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• August 31, 2010 - Merrill Generating More Profit Than MSSB
  

  Merrill Lynch is generating more profit with fewer advisors than rival Morgan Stanley Smith Barney, Bloomberg reports. Merrill produced $315 million more profit from its brokerage in the first half of 2010 than Morgan Stanley with 2,900 fewer financial advisors, according to company reports. Its pretax profit margin, 16.

• August 31, 2010 - City National Recruits Six From BNY For San Francisco
  

  City National Bank has hired six banking and investment management veterans from BNY Mellon Wealth Management for its Private Client Services group in San Francisco. John Dowling joins as senior private banker from BNY Mellon Wealth Management where he held the same role. Kelly Gaynor and Corey Cronin come on board as senior private client advisors.

• August 30, 2010 - Bernanke Leaves Door Ajar For More Stimulus As Data Disappoints
  

  The wealth management industry, along with the rest of the financial sector, will be waiting for further signs of clear economic news this week after Federal Reserve chairman Ben Bernanke opened the way last week to stimulate the economy further, due to fears that growth is fading. On Friday, Bernanke, speaking to policymakers in Jackson Hole, Wyoming, was quoted by media reports as saying that "policy options are available to provide additional stimulus" to the US economy, should it be necessary. He spoke on the same day that the Commerce Department revised down its estimate for second-quarter growth in gross domestic product.

• August 30, 2010 - Westcore Capital Announces Two New Hires
  

  Westcore Capital Limited has appointed Reed Fischer as director of the private client group as the company moves to expand its alternative investment offerings. Fischer used to be a manager at a financial services firm where he handled a team of 20 advisors. Prior to that, he served as chairperson of Chartered Alternative Investment Analyst.

• August 30, 2010 - Investors Scramble For Safety, Liquidate Stock Funds - Data
  

  Investors withdrew a net $7. 1 billion from equity funds tracked worldwide in the week to 25 August and put some $5. 2 billion into bonds as worries grew about a slowdown to the US and European economies, according to EPFR Global.

• August 30, 2010 - Central Pacific Bank Appoints EVP, CFO
  

  Hawaii-based Central Pacific Bank has appointed Lawrence Rodriguez as executive vice president and chief financial officer. Rodriguez brings more than 40 years of industry experience to the firm and most recently served as managing partner of Ernst & Young's Hawaii office. He also served as consultant to CPB since January 2010.

• August 30, 2010 - Big Changes At Hartford Financial Services Group
  

  The Hartford Financial Services Group, based in Hartford, CT, is disbanding its distribution arm, Hartford Life Distributors, and decentralizing its wholesalers among four recently established business units, according to Investment News. The move is part of a reorganization pledged by chief executive Liam McGee, who joined the firm last fall. As a result of.

• August 30, 2010 - Accountants Of Perot Family Office Fund Sued By Investors In Fraud Claim
  

  Investors in a hedge fund managed by former presidential candidate Ross Perot’s family office have sued its accountants, accusing them of helping Parkcentral Capital Management defraud them, according to media reports. The lawsuit alleges that Ernst & Young “facilitated, assisted in and participated in” the fund’s fraud. A lawyer for the investors said that Parkcentral’s “audited financial statements never once warned Parkcentral’s investors of their impending doom.

• August 30, 2010 - New Client Service Head At Hermitage Wealth Management
  

  Hermitage Wealth Management has named Christopher Morris as director of client services. Morris was previously an associate examiner at the Federal Reserve Bank of Richmond. HWM is located in Richmond, Virginia and offers financial planning, investment management, retirement plan design, and risk management and insurance services to both corporate and individual clients.

• August 27, 2010 - Curian Capital Names New Advisor To Team
  

  Prudent Wealth Management has appointed Scott Holstein into the advisory council of its Curian Capital subsidiary. Holstein is a financial advisor based in Pennsylvania and has over 20 years of experienc. .




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