Economy

The firm hopes that Karein Heintz can help grow its presence in the twin cities.

Picked up in a renewed focus on recruiting, Mark Teed joins Raymond James in Massachusetts.

A three-decade industry vet, David Upin, joins as senior vice president in Minneapolis.

At Raymond James, costs from the Morgan Keegan integration caused profits to decline in the fourth quarter.

Although profits fell firm-wide, Ameriprise Financial’s Advice and Wealth Management segment posted a number of improvements across the board in the third quarter.

Goldman Sachs Group Inc.’s decision to provide some of former employee Greg Smith’s performance reviews to the media may scare staff at the firm about the privacy of their own reviews, Smith said.

Brown Advisory, a Baltimore-based independent investment management firm, hired Christopher Bartlett as a partner in its Baltimore office.

Morgan Keegan & Co., the brokerage firm acquired by Raymond James Financial Inc., was ordered by a federal appeals court to pay a group of 18 investors a $9.2 million arbitration award.

Almost one in two consumers (47%) say they keep the majority of their assets with banks, up from 44% in 2011. Self-directed firms and full-service brokers, in contrast, had only 28% and 15% of the market, respectively.

The hybrid RIA firm says it chose LPL after a 'Bachelor'-style bakeoff.

Orion’s accounting and performance review software provides SWS advisors with performance dashboard.

Raymond James Executive Chairman Thomas James said he is optimistic that the financial services industry can work more closely with regulators, even as evolving regulations such as a uniform fiduciary standard and the Volcker Rule have started off with the wrong approach.

Goldman Sachs Group Inc. changed how it calculated year-end bonuses in 2005, corrupting a culture of teamwork that existed previously, according to a book published today by former employee Greg Smith.

Bank of America Corp., the lender that got a $5 billion boost from Warren Buffett last year, now has the “top capital” among peers and is capable of paying a bigger dividend, said Chief Executive Officer Brian T. Moynihan.

A half-dozen top Goldman Sachs Group Inc. officials, including Chief Executive Officer Lloyd C. Blankfein and President Gary D. Cohn, reaped $14.6 million by exercising 10-year-old stock options due to expire next month.

Merrill Lynch Wealth Management has snapped up a Morgan Stanley advisor team managing about $2.5 billion in client assets to its Private Banking and Investments Group.

With 30 years industry experience, Robert Bernardin joins Hilliard Lyons as a senior vice president in Indiana.

Janney Montgomery Scott recruited a 12-person team led by Kevin Roche and Jeff Miller to help expand its structured product offerings.

Bank of America Merrill Lynch has promoted Keith Glenfield to head of the firm’s Alternative Investments Group, as the firm seeks to expand its growth when it comes to hedge funds, private equity and other alternative investments.

Morgan Stanley reported on Thursday that its global wealth management business saw it pre-tax income fall to $239 million, down from $356 million one year ago, and net revenue of $3.34 billion, up from $3.23 billion in the third quarter of 2011, as the firm closed its acquisition of the next stake in the Smith Barney joint venture.