Matt Ackermann

When Bryn Mawr Trust Co. of Pennsylvania established a limited-purpose trust company in Delaware a year ago, the top executives of the two outfits hoped it would generate $250 million of assets under advisement in its first year.

Bank of America Corp.'s board on Friday elected Robert W. Scully a director, effective immediately.

Second-quarter individual annuity sales fell 9%, to $60.5 billion, from the three months before, and 11% from a year earlier, according to a Limra International survey.

Asset managers expect it will take four to seven years to recover the assets under management lost during the recession, according to McKinsey & Co.

Scotiabank Group in Toronto has introduced a suite of insurance products and services.

Retirement plan participants appear to be regaining confidence in equity investments, according to quarterly data released Tuesday by MassMutual Financial Group's retirement services division.

City National Bank in Los Angeles announced that it had hired Logan Allin to be a senior vice president and the manager of business and operations strategy for its wealth management division.

Julie Castle, the president of the wealth management arm at First Interstate BancSystem in Billings, Mont., said she was worried at the beginning of the year that the unit might become another casualty of poor economic conditions.

Guggenheim Partners LLC, a Chicago financial services company, said it has agreed to buy Claymore Group Inc., an investment products provider based in Lisle, Ill.

Bank of New York Mellon Corp.'s agreement Wednesday to buy Insight Investment Management Ltd. for $387 million from Lloyds Banking Group PLC could force some of the other large custody banks to step up acquisition efforts.

While some banks jettison fund units that fail to achieve at least $5 billion under management, Huntington Bancshares has spent the past nine years nursing its own.

Pershing LLC, a unit of Bank of New York Mellon Corp., has started providing its introducing broker-dealer and independent registered investment advisory customers with access to a performance reporting service from Black Diamond Performance Reporting.

The online brokerage Scottrade Inc. of St. Louis has opened branches in Portage, Mich., North Little Rock, and Somers Point, N.J.

Investor confidence among affluent investors increased in July, according to monthly data released by Spectrem Group.

First Republic Bank, a San Francisco private banking and wealth management company, has hired Andrew Smaltz as a managing director of foreign exchange.

Metavante Technologies has introduced the option for financial institutions to add financial planning and advice technology from AdviceAmerica to Metavante's existing wealth management offering.

UMB Financial is set to make its first — and promises not the last — acquisition as part of a strategy to "substantially" expand its insurance services unit.

Investment managers are developing lower-cost alternatives to annuities to help customers — and advisers — spend their savings after retirement.

Umpqua Holdings Corp. plans to aggressively expand its private banking unit as other, smaller banks divest such businesses. Donna Huntsman, who was hired Monday to be a senior vice president of private banking, said she expects the Roseburg, Ore., company to have at least $900 million of private banking assets under management in three years.

Alternative assets under management fell 37.25% from a year earlier, to $2.496 trillion as of March 31, according to a survey released Tuesday.