Industry

If there is a constant in the investment advisory landscape, it’s change. And few things are changing faster than the independent sphere.

It is “a fantastical suggestion” that the bank and its management knew and approved of Adoboli exceeding risk limits, prosecutor Sasha Wass told the London jury in closing arguments Thursday.

Evercore Partners Inc., the advisory firm founded by Roger Altman, agreed to purchase Mt. Eden Investment Advisors LLC, a San Francisco-based wealth manager with $645 million in client assets.

Legacy Wealth Planning announced Wednesday that it hired Mark Elston and his team of financial advisors.

Advisors can calm clients who wanted a Romney victory.

Pioneer Investments is expanding its sales team in the Asia Pacific region with the additions of Martin Park as a sales director in Korea, Hiromi Wada as a Japan representative and Matthew Marks as Sales Director Institutional Asia.

U.S. bank has added two new professionals to its super-wealthy business and hired a former Morgan Stanley Smith Barney officer for its business serving high-net-worth clients.

Morgan Stanley, the Wall Street bank with the biggest trading-revenue increase last quarter, lost money in that business on eight days in the period, down from 31 days a year earlier.

Newfleet Asset Management, an affiliate of Virtus Investment Partners, has named David Albrycht as president and chief investment officer.

American Century Investments has appointed Patrick Bannigan to the position of executive vice president and chief operating officer, effective earlier this week on Nov. 5.