Genworth Completes Hochman & Baker Integration: Genworth Financial, a global insurance and financial services concern, said that it has completed the integration of Hochman & Baker Securities into Terra Securities Corp., its broker/dealer unit.

The HBS acquisition, which was completed earlier this year, grows the Genworth Personal Advisor Network from 1,400 to 2,200 representatives nationwide.

“We are obviously very excited to have Hochman & Baker join our growing network of financial professionals,” said Pam Schutz, president and chief executive officer of Genworth’s retirement income and investments segment. “Our network of independent accountants and financial planners continues to grow, and this acquisition is an important step in our distribution expansion and growth plans.”

RSM Taps Pru Vet to Helm Wealth Management Arm: National CPA and business consulting firm RSM McGladrey appointed David M. Pierce as president of its wealth management unit, effective immediately.

A 30-year veteran of the securities and insurance industries, Pierce comes aboard McGladrey after spending 16 years at Prudential Securities in a number of executive posts, most recently as regional president of Prudential’s Atlantic Coast region. While there, he was credited with helping grow revenues in financial planning, trusts, lending and insurance.

Prior to joining Prudential, Pierce held positions at Carolina Securities Corp., Merrill Lynch and Massachusetts Mutual.

In a statement, RSM president Steve Tait said that Pierce’s résumé “in growing and leading wealth management businesses will prove valuable as we extend our reach in personal wealth management services.”

SEC Releases Proposed Rules to Register Hedge Fund Advisors: The Securities and Exchange Commission released for comment a proposed new rule that would require hedge fund advisors to register with the commission under the Investment Advisers Act of 1940.

The release also proposes related rule amendments. SEC staff estimate that only 40 percent to 50 percent of all hedge fund advisors are currently registered with the agency.

The SEC said that registration under the proposed rule would permit it to: collect and provide to the public basic information about hedge funds and hedge fund advisors; examine hedge fund advisors to identify compliance problems early and deter questionable practices; require all hedge fund advisors to adopt basic compliance controls to prevent violation of the federal securities laws; improve disclosures made to prospective and current hedge fund investors; and prevent felons or individuals with other serious disciplinary records from managing hedge funds.

The SEC said that the proposed rule would require advisors to “private funds” to register with the commission by requiring the advisors to “look through” the funds and to count the number of investors (rather than the fund) when determining whether the advisors are eligible for the Adviser Act’s exemption for advisors with 14 or fewer clients. The proposed rule also contains special provisions for advisors located outside the United States.

CalCPA Chair to Focus on Financial Reporting, Literacy: D. Paul Regan, the new chair of the California Society of CPAs, said that he plans to focus his term on restoring and enhancing the public’s trust in financial reporting and in improving financial literacy.

“As CPAs, our duty to protect the public should be paramount,” said Regan, the San Francisco CPA who took the helm at CalCPA on July 16, succeeding Steve Wimmers. “The corporate scandals of this decade have impacted the public’s trust in financial issues and professionals. This trust is the cornerstone of our financial markets, and it must be restored.”

Regan, president and chairman of Hemming Morse Inc. and managing director of the firm’s Litigation Services Group, has spent the last 30 years as a forensic accountant.

Regan pledged to continue CalCPA’s commitment to improving financial literacy throughout the state. The 28,000-member group currently facilitates free Dollars & Sense workshops and works with local schools to provide basic personal finance education.

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