The latest moves, appointments and personnel changes in North American wealth management.

Brown Brothers Harriman & Co
Brown Brothers Harriman & Co has appointed William Luterman as a managing director. 

He will work with families and business owners, with an emphasis on the Mid-Atlantic and New York regions. Luterman will join the leadership team of the Philadelphia office along with Joe Chott, principal and Philadelphia office head. His work will span investment strategy, private-capital access, governance frameworks, and philanthropic planning, helping clients align their business, personal, and philanthropic objectives, BBH said in a statement yesterday. 

Luterman has more than 30 years’ experience advising entrepreneurs, families, and institutions. He previously served as chief investment officer and co-founder of LGL Partners and Forbes Family Trust, and was CIO and president of a single-family office for a Forbes 400 family member, where he built and directed the firm’s investment platform. Earlier in his career, Luterman was a derivatives trader at Goldman Sachs, Banque Nationale de Paris, and Citibank, with roles spanning New York, London, and Frankfurt.

In other roles, Luterman has served as a Commissioner of the Pennsylvania Department of Banking and Securities Commission, as the Governor’s designee, providing governance oversight for the state’s financial institutions and securities regulatory matters. 

Raymond James
Raymond James has welcomed a team of five financial advisors to its independent advisor channel.

The team, which includes Russell Olson, Christopher Lamal, Raymond Krusic, Ryan Spiering, Brian Craig and Nicole Krusic, has come from Commonwealth Financial Network where they managed about $730 million in client assets. 

The group operates as Financial Consulting Services and is based in Green Bay, Wisconsin.

Gen II Fund Services
Gen II Fund Services, a private capital fund administrator, has inked a licensing agreement with S7 Fund Ops, a specialist provider of automated waterfall solutions for private capital funds. As part of its corporate evolution, Gen II also said it has appointed Beverly Shealy as head of Waterfall Solutions. 

(To explain, “waterfalls” are complex calculations that govern how investment returns are distributed between fund managers (GPs) and investors (LPs), typically used by private capital funds. These calculations determine the allocation of carried interest – the performance-based compensation paid to fund managers – and ensure that cash flows are distributed in accordance with the detailed provisions included in a fund's partnership agreement.)