Economy

Elise Fortin, Umpqua Private Bank’s newly appointed leader in Seattle, believes that Umpqua’s “high-touch” offerings will resonate well with business owners and Gen X investors.

Morgan Stanley is expanding the types of debt it buys as deposits increase with the purchase of its brokerage venture and interest rates remain near record lows.

Two former branch managers at Raymond James have moved to Stifel and LPL in Austin, Texas.

Steven Wieting, managing director and U.S. economist in Citi Research, will be responsible for formulating investment strategies for the business and its clients around the world.

The new hires join the firm in Jackson, Tenn., and Mount Kisco, N.Y.

The St. Louis-based firm, which now has 30 offices, opened its third Florida location with an office in Destin and made inroads into Alabama with a new branch in Birmingham. It also added an advisor to its White Plains, N.Y., and Chattanooga, Tenn., location.

Merrill Lynch Wealth Management has tapped Ashvin Chhabra to serve as chief investment officer and head of Investment Management and Guidance.

Credit Suisse Group AG sued its former vice president of emerging markets, Agostina Pechi, over claims she stole the bank’s trade secrets in a bid to win clients for her new employer, Goldman Sachs Group Inc.

UBS plans to move out of almost three-quarters of the space it rents at Manhattan’s 299 Park Ave. as it seeks to reduce real estate costs, but the company intends to keep some wealth-management operations in place while moving its investment-banking department to another location.

UBS AG is always looking at all shareholder suggestions, Chief Executive Officer Sergio Ermotti said, after investor Knight Vinke Asset Management LLC called for a spinoff of the lender’s investment bank.

UBS promotes regional director John Mathews to help capture growth in the ultrahigh-net-worth market.

UBS AG should consider splitting its investment bank from the wealth management and Swiss banking businesses, shareholder Knight Vinke Asset Management LLC said.

Independent broker-dealers and RIAs have the edge over wirehouses when it comes to adding mutual fund assets under management, according to Access Data and Strategic Insight.

LPL Financial added Ingham Retirement Group to its broker-dealer and RIA custodial platforms.

The Louisville, Ky., firm picked up two advisors with a total of $200 million in assets.

Balances in small business retirement plans have increased an average of 20 percent between 2007 and 2012 in the aftermath of the recession.

The combination will create one of the largest regional brokerages on the West coast.

Elise Fortin, a former executive of Wells Fargo Private Bank, will be responsible for leading Umpqua Private Bank’s expansion in the Puget Sound region.

Dynasty Financial Partners is crossing the border and headed north.

There are only a few dozen banks with assets of $20 billion to $350 billion. In this regulatory climate, these regional banks in the middle of the size spectrum look very much like the industry's new sweet spot.