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A new leader at RiverPark Capital, ramping up at BNY Mellon Wealth Management, and more executive changes for the week.

Now that Bank of New York Mellon Corp. has closed its acquisition of PNC’s Global Investment Servicing Inc. the New York-based company has its sights set abroad for further growth of its asset servicing business.

Sales of fixed annuities rose in recent months despite a negative spread with CDs.

With Congress allowing a 21% cut in payments, more doctors are expected to opt out of the government program.

WASHINGTON — The Securities and Exchange Commission on Wednesday unanimously adopted rules designed to prevent investment advisers from making political contributions to elected officials to obtain business from state and local pension funds, investment pools and college savings accounts.

The turbulence that’s battered financial markets in recent weeks reduced the volume of municipal bonds sold in June to the lowest level that month has seen in 10 years.

Thesis Flexible is an alternative strategy fund that primarily uses hedge fund strategies and is already on the Fidelity and Schwab platforms.

Jefferies & Co. said on Wednesday it hired Michael Anderson as a managing director in its global equity capital markets group, responsible for coverage of financial institutions.

Bankers and some lawmakers reacted with a mix of uncertainty and outrage on Wednesday after the conference committee opted to raise deposit insurance premiums on large institutions in an effort to pay the costs of the regulatory reform bill.

The House passed a mammoth financial reform bill late Wednesday 237 to 192, sending the bill to the Senate, which is not expected to act until later this month.

TD Ameritrade and Vanguard Group have added the Thesis Flexible Fund, an alternative strategies fund, to their respective platforms. Grand Distribution Services of Milwaukee distributes the fund, managed by Thesis Fund Mgmt. of New York. The fund uses hedging strategies and is managed by the Thesis team with Stephen Roseman, Thesis Fund Mgmt. chief executive officer, as senior portfolio manager.

Jefferies & Co. said on Wednesday it hired Michael Anderson as a managing director in its global equity capital markets group, responsible for coverage of financial institutions.

Though world gross domestic product shrank in 2009, high-net-worth individuals managed to almost make up for 2008 losses, according to the Merrill Lynch Global Wealth Management and Capgemini 14th annual "World Wealth Report."

For employers with 401(k) plans, auto enrollment is growing, and target-date funds are an increasingly popular default option. But concern is building over what happens when the two trends meet.

The Securities and Exchange Commission late Wednesday said it plans to expand its circuit-breaker program to include all stocks in the Russell 1000 Index and some exchange-traded funds.

For three days in late June, advisors, industry executives and fund managers descended on Chicago for the 2010 Morningstar Investment Conference. The audience received insight on the flash crash, international investing and the impact of the oil spill in the Gulf of Mexico. Industry bigwigs, including Vanguard's William McNabb, were among the speakers. (See part 1 here.)

After launching an initiative to revamp its wealth management business in April, The Hartford Financial Services Group announced Wednesday that John C. Walters, current president of wealth management will leave at the end of July to “pursue other opportunities.”

Fifty seven percent of employers automatically enroll workers in 401(k) plans, but slightly less than half of those that reduced or suspended matching contributions when the financial crisis hit in September 2008 have restored them, according to a survey released Wednesday by Towers Watson.

BlackRock study also finds a gap between what people intend to save and what they actually contribute.

The number of exchange-traded funds has surged the past few years, bringing a unique business opportunity to Russell Indexes in Tacoma.