnick, a boutique investment adviser and affiliated manager of Virtus Investment Partners, has promoted Doug Foreman to co-chief investment officer, effective January 1, 2013.

Portland, Ore.-based alternative mutual fund shop Bandon Capital Management has added Terry Swenson as Managing Principal, responsible for the firm’s distribution strategy in intermediary channels.

An industry veteran with over three decades of experience, John Dorsey will open a new branch office in W.V.

Morgan Stanley Chief Executive Officer James Gorman called on the investment bank’s employees to pressure U.S. lawmakers into reaching an agreement that averts the so-called fiscal cliff.