Financial institutions

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.

Wells Fargo Advisors has tapped an executive from Citigroup and two of its existing leaders to serve in new senior leadership roles.

President Obama will likely win a second presidential term in November, but the election's outcome for policy and investing will likely not be as decisive, according to a research report released Wednesday by UBS Wealth Management Americas.

Looking to bolster its wealth management division, the bank has tapped Steve Sokic to lead the ultra-high net worth, trust, fiduciary and tax divisions.

The U.S. Court of Appeals in Chicago today affirmed U.S. District Judge Robert Gettleman's decision last year to throw out the complaint filed against Merrill Lynch and Bank of America Corp. The Charlotte, North Carolina-based lender acquired the securities firm for $33 billion in 2009.

Wells Fargo Advisors has extended its summer hiring spree with the addition of two Morgan Stanley Smith Barney advisors with $127 million in client assets under management.

Morgan Stanley and Citigroup have agreed to a $13.5 billion valuation of Smith Barney that clears the way for Morgan Stanley to complete its acquisition of the brokerage business by June 2015.

A spate of new hires from Wells Fargo accompanies the opening of Benjamin Edward's 26th office in Northfield, N.J.

The Kentucky-based firm has hired a former Merrill Lynch advisor with $29 million in AUM.

Following news that Merrill Lynch Wealth Management lost several advisor teams to rivals this week, the firm is pushing back with three advisor hires of its own from competing wirehouse firms.

Despite a tough third quarter, RBC Wealth Management is doubling down and investing in an ambitious growth strategy as it looks to come out ahead post-crisis.

Firms need to foster real loyalty between themselves and their investor-clients, especially if advisors continue to leave, says Arthur Levitt, the former chairman of the SEC.

Robert Ceccarelli and John Hursh collectively manage more than $148 million in assets and produce nearly $1 million in revenue. They will join Ameriprise's employee advisor channel and be located in the New Haven, Conn.

After a decline in advisor headcount and legal expenses hurt revenue, the firm continues to invest in efforts to expand its retail brokerage unit.

The Robinson Reuter Group brings $250 million in assets under management to RBC's La Jolla, Calif., office.

Barclays Plc recruited a team for its wealth and investment management division from Morgan Stanley Smith Barney that includes former New York Jets wide receiver Wayne Chrebet.

Benjamin F. Edwards has opened a new Kansas office staffed with four former Wells Fargo advisors.

A group of financial advisory teams in Oregon, led by Brett Davis, Steve Altman, Todd Gescher, and Jason Herber, have combine to form True Private Wealth Advisors.

MNA Group and Anderson & Delutri are the ninth and 10th teams to join HighTower this year, and the 34th and 35th teams to enter into the partnership since its inception. Both teams were previously part of Bank of America Merrill Lynch.