Industry

Raymond James & Associates has snapped up a father and son Bank of America Merrill Lynch financial advisor team who previously oversaw $114 million in client assets.

Ladenburg Thalmann Financial Services will acquire Securities America, the embattled, independent broker-dealer subsidiary of Ameriprise, for an initial payment of $150 million in cash, according to a company statement released Wednesday morning.

The securities industry added 4,000 jobs across the United States in the second quarter, according to the Securities Industry and Financial Markets Association.

Broadridge has named Stefanie Shelley, a longtime financial services marketing veteran, chief marketing officer. Shelley had been a marketing consultant for the firm since August 2010.

Effective Sept. 30,Michael Kiley will become chief executive officer of Security Benefit Corp. He replaces Howard Fricke, who has been serving as interim president and CEO since February 2010 and was previously president and CEO of the firm from 1988 to 2000 and chairman from 1996 to 2006.

Fidelity Investments has promoted Derek L. Young from chief investment officer to president of the asset allocation division. He succeeds Boyce L. Greer, who recently became head of institutional investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors. Young now reports to Greer.

Benjamin F. Edwards & Co. has opened a new office in Red Bank, N.J., giving the three-year-old brokerage firm a presence in 12 states.

Envestnet’s platform services agreement with FundQuest 18 months ago has gone well, apparently.

DST Systems Reviews Strategic OptionsAugust 5, 2011Chris KentourisAfter insisting it wants to stay independent, DST Systems on Friday came close to confirming it was on the block.Like what you see? Click here to sign up for Securities Technology Monitor's weekly newsletter to get the latest news and analysis that matters to the effective operation of capital markets.Last month, DST said it was not entertaining discussions with any party regarding a sale of the company and didn’t think its stock price was representative of its long-term intrinsic value. Therefore, it couldn’t entertain a takeover.But on Friday, the Kansas City, Mo. based firm which provides recordkeeping and other services to mutual funds and broker-dealers, said that it hired Bank of America Merrill Lynch and law firm Skadden, Arps, Slate, Meagher & Flom LLP to advise its board. Stinson Morrison Hecker LLP is providing legal advice.“The board of directors of DST Systems, Inc continuing its long standing practice of engaging in an ongoing review of the Company’s business plan, assets and investment portfolio,” said DST in a statement on Friday.In that same statement, DST also confirmed that it rejected a bid from Russell Glass, the founder of RDG Capital LLC, that he and two other people be added to its board. Glass said in June he made a bid to buy DST.DST’s stock dropped $2.92 a share or six percent to $45.91a share on Thursday giving the firm a market value of $2.1 billion.DST’s news on Friday followed a dismal second quarter earnings report; second quarter earnings fell 41 percent to $55.2 million from the year earlier period due to a large payment the firm received when a customer dropped its contract last year.The 2010 figure included a $58 percent termination payment. Eliminating the payment from earnings, DST’s earnings declined 14 percent to $49.4 million from $57.6 million the year earlier in large part due to a decline in the number of registered accounts it handles. Revenues declined 9 percent in the 2011 second quarter to $424.1 million.After insisting it wants to stay independent, DST Systems on Friday came close to confirming it was on the block.

The Financial Industry Regulatory Authority has filled two slots on its Board of Governors with Bank of America President of Global Wealth & Investment Management Sallie Krawcheck and Tritaurian Capital Inc. Chief Operating Officer Ken Norensberg.