Delaware Investments has formed the Wealth Management Group and hired Stephen Starnes and Theodore Smith to lead the new unit. It will initially work to expand the firm's managed accounts business and, over time, develop a more complete wealth management business, according to Delaware.

"At a time when Delaware Investments, like almost everyone in the investment management industry, is being extremely cost-conscious and doing very little hiring, we've made a strategic decision to hire two senior officers to enhance our managed accounts/wealth management business," said Delaware EVP and Chief Administrative Officer Richard Flannery.

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