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Week of June 26
Smith Barney has hired James Richardson, Catherine Salsman and Stephanie Nallia to join its Lexington, Ky., branch. The team comes from Fifth Third Bank Securities where they generated $1.86 million on client assets of $191 million.
Marina Galli has left Credit Suisse to join RBC Wealth Management in San Francisco. Galli previously generated $2.56 million on client assets of more than $3 billion.
Merrill Lynch has recruited David Harris and Christopher Buccheri to its Bel Air, Md., office. In the past 12 months at Wachovia Securities, the pair generated $1.8 million on client assets of $151 million.
In Danvers, Mass., Smith Barney has hired Al Hammond, Matthew McLaughlin and Peter Ciovacco from UBS. The team oversaw $443 million at the firm and $400 million custodied away from the firm. They generated $2.24 million in fees and commissions.
William Boykin, Robin Smith and Matthew Margolies have left Smith Barney to join Merrill Lynch in Towson, Md. The team previously generated $1.5 million on client assets of $214 million.
Bart Bucci has jumped from Wachovia Securities to Smith Barney in Akron, Ohio. He previously generated $1.05 million on $80 million of client assets.
Week of June 8
Woodbury Financial Services in Woodbury, Minn., named Deb Berg vice president and chief administrative officer of operations and technology. Berg previously held several technology development roles at Woodbury before joining Hartford Life in 2004.
Valerie Brown has been named chief executive officer of the ING Advisors Network in El Segundo, Calif. Brown previously served as president of ING Retail Annuities Market Segment.
Fiduciary360 in Pittsburgh named Kristina A. Fausti director of legal and regulatory affairs. Fausti previously served as special counsel in the Office of the Chief Counsel, Division of Trading at the SEC in Washington, D.C.
NAVA, the Association for Insured Retirement Solutions, in Reston, Va., hired Chris Paulitz as VP of communications and public affairs. Paulitz has worked as a spokesperson and strategic advisor for House and Senate leadership offices, the Republican National Committee and the National Republican Congressional Committee.
William J. Stevens was appointed to vice president of field learning and development at Penn Mutual Life Insurance Co. in Philadelphia. Stevens previously served as assistant vice president for agency growth, development and agency integration at Guardian Life Insurance Co. in New York City.
Week of June 1
Smith Barney has hired Don D'Adesky and Kris Lemke to join its Boca Palmetto, Fla., office. The pair comes from Wachovia Securities, where they generated over $4 million on client assets of $700 million.
Dan Pimental has left Goldman Sachs to join the independent broker/dealer arm of Raymond James Financial Services in Hingham, Mass. He previously oversaw $600 million in client assets and generated $2.7 million in fees and commissions.
Tommy Truman and Melissa Saleeby have left Wachovia Securities to join Smith Barney in Charlotte, N.C. The pair previously oversaw $135 million in client assets and produced $1.6 million in fees and commissions.
Merrill Lynch has hired Tom Nelson to join its Vero Beach, Fla., branch. He comes from UBS where he oversaw $277 million in client assets and generated $2 million in fees and commissions.
Raymond James Financial Services has recruited Fernando Ereneta from Citigroup in Lisle, Ill. He previously generated $1.3 million on client assets of $125 million.
In Miami, Sergio Garcia Granados has left UBS to join Smith Barney. He previously generated $1.1 million on client assets of $85 million.
Michael Donohue has left Wachovia Securities to join Merrill Lynch in Morristown, N.J. He generated $1.4 million on assets of $100 million.
Week of May 22
John Hancock Financial Services, the U.S. division of Toronto-based Manulife Financial Corporation, has named James R. Boyle as President.
New York Life Insurance Company announced that John Grady has joined its Corporate Finance Department as a senior vice president responsible for the Mergers & Acquisitions area and the Treasury Department. He reports to Executive Vice President and Chief Financial Officer Michael Sproule.
H. Beck, Inc. hired Violetta Pukas as Vice President of Business Development. In her new role, Violetta, based in Chicago, IL, is responsible for increasing the number of independent financial advisors affiliated with the firm throughout the country.
Fred Alger Management, Inc. announced the hiring of John Fennessy as Vice President, Regional Marketing Manager for Alger in the states of Florida and Georgia. In his new role, Mr. Fennessy will lead Alger’s effort to service and expand existing relationships as well as develop new relationships with financial advisers in that area.
Week of May 8
Smith Barney has hired Don D’Adesky and Kris Lemke to join its Boca Palmetto, Fla., office. The pair comes from Wachovia Securities, where they generated over $4 million on client assets of $700 million.
Dan Pimental has left Goldman Sachs to join the independent broker/dealer arm of Raymond James Financial Services in Hingham, Mass. He previously oversaw $600 million in client assets and generated $2.7 million in fees and commissions.
Tommy Truman and Melissa Saleeby have left Wachovia Securities to join Smith Barney in Charlotte, N.C. The pair previously oversaw $135 million in client assets and produced $1.6 million in fees and commissions.
Merrill Lynch has hired Tom Nelson to join its Vero Beach, Fla., branch. He comes from UBS where he oversaw $277 million and generated $2 million in fees and commissions.
Raymond James Financial Services has recruited Fernando Ereneta from Citigroup in Lisle, Ill. He previously generated $1.3 million on client assets of $125 million.
In Miami, Sergio Garcia Granados has left UBS to join Smith Barney. He previously generated $1.1 million on client assets of $85 million and has 28 years of industry experience.
