Economy

Northern Trust has named Daniel F. Lindley managing director of the Global Family & Private Investment Offices Group for Europe, the Middle East and the Asia-Pacific.

Profitability has become a serious challenge for independent broker-dealer firms, according to a survey by Cerulli.

The Financial Services Institute has expanded its agenda to include retirement and tax issues. As part of the expansion, the independent broker-dealer advocacy group has hired Robert Lewis as government affairs counsel for tax and retirement.

JP Morgan Chase’s asset management unit posted net income of $386 million in the first quarter, a 17% decline from the year-ago quarter. But, the unit saw record assets under management of $1.4 trillion, up 4% from the prior year.

Goldman Sachs has agreed to pay a $22 million fine and accept other penalties to resolve charges from the SEC that the firm lacked adequate policies and procedures to address the risk that during weekly meetings, known as “huddles,” its analysts could share important non-public information about upcoming research changes.

The independent broker-dealer is betting that grouping women by life events, not their ages, is the better way to reach them.

A new report says wirehouses have boosted their average client age and created a threat to their own prospects for future growth.

Research firm Cerulli says high-net-worth investors are spreading their wealth among a variety of firms.

Third-party administrator CPI Qualified Plan Consultants, Inc. has added the Alta Trust Tactical Advantage collective investment trust funds to its retirement plan platform.

Advisors may still feel a bit awkward as well as worried about compliance when they use social media, but they’re definitely using it to build their brands and businesses, according to a new SourceMedia study.

JPMorgan Securities, the brokerage arm of banking giant JPMorgan Chase & Co, is trying to lure advisers from Wall Street rivals with an unlikely pitch: "We're actually a small boutique."

Bradley Fisher will be taking over as managing director and leader of the Family Office Advisory Practice.

Viteos, known predominantly as a fund administrator and operations support provider for hedge funds, has expanded its operations, accounting and reporting services to family office RIA firms.

Rothstein Kass expects that new hire Nancy H. Schultz will be able to parlay her 25 years of financial planning experience and her extensive network of contacts in the region to take advantage of growing demand for single-family practices on the West Coast.

Janney Montgomery Scott adds a pair of financial advisors from Wells Fargo Advisors and Morgan Stanley Smith Barney.

Most logical path to the future growth of wirehouses is through their largest advisor teams.

BNY Mellon has promoted wealth management veteran Ridgway Powell to a new position leading a team of advisors to ultra high-net-worth families and family offices.

Wirehouses have lost headcount and asset share even as the average assets under management per advisor in the channel has risen, according to a new report released Friday from Cerulli Associates.

An unexpected windfall is welcome, but stressful. Here's a plan for helping clients cope.

Giant financial institutions and wirehouses that spent fortunes attracting and retaining top-producing brokers and wealth managers over the past few years may be about to get socked with a big wave of departures this year and, especially, in 2012.