Economy

Morgan Stanley, trading at less than half of its liquidation value, could be worth as much as $32 a share in a breakup, said Michael Mayo, an analyst at CLSA Ltd.

Jefferies Group Inc. and Goldman Sachs Group Inc. led Wall Street’s largest securities firms in average compensation per employee at midyear, widening a lead over JPMorgan Chase & Co.

Did you ever wonder why the word "billion" seems to elicit a terrible feeling in your gut? Do you remember when a billion dollars seemed like so much money it was unattainable? Do you remember when a millionaire was considered really wealthy? Now, a millionaire is not rich and a billionaire must have done something evil to become one.

BlackRock Inc.’s Laurence D. Fink, who heads the world’s largest asset manager, said his firm needs to capture a larger share of the deposits that are going into U.S. equity exchange-traded funds.

Following a difficult second quarter, the financial services firm will push to expand its lending operations.

Two financial advisors, Matt Browning and Monica Bacon-Proctor, have been added to independent broker-dealer Securities America’s base of registered representatives.

State Street Corp., the third- largest custody bank, agreed to buy the hedge-fund administration unit of Goldman Sachs Group Inc. to boost growth as second-quarter revenue fell amid declining global markets and record low interest rates.

Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, reported second-quarter earnings that beat analysts’ estimates on higher asset-management revenue a gain from the firm’s own investments.

When LPL Financial sought to improve its highly successful Model Wealth Portfolio platform, its advisors made a couple of requests: make it easier for us to select securities and to rebalance our client portfolios.

Citi Private Bank hired Lisa Maurer as its new family office group director for the Northeast region.

Thomas P. Fay oversees a team of wealth professionals geared to high-net-worth investors in Southeast New England.

LPL is continuing to fuel the rapid growth of its Model Wealth Portfolios platform, with a range of new offerings now available for consumers with as little as $25,000 to invest. Overall, this platform grew by almost 73% this year as of March 31 over last year to $8.7 billion.

In an effort to enhance the technology it offers for personal financial advice delivered to the mass market, NestWise LLC, a unit of LPL Financial, will buy Veritat Advisors.

BNY Mellon has hired Christopher Ross as a senior portfolio manager in its wealth management office in Washington, D.C.

In the span of 12 months, the Active Bear Exchange-Traded Fund (HDGE) has become a wirehouse darling.

Smartleaf software will let the bank offer third-party research to customers.

An influx of assets and advisors have given a much needed boost to smaller, independent advisors.

As part of the service, SumRidge will offer RIAs and broker-dealers daily, weekly and monthly trading desk commentary in the fixed-income markets.

J.P. Morgan Asset Management has added Robert Stark to lead its Strategy and Business Development unit. He will be based in New York and will be responsible for growing the firm’s Asset Management unit globally. He reports to David Brigstocke, chief financial officer.

Zions Bancorp is ramping up its wealth management business with the support of third-party marketing firm PrimeVest Financial Services.