Friday's Headlines: Citigroup Steps Up Tech for Hedge Funds

Citigroup has become the second fund administrator to implement a new technology platform specifically designed for servicing funds of hedge funds. [American Banker]

Securities America, one of the top 10 independent broker-dealers, will begin to focus on financial institution investment programs, planning to spend to $750,000 on the effort through 2011. It is targeting "reps in banks who are stuck at $250,000 or $400,000 and want to go to the next level." [American Banker]

Bank of America plans to hire 1,000 employees in the next year to focus on companies with sales of $3 million or less. BofA will hire small-business bankers will be hired in Baltimore, Dallas, Los Angeles and Washington later this year with other cities added in 2011, BofA CEO Brian Moynihan said Thursday. [Bloomberg]

Starting salaries in accounting and finance are expected to rise an average of 3.1 percent in the coming year. Financial analysts and tax accountants are among the professionals projected to see notable increases, according to staffing company Robert Half International's 2011 Salary Guide. [WebCPA]