Macquarie has appointed Eric Schimpf as the new head of Macquarie Private Wealth, replacing Peter Coleman who left last year. Schimpf joins Macquarie from Merrill Lynch, where he held the role of regional managing director for the Private Banking and Investment Group. In the role he was responsible for Merryll Lynch’s ultra-high-net-worth clients in the southeastern part of the United States. (Money Management)

Investment bank JPMorgan has lost its bid to recover the full $50m it billed Consolidated Minerals for 18 months’ work as defence advisers during a takeover of the mining house. (Sydney Morning Herald)

Bankwest has issued its first public residential-mortgage backed securities since its $2 billion takeover by Commonwealth Bank, launching a $620 million offer of three classes of securities. (The Australian)

Recent strength in the sharemarket has helped superannuation funds to deliver positive returns for February. The median growth fund gained 0.9 per cent in February after a 2.2 per cent fall in January, as shares managed to hold onto gains through the month, said research agency Chant West. (The Age)

UBS, Deutsche Bank, JP Morgan Chase and Depfa Bank are to stand trial in Milan for the alleged fraudulent sale of derivatives on a 1.68 billion euro ($2.5bn) bond, the Italian prosecutor says. “The banks are going to trial,” Alfredo Robledo, the prosecutor bringing the case against the banks, told Dow Jones Newswires in a telephone interview. (The Australian)