Industry

As Hurricane Sandy makes landfall in the U.S., wealth management operations of major financial firms including Bank of America, Morgan Stanley and Wells Fargo have shut down certain offices to prepare for the storm, while keeping their advisors in touch with clients remotely.

Hennessy Advisors has completed its buy of FBR Funds today as planned. The acquisition brings the Novato-Calif.-based company's total AUM to $3.1 billion.

Financial advisors on the East Coast have solid reasons to be worried about Hurricane Sandy – and even those far from the wreckage should be concerned, too. Advisors’ and clients’ safety rank first, but advisors also have to be concerned about their offices and property, as well as those of their clients’ and their clients’ relatives. As vital as proper insurance coverage is, it often will not cover all losses, nor losses from the disruption of business. How prepared are you and your firm to deal with a major disaster, like Sandy? Far too many advisors have no disaster recovery plan to rely on for times like this. Here are 5 questions to consider regarding you, your firm and your clients after the worst of the hurricane strikes.

UBS AG, Switzerland’s largest bank, will cut as many as 10,000 jobs companywide as the trading business shrinks, a person with knowledge of the plan said.

Wells Fargo Advisors Financial Network has added four practices.

Citigroup Inc. and Goldman Sachs Group Inc. are among Wall Street firms planning to shift operations to other cities and have staff work from home as Hurricane Sandy’s arrival in New York forces evacuations.

Wells Fargo Advisors Financial Network has added four practices. With these advisors its independent brokerage arm, FiNet, has over 1,100 owners and advisors in more than 540 practices, with over $55.5 billion in assets under management.

Ascent Private Capital Management names two managing directors in Seattle area.

Value Line Funds has combined the Value Line U.S. Government Money Market Fund (VLCXX) into the Reich & Tang Daily Income Fund - U.S . Government Portfolio, effective October 19.

Two investment teams from Merrill Lyncch have joined RBC's Leadwood, Kan., office.