Financial institutions

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.

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

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.

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.

A three-year plan helped the renowned private bank merge with a rival and find its way out of the financial crisis. Now, it's prepared to leverage its resources across Bank of America.

The firm has reorganized its branch leadership with two promotions and a new hire from Morgan Stanley.

UBS Wealth Management Americas posted a record profit in the first quarter as it recorded its strongest net new money inflows and cut expenses.

UBS AG reported first-quarter earnings that beat analyst estimates on higher revenues at the investment bank and in wealth management.

Madorie O’Hara, a former Citi Private Bank portfolio manager, will manage investment portfolios for Webster’s private banking clients. She will be based in Stamford, Conn.

Ameriprise tapped the four wirehouses and LPL in its latest round of recruiting.

The firm raised its annual compensation for top executives citing strong company and wealth management performance.

Merrill Lynch’s ultra high net worth business, the Private Banking and Investment Group, has snapped up two Morgan Stanley Private Wealth Management advisors in Houston, Texas.

UBS executive Robert Mulholland has a message for professionals in the financial services industry: We are the adults in the room.

Clients are mad as hell and they're not going to take it anymore … unless the industry makes some changes, Stifel’s top executive told a major industry conference on Thursday.

Financial services firms and advisors are relying on new technology and enhanced training to to take a more holistic financial planning approach with clients.