Industry

There is strength in numbers, and practices across the country are banking on size to position themselves for success.

Union Bank has promoted bank veteran Terry Negendank to regional managing director of The Private Bank, in charge of wealth management in Northern California.

Morgan Keegan's brokerage force has stayed in wait-and-see mode as parent firm Regions Financial looks to sell that business, but that could all change if uncertainty about the firm's future persists or if a new deal presents unfavorable terms, experts say.

UBS AG has named Robert J. McCann chief executive of UBS Group Americas in addition to his current role as CEO of the Wealth Management Americas unit. McCann replaces Philip J. Lofts, who returns to his former role as group chief risk officer. McCann will coordinate the efforts of the business units in the Americas, including asset management, investment banking and wealth management.

The head of wealth management strategies for UBS discusses his 14 years in the securities business.

Firstrust Financial Resources, a subsidiary of Philadelphia-based community bank Firstrust Bank, hired advisor Lisa Hanson.

Securities America, the nation’s seventh-largest independent broker-dealer, wrapped up 2011 with a handful of executive promotions.

Deutsche Boerse and NYSE Euronext have decided to push back the deadline for completing their merger until March 31.

Federated Investors has reached an agreement to acquire Prime Rate Capital Management of London, a specialist in cash management and fixed income products. The company also has a family of UCITS, including the Prime Rate Sterling Liquidity Fund, Prime Rate Euro Liquidity Fund and Prime Rate U.S. Dollar Liquidity Fund.

With approval from the U.S. Justice Department in hand and approval from the European Commission still to be achieved, NYSE Euronext is looking for a period of relative quiet through the end of the year on its quest to merge with Deutsche Boerse.