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Monday's Headlines: Top six firms aim to add 2,000 net new financial advisers in 2011

Be careful what you wish for. That is the message of an analysis by Investment News of the so-called recruiting wars. The publication's survey of firms estimates that the top six companies plan to add a net 2,000 advisers this year, in addition to an estimated 12,000 advisers who could move firms to fill vacancies created by attrition.

The article states: "At a time when the total population of financial advisers is in the process of shrinking ... the firms that win the recruiting wars will likely be firms that simply lose the least. Even then, acquiring new reps is getting more expensive than it's ever been, so it will take time before firms can start to reap the rewards for new recruits. And they can only reap from what they keep."

Other news:

High turnover rate for bank CFOs as institutions focus on chief risk officers. [DealBook]

Experts foresee a commodity boom in the takeover bid for a Australian mining company by a Hong Kong limousine operator. [Bloomberg]

Deutsche is boosting its Nordic unit as the pace of mergers in the region tops that of Europe and the U.S. [BusinessWeek]

London's financial services industry is expected to grow by 11,000 by 2014, outstripping office space. [Financial Times]

JPMorgan Chase's private equity portfolio increased 16 percent during the first quarter as the company stepped up these investments. [Bloomberg]

Community banks backed by private-equity funds purchased at least two lenders, as regulators shutter institutions weakened by real-estate values. [BusinessWeek]

Total hedge-fund assets are approaching $2 trillion and are soon expected to surpass their peak in early 2008. [WSJ]

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