Michael Donohue has left Wachovia Securities to join Merrill Lynch in Morristown, N.J. He previously generated $1.4 million on client assets of $100 million.
Also in Morristown, N.J., James Kiely and Doug Macaulay have left Wachovia to join Merrill Lynch. They previously generated $1.9 million on client assets of $239 million.
Randall Snipes and James Butler have left Merrill Lynch to join Smith Barney in Augusta, Ga. They previously generated $1 million on $126 million of client assets.
John O’Keeffe has left Citigroup in Fairfield, N.J. to join Raymond James Financial Services. He previously generated $1 million on client assets of $125 million.
Merrill Lynch has recruited Robert Burns to its Stuart, Fla., branch. He comes from Wachovia Securities where he generated $1.1 million on client assets of $141 million.
Smith Barney has hired Hugh Reilly and Barbara Yee to join its Park Avenue, New York City office. In the past 12 months at UBS the pair generated $1.8 million on client assets of $226 million.
In Akron, Ohio, Jason Dilauro has left Merrill Lynch to join Raymond James Financial Services. He previously oversaw $250 million in client assets.
Michael Harden has jumped from Wachovia Securities to Smith Barney’s branch in Newport Beach, Calif. He previously oversaw $143 million in client assets and produced nearly $1 million in fees and commissions.
The $9 million team of Chris Deily, Enrique Debayle and Alejo Orvananos have left Citicorp Banking to join Merrill Lynch’s office in Houston Galleria, Texas. They previously oversaw $650 million in client assets.
In Camden, Maine, Glenn Buckingham has left Wachovia Securities to join Raymond James Financial Services. He previously oversaw $200 million in client assets.
Week of May 8
Steven D. Higgins has joined Janney Montgomery Scott LLC as Managing Director, Investment Banking. Prior to joining Janney he served as a Managing Director in Stifel Nicolaus' investment banking division.
The Securities and Exchange Commission has filed fraud charges against the Reserve Primary Fund and its officers for failing to disclose the fund’s vulnerability to Lehman Brothers, as it filed for bankruptcy, instead falsely assuring investors that it would support the fund’s $1 net asset value. Reserve Management Company, Inc. (RMCI), its Chairman Bruce Bent Sr., its Vice Chairman and President Bruce Bent II, and Reserve Partners, Inc. were all named in the SEC complaint.
Joe Bryant, Gary Detraz, Skip Tillman, Tommy Ogden, Larry Crosthwaite, Meg Detraz, and Matt Jones have joined Hilliard Lyons as a Financial Consultants in the firm's Lexington, Ky. Office. The team most recently served as a Financial Advisors for Smith Barney and oversaw $300 million dollars of client assets.
Capital Analysts Incorporated has hired John Parsons as vice president of marketing. Previously he was with Whitestone Wealth Management and prior to that served as regional chief executive officer in the Pacific Northwest for Lincoln Financial Advisors.
United Advisors, an independent wealth management firm, has named Ira Ross as Senior Vice President, Investment Advisor. Prior to joining United Advisors, Mr. Ross was an Executive Director at Morgan Stanley in New York.
Bessemer Trust has named Maria Tyler as Senior Client Account Manager in its Miami office. Ms. Tyler reports to Kerry Rapport, Managing Director and Senior Resident Officer in Miami.
The team of Deloris Hummel, Kirk French, JB Huck and Melissa Kirtley has joined Bank of Texas, The Private Bank from Citigroup Smith Barney. Ms. Hummel was recently appointed Senior Vice President and Portfolio Manager; Mr. French, Mr. Huck and Ms. Kirtley were all recently appointed to Senior Vice President and Client Advisor.
The American College has elected seven new senior financial industry leaders to its Board of Trustees. They are: Michael A. Bell, Executive Vice President, Life Insurance Division, Pacific Life Insurance Company; Lee V. Bethel, CLU®, ChFC®, REBC®, RHU®, President, Comprehensive Benefit Services, Incorporated; Christopher O. Blunt, Executive Vice President in Charge of Retirement Income Security, New York Life Insurance Company; Edward W. Cassidy, Executive Vice President, Life & Annuity Distribution and Operations, The Phoenix Companies; Susan M. Cooper, CFP®, CLU®, ChFC®, Executive Vice President, Northeast Division, AXA Advisors, LLC; John McTigue, CLU®, Managing Partner, The McTigue Financial Group, Northwestern Mutual; and Nikki L. Sorum, Divisional Vice President, Field Distribution and Development, Thrivent Financial for Lutherans. Robert B. Plybon, CLU®, ChFC®, CEO of Plybon Associates, chairs the 41-member Board of Trustees.
Week of May 1
Robert Mitchell, David Meadors and Michael Goodman have jumped from Wachovia to Smith Barney in Plano, Texas. The team previously oversaw $252 million of client assets and generated $3 million in fees and commissions.
Morgan Stanley has hired Vincent Sunzeri and Corrine Fabie to join its Los Gatos, Calif., office. The pair comes from UBS where they oversaw $252 million in client assets and generated $2 million in fees and commissions.
RBC Wealth Management has lured a $3.1 million team from Wachovia Securities. Mark Panfil and Aldo Lozano have joined RBC’s office in Beverly Hills, Calif. The pair previously oversaw $190 million of client assets.
Smith Barney has recruited Matt Shafer, Mark Barber and Jeff Winkler to its Boca Raton, Fla., branch. The team comes from UBS where they generated a combined $1.6 million on assets if $275 million.
