Financial institutions

Morgan Stanley has hired three advisors from Deutsche Bank, Merrill Lynch, and Wells Fargo who combined for more than $3.2 million in production.

Credit Suisse Group AG said it’s increasing the proportion of assets under management from super- rich clients, helping to boost profit margins at Switzerland’s second-largest wealth business.

Revenue and assets increased year-over-year as the firm began to streamline operations after the Morgan Keegan integration in February.

An arbitration panel has ordered Wells Fargo to pay Stifel $800,000 in the latest dispute over alleged raiding of former A.G. Edwards advisors.

The unit added about $3 billion in fee-based assets over the past few years, with sales going up about 74%.

Wells Fargo now gets a third of its fee revenue from its relatively small investment-management and brokerage businesses. Executive David Carroll explains how Wells is getting more business from its wealthy — but not too wealthy — customers and is seeking acquisitions in this market.

The majority of Wells Fargo’s hires hail from Morgan Stanley, while one advisor joins from Edward Jones.

Stifel has snapped up 11 former Wells Fargo advisors with more than $1 billion in assets.

Credit Suisse Group AG will probably post higher profit than UBS AG for a fourth straight quarter when the largest Swiss banks report results over the next week.

The Goldman Sachs Multi-Manager Alternatives Fund is starting to take shape as it nears its launch.

After a strong end to 2012, the firm’s wealth management division continues to push ahead in 2013.

After a $210 million sale, Atlantic Trust appears to be headed into high gear.

Morgan Stanley reported profit that beat analysts’ estimates as pretax earnings from its retail brokerage, the world’s largest, rose to a record.

Bank of America’s wealth management division achieved record post-merger revenue, net income and AUM inflows.

“The success of the wealth-management business is fundamental to where the stock goes over the next five years,” said Christopher Wheeler, a London-based analyst with Mediobanca SpA, who has a neutral recommendation on UBS shares. “It’s the core business, and a number of other businesses feed off it, not the least asset management.”

FINRA fined Merrill $1.05 million and ordered the firm to pay more than $323,000 in restitution for over 12,000 trades executed on its ML BondMarket platform.

Goldman Sachs reported earnings that topped analysts’ estimates on a 63% gain in revenue from underwriting stocks and bonds.

Goldman Sachs Group Inc. set aside $4.34 billion to pay employees in the first quarter, about 1 percent less than a year earlier, as the firm employed 400 fewer people.

In the first quarter of 2013, wealth and investment services generated $7.8 million in revenue, up 7% from a year ago.

Edward Jones uses “questionable telemarketing” tactics to recruit customers, according to New Hampshire regulators.