Economy

Wall Street firms turned out in force Tuesday night to celebrate a political development that for some hit close to home: the one-year anniversary of the repeal of the "Don't ask, don't tell" policy for gays serving in the military.

Scott & Stringfellow is looking to leverage its role as the brokerage for BB&T to help build out new offices in Florida and Maryland.

Delaware Valley, which is based in King of Prussia, Pa., has 24 advisors and $500 million in client assets under management.

Viniar, whose 12 years in the role make him the longest- serving CFO on Wall Street, will be succeeded by Harvey M. Schwartz, 48, one of three global co-heads from the sales and trading division, the New York-based bank said in a statement yesterday. Goldman Sachs will add Viniar, 57, as well as some independent directors to the 10-member board, the firm said.

William Steward, a former accountant in product control for UBS AG, said he began looking into trades by Kweku Adoboli in August 2011 after receiving a report of a $3.57 billion discrepancy.

The firm's recent hire of Tina Huyler from Morgan Stanley Smith Barney marks one of the first in a long-term effort to aggressively increase its advisor headcount.

The firm has expanded its Denver office with the addition of industry veteran Tina Huyler.

Robert W. Baird & Co. has hired R. Parker Griffith from Morgan Stanley Smith Barney to manage its Nashville wealth management office and serve as financial advisor.

Radnor Capital Management LLC of Wayne, Pa., has relaunched as an independent investment advisory firm using Dynasty Financial's open-architecture platform of wealth management services and technology.

The three practices, which have a combined $673 million in assets under management, are now among the more than 540 practices nationally with the independent brokerage arm of Wells Fargo & Co.

Tampa-based JHS Capital Advisors has announced three new hires. Katie White comes from Wells Fargo, Tim Forsman from Sterne Agee, and Matthew Lovett from World Equity Group.

A Florida federal court rejected Merrill Lynch's petition to vacate an arbitration decision on Monday, clearing the way for two financial advisors to receive a $10.25 million awarded to them in April.

Deutsche Bank has unveiled a new executive committee for its newly formed Asset & Wealth Management division, with division head Michele Faissola serving as chairman.

Citigroup Inc.'s $4.7 billion pretax writedown of its Morgan Stanley Smith Barney stake probably won't reduce a profit-sharing plan's award for Chief Executive Officer Vikram Pandit that could total $24 million.

J. Kevin Stophel has moved on after 13 years with the firm to establish an independent wealth practice partnered with Concert Advisor Services and Concert Wealth Management Inc.

Lawson/Wincester Wealth Management is an independent firm in Chattanooga, Tenn., led by Matt Lawson and William F. Winchester, The team also is acquiring the existing practice of Raymond James Financial Services advisor John Goodson in Wincester, Tenn.

With all the economic uncertainty many clients may be dissatisfied and primed for switching to advisors who can relate to them on a personal level.

RBC's American wealth management unit is pushing ahead with a stronger emphasis on fee-based business, an increased focus on ultra-wealthy clients and a more aggressive campaign for its brand, according to George Lewis, group head of RBC Global Wealth Management.

A group of family trusts has lost a $7.56 million arbitration claim that highlights the difficulties of winning individual claims tied to various Morgan Keegan funds that have fallen under regulatory scrutiny.

Technology was one of the main reasons Nova Bank chose Sorrento Pacific Financial