JPMorgan has hired four wealth managers in Chicago. Jennifer Balestrery comes from Barclays Capital where she most recently marketed fixed income securities to institutional clients. David Marion comes from JP Morgan’s investment bank, where he worked for 15 years managing credit strategies for institutional clients. Douglas Elliott joins from UBS, where he spent three years as a financial advisor. Alan Loewy comes from Goldman Sachs, where he spent nearly four years advising families and foundations.
Kirk Donaldson and Todd Gutkin have jumped from Merrill Lynch to Morgan Stanley’s Penn Complex in N.Y. They previously generated $1.45 million on client assets of $220 million.
John Lewis and Joe Bartholomew have left SunTrust Investment Services to join Smith Barney in Richmond, Va. The pair previously generated $2.2 million on client assets of $608 million.
Morgan Stanley has hired William Shell, Gary Perl and Sandra Duggan to its Northern Colorado office. The team comes from Wachovia, where they generated $1.6 million on client assets of $190 million.
William J. Porter Jr. has joined JP Morgan’s private wealth management office in New York. He comes from Citi Private Bank, where he was a senior private banker. Prior to that he spent nearly 15 years as a managing director at U.S. Trust where he was manager of its Long Island office.
Week of April 24
Peter Koklis, John Koklis, Doug Myers and Jeff Smith have jumped from Merrill Lynch to Smith Barney’s branch in Williamsburg, Va. The team previously generated $2 million on client assets of $386 million.
James Routhier has left Wachovia to join Morgan Stanley’s branch in Morristown N.J. He previously oversaw $71 million in client assets and generated over $1 million in fees and commissions.
RBC Wealth Management has hired Kevin Pirker, Jonathan Sarver, Peter Vrooman and Chris Kulsea to join its Leawood, Kan., branch. The team comes from UBS, where they generated over $2 million on client assets of $160 million.
Chris Corona, Scott Holmes and Jeff Oetman have jumped from Wells Fargo to Morgan Stanley’s office in San Luis Obispo, Calif. The team previously produced over $2 million on combined assets of $188 million.
JP Morgan has appointed Michele Martin to head its private wealth management business in Minneapolis. She will lead the investment management trust and banking services in the Twin Cities. Martin has more than two decades of experience in the industry.
Week of April 17
First American Insurance Underwriters, Inc. has named Kimberly J. Healy as a marketing manager. Healy most recently served as senior marketing specialist at IDC in Framingham, M.A.
J. Patrick Brockette has been appointed as manager and senior vice president of Bank of Texas Healthcare Banking. Brockette will manage the Healthcare Banking teams for the Dallas, Fort Worth and Houston markets. He previously managed a $37 million annual revenue core middle market division in Dallas at JPMorgan Chase.
The management team for Morgan Stanley and Smith Barney's new joint venture has been announced. The team is mainly comprised of Morgan Stanley executives, with co-president James Gorman selected to serve as chairman, and only a few representatives from Smith Barney.
Putnam Investments has hired Walter C. Donovan as its chief investment officer. Donovan was most recently the president of Fidelity Investments' equity division.
Mark Peters has joined Jefferies & Co. as head of its wealth management group and to lead its expansion efforts. Peters most recently served as head of wealth management at SunTrust Bank.
On Wall Street and Mainstay Investments have announced the top-10 branch managers who received the second annual Branch Manager Awards.
Week of April 10
The management team for Morgan Stanley and Smith Barney's new joint venture has been announced. The team is mainly comprised of Morgan Stanley executives, with co-president James Gorman selected to serve as chairman, and a few representatives from Smith Barney.
Jeffrey Kollin has joined Rothstein Kass as a director in the Advisory Services Group. Kollin most recently served as a senior vice president, head of business development at R3 Capital.
ULLICO Inc. has appointed Gary L. Burke as president of its subsidiary, The Union Labor Life Insurance Company. Burke previously served as head of marketing development for ING US Wealth Management.
Forward Management, LLC has appointed Marla Press and Bill Glover as regional directors of sales for the South-Central and Mid-Atlantic regions, respectively. Prior to joining Forward Management, Press served as a business development officer for Barclays Global Investor Services, and Glover served as a vice president with Managers Investment Group.
Michael Bock, from Smith Barney, has joined Merrill Lynch's Coral Gables, Fla. office. Bock generates $2.3 million on $136 million of assets under management.
Joe Di Vito and his brother David have joined RBC’s office in Phoenix, with client assets of $105 million. Prior to joining RBC, Joe Di Vito spent over a decade at UBS.
Gilman Ciocia, Inc. has been named a winner of CPA Wealth Provider Magazine’s Sixth Annual Financial Planning Awards. The firm was selected for its advertising campaign geared toward potential tax and accounting practice acquisitions, its three-year plan goals, and assets under management. Click here for additional information.
Bank of Texas has appointed Jason Greenway to senior vice president, middle market banking, and Robert Bain to vice president, commercial real estate. Previously, Greenway served as a senior vice president and senior producing leader at Wachovia, and Bain served as vice president and relationship manager for Washington Mutual.
Week of April 3
Transamerica Retirement Services, a marketing unit of Transamerica Financial Life Insurance Company, has promoted CEO and President Kent Callahan to group head of Employer Solutions and Pensions for the AEGON companies. Callahan will also retain his role as president and CEO of Transamerica Retirement Services, which he has held since 2003.
