Wealth management

Bank of New York Mellon Corp. and State Street Corp., two trust banks reporting fourth-quarter periods Wednesday, showcased that their services remained in high demand, while third competitor Northern Trust Corp. failed to keep up with falling interest income.

Toronto-Dominion Bank, Canada's second-largest bank, said in a statement it expects TD Ameritrade Holding Corp. to contribute C$48 million (US$49 million) to its wealth-management division's first-quarter net income.

The number of health savings accounts and health reimbursement arrangements increased in 2010, but average individual account balances fell, according a report from the Employee Benefit Research Institute.

Financial advisers are more optimistic about the economy than their clients are, according to a survey by SEI.

As the target-date fund industry works to raise its standing with investors, a recent Vanguard survey has found that much of the job may already be done.

Umpqua Bank wanted to offer trust services, but like many banks, it was wary of the expense of a major new initiative.

The relationship between retail investors and those who advise them may be rewritten after the Securities and Exchange Commission releases three studies on the regulation of brokers and advisers.

The Obama administration says U.S. banks should disclose to the Internal Revenue Service bank accounts owned by foreigners, resurrecting a Clinton-era proposal that was opposed by banking groups and Republicans.

Most muni bond exchange-traded funds performed noticeably worse in the fourth quarter than the indexes they were designed to track.

There are several reasons for the long-term performance success of Vanguard Group Inc.'s GNMA Fund Investor Shares, but one of the simplest is this: It doesn't have high fees weighing down its returns.

Morgan Stanley, owner of the world's biggest brokerage, is struggling to prove its new model works after failing to ride a surge in equity and bond markets.

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Morgan Stanley plans to break off its largest proprietary trading group, Process Driven Trading, to create an independent advisory firm by the end of 2012.

State Street Global Advisors announced Monday that it has completed its acquisition of Bank of Ireland Asset Management.

Morningstar Inc. announced Monday that its chief operating officer, Tao Huang, is leaving the company at the end of the month.

Smartleaf Inc. announced Monday that U.S. Bancorp has chosen it to provide a unified overlay platform for its nonbrokerage wealth management investment relationships managed through the private client reserve and private client group.

Investors kept pulling cash from municipal bond mutual funds at a record pace last week as frightened money continued to flee the market.

Instead of reaping the extraordinary gains promised by many banks, reverse convertibles fell 1% on average, according to data compiled by Bloomberg.

Renewed growth in asset management will help lift the fund administration business this year, Confluence has predicted.