Bear Stearns has hired Richard Devine, Howard Franzblau and Michael Silverstein to be managing directors in its private-client services division. All three, based in New York, provide investment advisory services and alternative investments to high-net-worth individuals and pension plans. Each has 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 firm said.

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