Barclays Global Investors has appointed Stephen Jobe as director of iShares 529 Programs. Jobe formerly served as director of Education Strategies at Morgan Stanley.
Samuel Warren has joined NewOak Capital as director of RMBS structured solutions. Warren most recently served as an MBS trader at Deutsche Bank.
Mark Carhart and Raymond Iwanowski, co-heads of Goldman Sach’s quantitative investment group and managers of the global alpha hedge fund, have resigned. Katinka Domotorffy, the current head of strategy in Goldman’s quantitative group, was named chief investment officer of the quantitative investment group. Domotorffy will assume Carhart and Iwanowski’s responsibilities.
John C. Parsons has been named vice president of marketing at Capital Analysts Inc., a subsidiary of Western & Southern Financial Group. Prior to joining Capital Analysts, Parsons served as the chief executive officer for Dot Music, LP, and an associate for Whitestone Wealth Management.
Putnam Investments has named Benjamin H. Lewis as managing director of Defined Contribution Sales and Relationship Management. Lewis joins the firm from Fidelity Investments, where he was senior vice president for Fidelity Employer Services Company.
Charles Smith has rejoined Fiserv, Inc. as vice president of client services for Investment Services. Smith previously spent seven years working in Fiserv's Investment Services group.
Lucio A. Giliberti has joined PMFM as northeastern sales director, focusing on PMFM's funds, separate accounts, and 401k Toolbox professional management services for 401(k) plan assets. Giliberti most recently served as a retirement plan consultant for Oppenheimer Funds.
Derek Bruton has been named national sales manager for the LPL Financial Independent Advisor Services business, reporting to Bill Dwyer. Bruton joined LPL Financial in 2007 as EVP and CEO of the affiliated broker/dealers.
Week of March 27
Lucio A. Giliberti has joined PMFM as northeastern sales director, focusing on PMFM's funds, separate accounts, and 401k Toolbox professional management services for 401(k) plan assets. Giliberti most recently served as a retirement plan consultant for Oppenheimer Funds.
Derek Bruton has been named national sales manager for the LPL Financial Independent Advisor Services business, reporting to Bill Dwyer. Bruton joined LPL Financial in 2007 as EVP and CEO of the affiliated broker/dealers.
Christopher Sullivan has joined Fidelity Investments as head of its bond group, in charge of $170 billion of assets under management. Sullivan formerly served as co-head of U.S. fixed income, overseeing $150 billion of assets, at Goldman Sachs.
In 2008, Janus CEO Gary Black received a salary of $800,000, a bonus of $2.9 million and $4.3 million in stocks and other benefits, or a 27.8% pay cut from the previous year.
Silver Bridge Advisors has appointed Allison L. Taff as director of Family Office Services. Taff previously served as the senior director of Business Development and Marketing at Fidelity Family Office Services.
New York Life Insurance Co. hired 3,554 financial representatives last year. More than half the agents recruited were women or minorities.
Phoenix Cos. Inc. plans to promote James D. Wehr from his position as senior executive vice president and chief investment officer to president and chief executive, succeeding Dona D. Young, who will retire April 15.
John McIntosh, Dale Ditto and Nancy Wood have joined Hilliard Lyons as financial consultants in the firm's Lexington, KY office. McIntosh and Ditto will hold the additional title of senior vice president. The team most recently served as financial advisors for UBS and oversaw $128 million of client assets.
Emily Colella has joined SSI as senior vice president, director of Institutional Client Service/Marketing, reporting directly to SSI’s Board of Directors. Colella most recently served as director of Institutional Client Service for the small growth and domestic value teams at Artisan Partners, LP.
Jeff Cristadoro has joined Gilman Ciocia's Greenvale, N.Y. branch. Cristadoro provides financial planning services to individual and corporate clients. Prior to joining Gilman Ciocia, Cristadoro was with Merrill Lynch and JPMorganChase.
Week of March 20
Paul Brunswick has joined CEG Worldwide as senior managing principal. Brunswick previously served as director of national business development for Smith Barney.
Huntington Bancshares Inc. has appointed Timothy Scholten as vice president and external distribution director for Huntington Funds, the company’s proprietary fund family. Scholten most recently served as a regional vice president for Van Kampen Investments.
Margaret Lupardo has joined the Lake Ronkonkoma, N.Y. branch of Gilman Ciocia, Inc. Prior to joining Gilman Ciocia, Lupardo was with Morgan Stanley and the Suffolk County National Bank.
Gene Diederich has joined Moneta Group as its new CEO. Diederich most recently served as director of the Eastern Division of Wachovia Securities Private Client Group.
Diane Kropelnitski has joined Hilliard Lyons as a financial consultant in the firm's Grand Blanc, Mich. office. Kropelnitski most recently served as a financial advisor for Smith Barney and oversaw $36 million of client assets.
Dick Sorenson, a veteran advisor at UBS, has accepted a position at RBC Wealth Management as its Portland complex director.
Spectrem Group has announced that Mitchell Politzer will join Spectrem Consulting as its managing director and president on April 7th. Politzer most recently served as president and chief executive officer of First Ameritas Life Insurance Corp. of New York and as CEO of Ameritas Direct.
Gavin Gleason has joined Hilliard Lyons as a financial consultant and vice president in the firm's Hurstbourne office in Louisville, Ky. Gleason most recently served as a financial advisor for Merrill Lynch where he oversaw $38 million of client assets.
