Wealth management

Senate Banking Committee Chairman Chris Dodd will not seek reelection this fall after months of dismal polling indicated the Connecticut Democrat's chances of winning a sixth term were bleak.

Bank of America Merrill Lynch has hired Chris Gammons as head of financial sponsors for the Asia-Pacific region, according to a memo seen by Dow Jones Newswires on Tuesday.

Morgan Stanley won a crucial legal ruling in its battle with former credit card subsidiary Discover Financial Services over almost $800 million Morgan Stanley says it is owed.

Lower-producing UBS advisers have been given six months to boost their production or face the so-called 'penalty box.'

Voyageur Asset Management Inc. of Minneapolis, which was sold to Royal Bank of Canada in 2008, announced Tuesday that its name is now RBC Global Asset Management Inc.

Huntington Funds, a unit of Huntington Bancshares Inc., has launched a fund that invests in emerging countries that are fiscally responsible and have both strong monetary policies and profitable natural resources.

Lazard Asset Management LLC announced Tuesday that it has launched an actively managed mutual fund that focuses on infrastructure companies.

Morgan Stanley has promoted Jonathan Pruzan and Eric Bischof to global co-heads of its financial institutions group.

As variable-annuity sales slumped in 2009, the U.S. division of Sun Life Financial sharply increased its sales of the product.

Private Bank of California has named former Bank of New York Mellon Corp. executive David Misch as its chief executive, effective Monday, and made founding director Todd Neilson nonexecutive chairman of its board of directors, effective Jan. 15. The two succeed chairman and former interim CEO Steven Broidy, who is retiring.

H&R Block Inc. has agreed to refund as much as $19.4 million in fees paid by customers nationwide for individual retirement accounts as part of the settlement of a suit alleging the accounts were virtually guaranteed to lose money, according to New York Attorney General Andrew Cuomo.

RS Investments of San Francisco on Monday announced the launch of three fixed-income funds, because of a growing appetite for more fixed-income investment options.

Transactions involving insolvent companies increased 370% last year, to 543 bankruptcy-related deals representing $95.5 billion in volume, according to mergermarket, a merger-and-acquisition data provider.

TCW Group, a global asset manager serving institutional and individual investors, is betting that emerging markets will sizzle this year after a hot 2009.

The fixed-annuity business is rife with players trying to move into the product line, offering aggressive interest rates to attract new clients. But New York Life Insurance, one of the biggest ...

Responding to a spate of scams, the Financial Industry Regulatory Authority has issued an investor alert regarding "green energy" investments.

The stock market has gone way down and then way up over the past couple of years, but to Jack Ablin, Harris Private Bank's chief investment officer, those are just short detours on a long trip.

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Faced with subpar fixed-income annuity sales, banks are lowering commissions to boost volume, and at least one big insurance company isn't standing in the way.

Forefront Advisory, an independent asset management firm, is using the financial crisis as an opportunity to scoop up laid-off and unhappy Wall Street talent, giving them a chance to strike out on their own.