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Needles Now President at Touchstone Investments

Following its $50 billion acquisition of Merrill Lynch, Bank of America plans to move the major part of its wealth management from Boston to New York, The Boston Globe reports. That means that BoA’s U.S. Trust private banking unit and Columbia Management mutual funds groups will also make the move.

Coleman Joins Delaware as Head of Distribution

ICI Re-Elects Murphy as Chairman of the Institute

Putnam Investments has named Jeffrey R. Carney as the new senior managing director and head of global marketing and products, effective Oct. 27.

Lord Abbett Promotes 17 Executives to Partner

Following Bank of America’s acquisition of Merrill Lynch, the latter’s chairman and chief executive officer, John Thain, will reportedly remain with the merged entity as head of global banking, securities and wealth management.

Many hedge funds will have trouble retaining top managers next year, thanks to terrible market performance across the board and a reward system based on that performance, The Wall Street Journal reports. To retain talent, they will have to tap into profits. Otherwise, they will have to close shop.

Putnam's Investment Chief Cronin Stepping Down

Sallie Krawcheck, the chief executive officer and chairman of Citi Global Wealth Management, is set to leave the firm, according to a statement from Citigroup, the parent company.

FRC Founder Bathon Forms New Company

As the shock of the turmoil in the financial services industry continues its ripple effect, businesses and governments outside New York and Boston are bracing for lower tax rolls as a direct result of tax cuts.

Legg Mason Taps Odenath To Head Up the Americas

Over the next several months, Curian Capital plans to hire 21 additional salespeople: 10 external wholesalers, 10 internal wholesalers and a divisional vice president overseeing them. “The expansion of our sales team will allow us to keep pace with the number of new advisory relationships that Curian has entered into this year, and support the robust growth of the managed accounts industry as a whole,” said Michael Bell, president and chief executive officer of Curian. “We are seeing an increased demand for dedicated business consulting and practice management support, particularly as more financial professionals transition to advisory business,” Bell continued. “We will continue to expand our distribution force in order to satisfy these demands and maintain a high level of personal service for our business partners.”

Mark Schonfeld, the high-profile New York regional director of the Securities and Exchange Commission, has left the SEC after 12 years of service to join Gibson Dunn as co-chair of the securities enforcement practice group. In this position, he will also work closely with the crisis management and white collar defense and investigations groups.

The top enforcement attorney at the Securities and Exchange Commission, Mark Schonfeld, is reportedly leaving next month to join a private law firm.

Financial services, insurance, and real estate businesses’ hiring plans for the fourth quarter are the weakest they have been in 16 years, as a result of a contracting banking sector and the slumping housing market, a survey by Manpower found.

Julian Pick, co-manager of two Janus Group international mutual funds, is leaving at the end of the month, Rocky Mountain News reports.

Social Investment Forum Recruits Two PR Execs

MINNEAPOLIS - Sen. John McCain is the better choice for the financial services industry not for what he would do as president, but rather for what he would refrain from doing, GOP lawmakers said here this week during the Republican National Convention.