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UBS on Tuesday said it will eliminate 3,500 jobs over the next two years in a cost-cutting move.

Advisor Group names Jerry Murphy as president and chief executive officer of Atlanta-based FSC Securities, the company announced on Monday.

Bank of America will lay off at least 3,500 employees in the next few months.

In its attempt to deliver additional quality buy-and-hold alternative investments to investors, Direxion has hired Edward Egilinsky as managing director, head of alternative investments.

HighTower Advisors continues its roll-up expansion strategy with the hiring of Greycourt & Co. financial advisor Margaret M. Towle, who previously oversaw $1 billion in client assets.

In its attempt to deliver additional quality buy-and-hold alternative investments to investors, Direxion has hired Edward Egilinsky as managing director, head of alternative investments.

Raymond James & Associates has snapped up a father and son Bank of America Merrill Lynch financial advisor team who previously oversaw $114 million in client assets.

The securities industry added 4,000 jobs across the United States in the second quarter, according to the Securities Industry and Financial Markets Association.

Broadridge has named Stefanie Shelley, a longtime financial services marketing veteran, chief marketing officer. Shelley had been a marketing consultant for the firm since August 2010.

Effective Sept. 30,Michael Kiley will become chief executive officer of Security Benefit Corp. He replaces Howard Fricke, who has been serving as interim president and CEO since February 2010 and was previously president and CEO of the firm from 1988 to 2000 and chairman from 1996 to 2006.

Fidelity Investments has promoted Derek L. Young from chief investment officer to president of the asset allocation division. He succeeds Boyce L. Greer, who recently became head of institutional investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors. Young now reports to Greer.

Benjamin F. Edwards & Co. has opened a new office in Red Bank, N.J., giving the three-year-old brokerage firm a presence in 12 states.

The Financial Industry Regulatory Authority has filled two slots on its Board of Governors with Bank of America President of Global Wealth & Investment Management Sallie Krawcheck and Tritaurian Capital Inc. Chief Operating Officer Ken Norensberg.

Former Special Agent Daniel D. Roberts will lead investigations into various forms of insurance fraud, including arson schemes for Rehmann’s governmental investigations and compliance for the firm’s corporate investigative services.

Wells Fargo Advisors has hired four new financial advisors overseeing about $568 million in customer assets in Michigan.

HighTower Advisors has hired two Washington, D.C.-based Bank of America Merrill Lynch financial advisors who previously oversaw more than $1 billion in client assets.

Bank of America Merrill Lynch has tapped its rival wirehouse firms with the hiring of seven new financial advisors representing $813.14 million in client assets under management.

Credit Suisse this week added Barbara Reinhard as the new managing director and chief investment strategist of its Private Banking Americas group.

Fidelity Investments has promoted Derek L. Young from chief investment officer to president of the asset allocation division. He succeeds Boyce L. Greer, who recently became head of institutional investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors. Young now reports to Greer.

idelity Investments has named Scott Couto as the new president of its Financial Advisor Solutions unit, where he will oversee the firm's product suite, investment consulting services, product analysis and marketing endeavors.