Week of March 13
Kris R. Wall and Todd G. Pollock have joined Stifel Nicolaus as financial advisors in the Palm Beach Gardens office. The pair most recently served as a financial advisors at A.G. Edwards/Wachovia in Boynton Beach, Fl.
Jeff Bosland will take over the tax-exempt capital markets group at JPMorgan. Bosland had been co-head of the TECM business with Mark Melio.
CBIZ Mahoney Cohen has named Marshall Bernstein as a senior associate, and Karl Knechtel as a manager within its Corporate Recovery Services. Prior to joining CBIZ Mahoney Cohen, Bernstein was the chief financial officer with Serena Group and Knechtel was a consultant with Accretive Solutions.
Genworth Financial Wealth Management (GFWM) has appointed Cameron Miller as CFO reporting to GFWM co-chairman Gurinder Ahluwalia. Miller most recently served as a principal with Los Angeles-based Lovell Minnick Partners LLC.
Several financial advisors have joined SWS Financial Services, including Jack Adolph in Arlington, Texas from Merrill Lynch, Larry Trew in Chattanooga, Tenn. from Prudential Financial Services, and Patricia Stults in Fort Worth, Texas from Alliance Financial Horizons.
Steve and Jeffrey Golliher have joined Hilliard Lyons as financial consultants and first vice presidents in the firm's Knoxville, Tenn. office. The two most recently served as financial advisors for Smith Barney, where Steve oversaw $90 million of client assets and Jeffrey oversaw $87 million of client assets.
Kanaly Trust, the Houston-based wealth management firm, has hired J. Abbott Sprague as its new senior vice president. Sprague previously served as senior vice president with Invesco AIM Management Group Inc.
Week of March 6
Bank of America Corp. completed a new round of firings, which included bankers, traders, sales, and underwriting professionals in offices throughout the country. Additional firings are expected in two weeks.
Ian Cain has been appointed as director and head of Ogier Private Wealth. Cain previously served as head of UK Strategic Wealth Advisory at Goldman Sachs.
Timothy J. Lathe has joined KeyCorp as executive vice president and will lead its Wealth Management group. Lathe most recently served as executive vice president and head of the Private Client Group at National City Corporation.
David Moffett intends to resign as Freddie Mac's chief executive by March 13 to return to the financial services sector. The announcement comes less than six months after the government installed him in this post. An interim CEO is expected to be named by his departure date. Moffett formerly served as the vice chairman and chief financial officer of US Bancorp.
Starwood Capital Group Global LLC has hired John McCarthy as global head of asset management, replacing Jeffrey Dishner who will return to helping lead Starwood's acquisitions team. McCarthy previously served as global co-head of asset management for Lehman Brothers Real Estate Private Equity.
Thomas M. Marra, the president and chief operating officer of Hartford Financial Services Group Inc. has announced he will retire and resign from the board of directors. Ramani Ayer, the chairman and chief executive officer, will now oversee Hartford's property and casualty and life operations.
The $5.3 million producing UBS team of Gary Owens, Robert Black, Fred Constantinesco and John Ledford have joined Morgan Stanley.
Week of February 27
Genworth Financial Wealth Management (GFWM) has appointed two senior managers to newly-created positions in its wealth management business, reporting to co-chairman Gurinder Ahluwalia. Mark Schoenbeck, previously senior vice president of professional development, has been named chief marketing officer, and John Murray, previously head of a technology consulting business, has been named chief information officer.
Bridget A. Macaskill has been elected president and chief operating officer of Arnhold and S. Bleichroeder Advisers, LLC (ASB Advisers). Macaskill currently serves as a non-executive director of Prudential plc and as a trustee and member of the Investment Committee of the TIAA-CREF funds.
Brewer Financial Services has added four advisors from Ameriprise to its Florida offices. Christopher Reuschle, CRPC, Tracy Winfree, CFP, Kenneth Friedman, CFP, CLU, ChFC, and Bruce Musselman, ChFC, have a combined client base representing approximately $175 million in assets under management.
Richard G. Ketchum has been named chief executive of the Financial Industry Regulatory Authority (FINRA), replacing Mary Schapiro. Ketchum has been overseeing regulation at the New York Stock Exchange (NYSE) for the past five years.
Michael A. Conley has been named deputy solicitor in the Appellate Group of the SEC's Office of the General Counsel. Conley formerly served as senior special counsel in the Appellate Group.
Curt Porter has joined Hilliard Lyons as a financial consultant and vice president in the firm's Greenville, S.C. office. Porter most recently served as a financial advisor for A.G. Edwards/Wachovia. He has been in the financial services industry for more than 30 years.
Cohen & Steers, Inc. has hired David Edlin as a senior vice president and national sales manager. Edlin previously served as the national sales director at AllianceBernstein Investments.
Week of February 20
JPMorgan Chase has recruited Adam Zipper from Smith Barney to serve as a senior managing director, based in New York City.
In the first quarter of 2009, Raymond James & Associates, Inc. added 43 new financial advisors to the broker/dealer subsidiary of Raymond James Financial, RJ&A. These advisors include Todd Brandstadt, from Wachovia/A.G. Edwards, with $150 million in assets, James Sims, from Merrill Lynch, with $90 million in client assets; and Vicky Campbell, Ruth Doepel and Therese Meike, from Wachovia/A.G. Edwards with a combined $400 million in client assets.
