Wealth management

Wells Fargo Advisors plans to close all five of its Latin America offices and is inviting roughly 100 financial advisers there to relocate and continue to serve clients from its U.S. branches.

Yale University, whose endowment is the top performer in the U.S., is cutting its target allocations in hedge funds to allow for bigger stakes in private equity and real estate, the asset classes that hurt the fund last year.

Senior managers at Morgan Keegan & Co. argue that their restructuring moves last week are a break with the past — and a sign that the securities unit still has a future with its parent company, Regions Financial Corp.

Despite advisers' bullish predictions, average production dropped by 11%, to $14,930, in January from $16,728 in December.

Fidelity Investments' Charitable Gift Fund is growing, a trend seen in donor-advised funds in general as a post-crisis sense of normalcy returns to the market.

For more information on this data, visit Novantas LLC and Market Rates Insight.

Bank of New York Mellon Corp. said Thursday that it had promoted John A. Fiore to chief information officer.

The Hartford Financial Services Group Inc. has announced that it will use funds raised from debt and equity offerings as part of a plan to repay the $3.4 billion it got from the government under the Troubled Asset Relief Program in 2009.

By avoiding gimmicky riders, benefit reductions and higher prices, Jackson National Life Insurance Co. reported its best year for annuity sales through banks in 2009.

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American investors remain confused about this economic recovery, according to monthly data from Morningstar Inc.

The Investment Company Institute is on board with many government reforms intended to make money market funds more secure, but not all of them.

As firms try to figure out how to retain and recruit new clients, MetLife is looking at the once-ignored "emerging investor."

The bankrupt Lehman Brothers Holdings Inc. has proposed transforming the remnants of its staff into an asset management business to begin operations by May 1.

Charles Schwab Corp. has formed a partnership with Pacific Investment Management Co. to offer wealthy clients in or approaching retirement a managed municipal bond laddering product.

Single family offices have avoided registering as investment advisers with the Securities and Exchange Commission by considering themselves private advisers. But that could change.

Source: MarketRatesInsight.com

Investors have fled money market funds as they have struggled to offer higher yields than are available for insured deposits.

Bruce Berkowitz, the head of Fairholme Capital Management who was named Morningstar Inc.'s domestic stock mutual fund manager of the decade, said Monday that he has bought "significant" stakes in American International Group Inc. shares, convertible debt and bonds.

Vanguard Group plans to spend more overall on advertising this year as it increases spending on targeted marketing online.