Economy

UBS AG, Switzerland’s largest bank, agreed to pay $120 million to settle claims by investors in Lehman Brothers Holdings Inc. securities in a lawsuit tied to the investment bank’s 2008 collapse.

The two firms signed off on a deal that creates one of the largest regional brokerages on the West Coast by headcount.

The firm has added an 18-year industry veteran to its Greenville, Del., branch office as a vice president of wealth management.

Wells Fargo has created new positions for a director of client acquisition and a director of client experience.

Wedbush has brought on the former president of First Washington amid questions over his supervision of a former employee.

Brokers who hold investors’ assets will have to file quarterly reports attesting to compliance with measures toprotect customer money and securities under rules adopted by the U.S. Securities and Exchange Commission.

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Mike Boosel of Baird turned a part-time teaching gig, helping seniors learn about retirement planning, into a lucrative source of clients.

The Midwestern community bank has plans to increase its program to seven or eight advisors over the next couple of years.

LPL Financial Holdings reported the strongest quarter in the company’s nearly three years as a public company, with net revenues topping $1 billion for the first time. LPL’s board of directors also announced the company’s quarterly dividend would be raised 40% to 19 cents per share.

Washington Wealth Management is continuing its rapid growth -- albeit at a slighter slower pace than its own CEO had forecast.

The unit’s revenue and profit rose to new highs as productivity per advisor rebounded back to over $1 million.

UBS AG, Switzerland’s biggest bank, said gains at its investment bank fueled an increase in second- quarter profit and announced plans to buy back the fund set up by the central bank in 2008 to help it shed toxic assets.

The new portfolio management and research tool is aimed at advisors in both Raymond James' employee and independent channels.

As community banks struggle with profitability, one segment offers a large opportunity for new revenue, according to George Noga, senior vice president of revenue enhancement at Fiserv: small business.

George Crosby, the former head of HSBC’s Brazil team, will oversee all activities covering the Latin American markets in the U.S.

Ameriprise’s wealth management earnings rose 37% as its fee-based businesses continued to drive up results in 2Q.

With three more even larger deals expected to be completed by September, Carson Institutional could become a serious alternative to some of the leading roll-up firms in the nation.

“We see an opportunity to have a national RIA multifamily office brand with the Forbes name,” Scott Gregorchuk, chief executive of Forbes Family Trust tells Financial Planning. “We are surgically targeting the right advisors and investment advisory firms to join our effort.”

Raymond James posted only slight improvement as fixed income and lower trading revenue cut into earnings.