Industry

Advisor Billy Belcher joined the firm's independent broker-dealer.

This past week, the industry saw Pimco suffer more redemptions despite the climbing performance of its Total Return Fund, a BlackRock bond ETF receiving a record $2 billion deposit, Virtus Investment Partners announced an agreement to acquire a majority interest in ETF Issuer Solutions, and a report from Cerulli Associates noting that socially responsible investing has become a frequent request of asset managers from institutional clients.

Ellsworth Private Wealth Management hooks up with Stratos Wealth Partners, citing the use of LPL's RIA and broker-dealer platform.

Salient Partners, a $21.5 billion investment firm, plans to buy Forward Management to expand its liquid alternatives business, a fast-growing product that offers hedge fund-like strategies to individual investors.

Advisors generating $5.8 million in annual revenue left Morgan Stanley for Merrill. The team is led by the No. 7 advisor on On Wall Street's Top 40 Under 40 ranking.

The SEC barred an RIA from the industry after the firm was charged with misleading investors -- including falsely claiming that its fund was "SEC approved."

The firm has made lending and deposits a greater part of its strategy as it seeks to generate more revenue from brokerage clients.

Seeking to bolster its team after co-founder Bill Gross left last year, Pimco announced it hired Joachim Fels as global economic adviser.

"[W]e made a carefully thought-through decision to remain a private company and to retain our independence," said Eric Clarke, CEO of Orion Advisor Services, one of NorthStar's subsidiaries.

Morgan Stanley lost an advisor producing $883,200 in annual revenue to Merrill Lynch.