Wealth management

Bank of New York Mellon Corp. has promoted Brian Ruane to the newly created position of chief executive of alternative investment services.

Wells Fargo Insurance Services Inc., a unit of Wells Fargo & Co., has named Todd Wartchow senior finance officer.

Bank of America Merrill Lynch announced enhancements Wednesday to its donor-advised fund, the Bank of America Charitable Gift Fund.

A new initiative by Phoenix Cos. Inc. of Hartford, Conn., rests on the belief that financial services companies are still interested in life insurance — just in a different way.

The New York private-equity firm Lightyear Capital LLC announced Tuesday that it has signed a definitive agreement to buy the ING Advisor Network and three of its five broker-dealers.

BNY Mellon Asset Management's first foray into private equity turned heads this week because many wealth managers are shying away from the sector.

The San Francisco company said at a news conference in New York that its first four ETFs will begin trading today with four more to follow in December. The funds will have expense ratios ranging from 8 basis points to 35 points and offer commission-free online trading.

BNY Mellon Asset Management has bought a 20% stake in Siguler Guff & Co. LLC, a multistrategy private-equity firm with $8B of assets under management and committed capital.

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As Morgan Stanley Smith Barney and UBS AG move to more complex management structures, some branch managers are scrambling to rebuild their client books.

Higher variable annuity prices held back new deposits at MetLife Inc. in the third quarter as investment losses pushed the insurer to its third quarterly loss in a row.

International merchant bank and money manager Lazard said it has hired former Fiduciary Trust adviser Sharon Klein to oversee the delivery of trust and estate-planning services to its private clients in the United States.

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Volatile redemptions from and investments in mutual funds are due not just to market returns but also to an entirely different approach investors are taking to fund ownership, according to a report from ReFlow.

MassMutual Retirement Services, a unit of Massachusetts Mutual Life Insurance Co., has announced that September was its best sales month ever.

Affiliated Managers Group Inc., a Boston asset management company, announced that it had hired Joseph A. Germain as a managing director of global distribution.

With employers nationally shaken by retirement plan losses, Prudential Financial Inc. is hoping a bundled package of products can help it draw assets from a skeptical marketplace.

Bear Stearns Private Client Services has recruited more than 70 financial advisers in 2009 — the most in its history — and plans to open two or three new offices next year, its first office openings in 15 years.

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

Analysts expected Boston Private to use proceeds from several divestitures this past quarter to repay its federal aid. Not so fast, said its chairman and CEO.