Economy

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.

In an effort to expand its presence in northern New Jersey, RBC Wealth Management has added the Levy Tebeleff Group, formerly of Morgan Stanley, to its Parsippany office.

Michael Brannam and Patrick Brannam will join the firm’s Jacksonville, Fla., branch, where they will be equal partners of Brannan Wealth Management of Raymond James.

Merrill Lynch Wealth Management hauled in four advisors with $434 million in assets from Morgan Stanley.

The Milford, Mass.-based bank was drawn to Infinex’s technology and lead generation process.

FINRA has delayed consideration of a highly contentious proposed rule on recruitment compensation disclosure.

Baird has been on a hiring spree in an attempt to bolster the retirement planning services it offers to oil and gas industry professionals in Texas.

A Philadelphia district court handed down a $100,000 fine and six-month prison sentence for allegedly unlawful trades.

St. Louis-based Buckingham Asset Management has added JWA Financial Group of Dallas in its latest acquisition.

When wirehouse brokers consider shifting to independence, they need to weigh a lot of factors and ask a lot of questions. John Stuart and Mag Black-Scott of Beverly Hills Wealth Management provide 11 questions that should be top of mind before making the move.

While a new report on multifamily offices finds big growth industrywide -- nearly 10% asset growth in 2011, the last year cited -- family office executives said a "primary growth constraint" was the ability to hire dedicated business development professionals.

A trio of advisors from Wells Fargo, RBC and Morgan Stanley have joined Stifel.