Economy

Northstar Wealth Partners, the largest LPL Financial-affiliated wealth management firm in Connecticut, has nearly doubled its assets under management to just under $2 billion -- by recruiting two advisors formerly with Essex Financial Services in Essex, Conn.

Morgan Stanley and Goldman Sachs Group Inc. led Wall Street banks in posting a collective 42% increase in equities-trading revenue in the second quarter, the largest jump in more than three years.

Securities America has ramped up the fierce competition for independent advisors, launching a new RIA targeting advisors with between $50 million and $250 million assets under management.

Morgan Stanley, owner of the world’s largest brokerage, reported a 66% earnings increase that beat analysts’ estimates as trading revenue jumped and wealth- management profit margins climbed.

One Major League All Star was unsure of whether he’d reach the big leagues as a minor-leaguer in Mobile, Ala. So he lined up an internship at Morgan Stanley.

Bank of America’s Global Wealth and Investment Management business posted strong growth across the board in the second quarter.

The division, created in 2001 and made up of affiliated RIA firms who custody their assets with Raymond James, now includes about 100 firms, approximately 250 advisors, and more than $8 billion in assets.

According to the new arrangement, Raymond James will send one advisor to join the bank to represent the program to clients and prospects at several locations.

Private banking, trust and brokerage units have each enjoyed periods when they were the big guys on campus. But now no one group is more important than the other.

With a new branch manager, the St. Petersburg, Fla.-based firm forays into an increasingly competitive Seattle market.

Goldman Sachs Group Inc. said earnings doubled, beating analysts’ estimates on a surge in underwriting revenue and gains from the firm’s own investments.

Herbert Allison Jr., the onetime president of Merrill Lynch & Co. who oversaw the U.S. government’s bank-bailout program following the financial crisis that led to his former company becoming a unit of Bank of America Corp., has died. He was 69.

In the second quarter of 2013, wealth management and investment services generated $8.9 million in income, up $1.7 million, or 23%, from a year ago.

Two wealth management giants, JPMorgan and Wells Fargo, kicked off the second quarter with record earnings despite market and interest rate volatility.

Raymond James lured six advisors with over $350 million in client assets to its independent channel, the company announced Thursday.

The acquisition comes just nine days after United Capital acquired an Atlanta wealth manager and is the latest example of the firm’s aggressive, Starbucks-inspired expansion strategy.

Sanctuary Wealth Services, a San Francisco-based platform provider and services support firm for wealth managers, has snagged a Morgan Stanley breakaway team specializing in proprietary asset management.

Banks could boost the profitability of their wealth management programs if they integrated their private banking, trust and brokerage businesses.

The Boston company said it is realigning to better serve advisors in the independent, bank, broker-dealer and family office channels.

UBS AG, the Swiss lender shrinking its investment banking business, overtook Bank of America Corp. to top a ranking of the world’s biggest wealth managers compiled by Scorpio Partnership.