Barclays Global Investors (BGI) has appointed John Longley as the new head of National Accounts for the U.S. iShares Exchange Traded Funds (ETFs) Business, reporting to Joe Linhares, head of iShares Sales. Longley formerly served as CEO of Citi Private Bank where he oversaw 24 offices in the U.S. and Canada.
David Glancy has joined Putnam Investments as managing director and portfolio manager. Glancy most recently served as a founding partner and portfolio manager at Andover Capital.
New York Life Insurance Company President and CEO, Ted Mathas, has been named chairman of the board, effective June 1, 2009. He will succeed Chairman Sy Sternberg, who has held the title since 1997. Mathas will retain the titles of president and CEO upon assuming the chairman’s role.
Smith Barney has snagged a $2 million production team from UBS. F. Otto Busot and Aldo C. Busot have joined Smith Barney’s Coral Gables, Fla. branch, reporting to branch manager Mark Feiler.
Robert Allen Stanford, chairman of the Stanford Financial Group (SFG) of companies, James Davis, chief financial officer to SIB, and Laura Pendergest-Hold, chief investment officer of SFG, have been charged with alleged fraud by the SEC for an investment scheme involving an $8 billion CD program. The three Stanford companies in dispute are Stanford International Bank (SIB), Stanford Group Company (SGC), and Stanford Capital Management.
Kris Westergarrd, from A.G. Edwards, has joined SWS Financial Services as part of the Siouxland Investment Group. And John McGirk, from Prudential Financial, has joined the Chattanooga, Tenn. office.
The president and co-chief operating officer of Goldman Sachs, Jon Winkelried, will retire at the end of March for personal reasons. Winkelried has held this position since June 2006 and has been with Goldman since 1982.
Keith Ardizzone, from U.S. Trust, Bank of America Private Wealth Management, and John Voltaggio, from U.S. Trust's multifamily office group, have joined Northern Trust Corp. of Chicago as lead relationship managers. They will also work in the company's personal financial services team in New York which advises high-net-worth individuals and families.
Robert W. Baird & Co. Inc. of Milwaukee has opened an office in Towson, Md. Twenty-two financial professionals were hired for the office, including 15 financial advisors: Joe Fuggi, Jeff Graham, Tim Hargest, Mike Levin, Jim Mugele, Steve Welsch, Rich Zink, Jerry Marquez, Walter Noto, Rich DuVal, Jason Harris, Keith Levitt, Marco Sacca, Mike Johnson, and Bob Manankil. This is Baird's first Baltimore-area office.
Bank of New York Mellon Corp. has promoted Art Certosimo, an executive vice president and head of broker-dealer services and alternative investment services, to its executive committee where he will oversee the company's day-to-day operations.
Kovack Securities, Inc. has hired Michael Bewley as its chief operations officer (COO). Bewley also serves on the Board of Directors for Financial Services Institute and was previously the CEO of Wall Street Financial Group in New York.
The Securities and Exchange Commission has named Kayla J. Gillan as senior advisor to the chairman. Gillan most recently served as a founding board member of the Public Company Accounting Oversight Board (PCAOB).
Week of February 13
Mark Esposito has been named chief information officer for The Hartford’s Life operations. Esposito has served as acting CIO on an interim basis since October 2008.
William Skelton has joined the Private Client Group at Southwest Securities, Inc. as a vice president and financial advisor. Skelton brings $45 million in client assets from Merrill Lynch. Early Van Cleve, from Merrill Lynch, has also joined the group's Dallas office.
Jim Naughton and Steve Powell, from Wachovia Securities, have joined SWS Financial Services, a division of Southwest Securities, Inc., as financial advisors in Sioux City, Iowa. And John Rick Still has joined the group as a financial advisor in Nacogdoches, Texas.
S&T Bank has appointed Amy M. Brubaker to the role of assistant vice president and community banking manager. Brubaker will be responsible for the bank's Brookville, PA office.
Jay Welker, the former head of the Wells Fargo Wealth Management Group, has been selected to serve as president of the WM Group following its merger with Wachovia.
UBS plans to split its global wealth management business into two divisions: Wealth Management Americas, led by Marten Hoekstra, and Wealth Management and Swiss Bank led by Franco Morra and Juerg Zeltner.
Darrin Rudolph and Bart Rudolph have joined Hilliard Lyons as financial consultants and vice presidents in the firm's new Kevil, Ky. office. They were previously independent with Woodbury Financial Services, where they oversaw $60 million dollars of clients' assets.
Week of February 6
Bob Lynch has joined Barclays Wealth as a managing director and head of credit structuring for the Americas. Bob will report regionally to Paul Feidelson and functionally to Torben Nielsen.
Scott Cracraft and Spencer Lynch have left Smith Barney to join Morgan Keegan's Charleston office. The team had a trailing 12 month production of over 2.3 million.
Fiduciary360 has hired Judy Stormer, from CS McKee, as director of finance, and George Stark, from Education Management Corporation, as the new application systems manager.
Putnam Investments has named Edmund F. Murphy III as managing director and head of Defined Contribution, reporting to Head of Global Marketing and Products Jeffrey R. Carney. Murphy most recently served as executive vice president of distribution for Personal and Workplace Investing (PWI) at Fidelity Investments, overseeing $900 billion in total administered assets.
New York-based Shelterwood Financial Services LLC has retained Dimitri N. Balatsos as a senior advisor. Balatsos will focus on expanding Shelterwood’s practice with ultra-high net worth families based in the U.S. and Europe. In 1996 he founded Tesseract Partners as a global investment management firm serving clients in the U.S. and abroad.
