Recruiting and other hiring news slowed down considerably in the second week of January. Still, two wealth-management firms reported developments.
LPL Financial (LPLA), for instance, said that Scranton, Pennsylvania-based Peoples Security Bank & Trust joined its institutional platform.
Peoples, a 25-branch bank and trust company, stated that its decision was based on a desire to grow its wealth-management business and to consolidate its investment services onto a single broker-dealer platform.
The company had roughly $750 million in wealth management assets, including investment management and trust accounts, as of Dec. 31.
Peoples also reported that it recently acquired the asset management and retirement plan services of Edward J. Gilmartin/Gilmartin Associates of Scranton. Gilmartin had some $120 million of client assets, as of Nov. 15, and joined the bank's wealth-management group as managing director of retirement plan services.
Meanwhile, Fiduciary Trust Company International says it made some organizational changes in the wake of the departure of its President & CEO Henry Johnson.
