Bear Stearns has hired Richard Devine and Howard Franzblau to be managing directors in its private-client services division. Devine and Franzblau, who are based in New York, provide investment advisory services and alternative investments to high-net-worth individuals and pension plans. They have about $550 million of assets under management.

The hirings are the latest steps in Bear Stearns’ strategic plan to expand its private-client services business by attracting high-level producers, the investment banking and brokerage company said.

The two executives joined Bear from Oppenheimer, where they had worked since 1987. Previously, Devine worked at Drexel Burnham, and Franzblau at Merrill Lynch.

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