Sean Spainhour has joined Hilliard Lyons as a financial consultant and vice president in the firm's Charlotte, N.C. office. Spainhour most recently served as a financial advisor for Merrill Lynch where he oversaw $34 million dollars of clients' assets.
William Schmidt, from AIG Retirement, has joined Gilman Ciocia, Inc.'s Bonita Springs, Fla. branch as a financial planner.
Lord, Abbett & Co. LLC has appointed Partner Robert Fetch to the newly created position of director of domestic equity portfolio management, reporting to Chief Investment Officer Robert Gerber. Fetch has been a partner with the firm since 1998. Partner Gerry Heffernan will assume lead portfolio management responsibilities for Lord Abbett’s small cap value strategy.
Highmount Capital has hired David Thompson and Nancy Brickley, from North American Management, as managing director of fixed income and managing director of the Boston office respectively.
David Corkins, the former Janus Fund manager, plans launch his own firm, Arrowpoint Asset Management. Thus far Corkins has raised $1.2 billion for 11 accounts.
Aquila Distributors, Inc. has appointed Maryann Bruce as president. In addition, its affiliate, Aquila Investment Management LLC has promoted Chad Childs to chief operating officer. Prior to joining Aquila, Ms. Bruce most recently served as president of Evergreen Investment Services, Inc., a subsidiary of Wachovia.
John C. Friskey, CPA, has joined Duane Morris LLP as a manager in the Tax Accounting Group in the firm’s Philadelphia office. He formerly served as a manager at public accounting firm Fishbein and Company, P.C.
Week of January 30
Ms. Goddy Cruz has joined Gilman Ciocia, Inc.'s Aventura, Fla. branch where she provides financial planning services to her individual and corporate clients. Prior to joining Gilman Ciocia, Inc., Cruz was with John Hancock and AXA Advisors.
AXA Equitable Life Insurance Company has named William Degnan president of the Advantage Group, a unit of AXA Equitable, succeeding Vincent Parascandola, who has been named president of the Northern Division of AXA Advisors.
Truepoint has promoted both Courtney M. Weber, CPA, and and Heather J. Swob, CFP, to managers of its Wealth Advisory Services division.
Michael Corbat was named to oversee the Citi Holdings half of Citigroup Inc. Corbat has spent 25 years at Citi and most recently headed its global wealth management division. Steve Freiberg, the head of global cards, will oversee consumer finance, Rick Stuckey, a portfolio manager, will run the special asset pool. And John Havens will lead the other half of the split company's institutional bank.
Bessemer Trust has appointed Gilbert W. Chapman, III as a business development officer in New York, reporting to Andrew Parker. Chapman formerly served as a principal with Bernstein Global Wealth Management.
Jack C. Harmon Sr., CFP, the founder of Harmon Financial Advisors in Atlanta, has been named chair of the CFP Board's Disciplinary and Ethics Commission. Robert Fleming, Esq., president of Fleming & Curti, PLC, and Martin Siesta, CFP, founding principal of Compass Wealth Management, were both named as members of the Commission through 2012.
Sentinel Investments has added several new members to its distribution team.
Chris Shanahan, from American Century Investments, joined as regional vice president for the Great Lakes region; Ted Roundy, from Goldman Sachs, joined as regional vice president for Southern California and Hawaii; Tim Call, CIMA, from Putnam Investments, joined as regional vice president for the Southern New England region; J.P. Raflo, from Ivy Funds, joined as regional vice president for the Mid-Atlantic region; and Carl Berg, from MFS, joined as vice president, key accounts operations.
Week of January 23
Citigroup chairman Sir Win Bischoff will not stand for reelection as head of the bank's board and he further intends to retire later in the year. Richard Parsons, a director on Citi's board and the former CEO of Time Warner, will replace Bischoff as Citi's chairman effective Feb. 23.
UBS has initiated a series of senior management job cuts within its securities unit, and bankers Todd Morakis, Sascha Prinz, David Sacco and Chris Ryan will depart the firm as a result. Carsten Kengeter and Jeff Mayer, global co-heads of fixed income, currencies and commodities, will now oversee the credit business, Ritesh Dutta will head emerging markets, Roberto Isolani and Fabian Shey will co-head the firm's global sales effort, and Steve Dugdale will manage the quant analysis and research group.
Roughly one month after Bank of America completed its $50 billion acquisition of Merrill Lynch, John Thain, Merrill's former chief executive officer, has aggreed to resign from the company.
American International Group, Inc. (AIG) has named Monika M. Machon as senior vice president and chief investment officer, succeeding Win J. Neuger who will continue to serve as AIG Investments chairman and chief executive officer. In addition, Jeffrey J. Hurd, AIG Investments senior managing director, chief administrative officer and general counsel, has been named senior vice president and head of Asset Management Restructuring.
Robert Hille has been named general counsel and chief compliance officer and Sherry Lehmann has been named director of Human Resources at Laird Norton Tyee. Hille previously held the role of chief compliance officer at GenSpring Family Offices LLC.
Tom M. Wirtshafter, from AXA Advisors, has been named president of American Portfolios Financial Services (APFS), succeeding Frank A. Tauches, Jr., who will remain with the broker/dealer as executive vice president and chief legal counsel. Wirtshafter has also been named president of American Portfolios Advisors Inc. (APA), succeeding Thomas J. LoManto, who will remain with the firm as senior vice president of advisory services.
