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 StearnsÂ’ strategic plan to expand its private-client services business by attracting high-level producers, the investment banking and brokerage company said.

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