Joseph Delaney has joined Vista Wealth Management LLC of San Francisco as director of wealth management services. Delaney most recently served as a principal at Equius Partners Inc., a registered investment advisory firm in Novato, Calif.
William G. Walter has joined New York Life Insurance Co.'s board of directors. Walter is the current chairman, president, and chief executive officer of FMC Corp., a Philadelphia manufacturer of agricultural, specialty, and industrial chemicals.
JPMorgan Chase & Co. has announced that it plans to close 300 branches by the end of March and an additional 100 branches later in the year, in connection with the September purchase of Washington Mutual Inc.'s banking operation.
Jill Gutreuter has joined Hilliard Lyons as a financial consultant and vice president in the firm's Fort Wayne, Ind. office. Gutreuter most recently served as a financial advisor for Smith Barney and oversaw $40 million dollars of clients' assets.
Larry Nelson has joined the Fort Myers, Fla. branch of Gilman Ciocia, Inc., a leading provider of tax preparation and financial planning services. Prior to joining Gilman Ciocia, Nelson was with AXA Advisors in Fort Myers.
The SEC has sued Ramesh Chakrapani, a managing director at private equity firm Blackstone Group, for an insider trading scheme involving shares of supermarket chain Albertsons Inc. The lawsuit was filed in U.S. District Court in Manhattan on Tuesday.
Gregory Fleming, the number two at Merrill, has announced unexpectedly that he will leave the securities firm to serve as a senior research scholar at Yale Law School.
Jeff Tooley has joined Hilliard Lyons as a financial consultant and vice president in the firm's Jasper, Ind. office. Tooley most recently served as a financial advisor for German American Bancorp and oversaw $127 million dollars of clients' assets.
Timothy Rauwald and Peter Wears of the Cornestone Group left Smith Barney to join UBS in Durham, N.C. The team was responsible for 1.37m in production and 137m in AUM.
Week of January 16
The American International Group (AIG) plans to give executives and employees at least $619 million in retention pay—$150 million more than was previously disclosed—in an effort to prevent roughly 4,200 employees from resigning.
Gibraltar Private Bank and Trust, a mortgage banking, private banking, and wealth management unit of Boston Private Financial Holdings Inc., has hired Jonathan Wolfe as a senior vice president and chief operations officer. Wolfe previously served as a director of internal audit for LNR Property Corp.
Fidelity Investments has placed James Catudal in charge of the $6.24 billion Fidelity Growth and Income Portfolio Fund, succeeding Timothy M. Cohen. In addition, Catudal will continue to manage Fidelity's Advisor Growth and Income, VIP Growth and Income Portfolio, and Stock Selector funds.
Richard I. Linhart has resigned as chairman, president and CEO of Millennium Bankshares Corp. for personal reasons after 18 months with the struggling company. John F. Novak, the chief operating officer of the parent company and the banking unit, will serve as the interim president and CEO.
Former U.S. Treasury secretary, Robert Rubin, has resigned as senior counselor at Citigroup to reportedly dedicate more time to public policy issues. Rubin ran Goldman Sachs prior to joining the Clinton administration.
Prestige Wealth Management Group has appointed Thomas McCabe as director of accounting of the Prestige Wealth Accounting Group. McCabe will also assume the role of chief operating officer of Prestige Wealth Management Group. He formerly served as vice president and chief administrative investment officer for the Merrill Lynch Trust Company.
Muriel Siebert will join six laureates to be inducted into the U.S. Business Hall of Fame on March 5, 2009. The criteria for induction included business excellence, courageous thinking and actions, vision and innovation, inspiring leadership and philanthropy. Siebert is the first woman to own a seat on the New York Stock Exchange.
Bank of America Corp. intends to keep the Merrill Lynch name and former bull logo for its wealth management and brokerage business. However, the investment bank will be renamed Bank of America Merrill Lynch and will use B of A's flag logo.
Kimberly Welsh has joined Janney Montgomery Scott LLC's Boston office as managing director in municipal capital markets. Welsh most recently served as head of New England and the national housing group at Morgan Stanley.
PricewaterhouseCoopers LLP has acquired Sustainable Finance Ltd.'s U.S. operations. The advisory firm focuses on environmental and social risk management in the financial sector.
Barclays announced it will cut 2,100 jobs—or 7% of all professionals—in its wealth management, asset management and investment banking groups.
The Financial Industry Regulatory Authority (FINRA) has fined Leonard & Co. in the amount of $225,000 for violations including the illegal sale of more than two million shares of penny stock on behalf of customers. FINRA has also barred Robert J. Cole, a former registered representative with Leonard & Co., for his role in the illegal sales.
SunGard has appointed James Weber as executive vice president of its Assent Trading Brokerage Operations to oversee trading and clearing. Weber previously held various roles at Citigroup including head of Integrated Market Solutions, head of Equity Risk Management for Citi Global Equities, and chief operating officer of Citi's Lava Trading.
Chris Blunt, senior vice president of Retirement Income Security (RIS) at New York Life, has been elected to The American College's Board of Trustees.
The St. Louis investment firm Scottrade Inc. plans to open two additional Orange County, Calif. branches in Tustin Foothills and in Huntington Beach.
Wachovia Securities has promoted Mike Powers to managing director for northeastern Ohio. Powers most recently served as a senior vice president and complex manager of Wachovia Securities' Illiana Complex in Orland Park, Ill.
