Wealth management

After slumping last fall with the rest of the market, technology stocks have made a strong comeback.

New York Life Insurance Co. announced record life insurance sales and solid growth in agent recruiting for the first nine months of the year.

Wilmington Trust Corp. plans to expand its corporate client services globally despite a tough year that has forced it to consolidate some domestic operations.

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Sun National Bank's wealth management business is off to a slow start thanks to the recession, but executives at the Vineland, N.J., bank say they remain committed to the business.

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OptionsXpress Inc. reported lower key metrics for October, noting that it continues to view lower industrywide demand for new accounts "as a result of broader economic weakness, including high unemployment and low consumer confidence."

BNY Mellon Wealth Management announced it has promoted James Hillman to managing director of portfolio management for the Southern California region.

Bank holding company securities brokerage income totaled $16.4 billion in the first six months of the year, up 74.5% from a year earlier, according to the Michael White Bank Securities Brokerage Income Report.

Financial services firms are urging Congress to adopt retirement savings reforms in the next few years and are readying products that could profit from them.

BlackRock Chief Executive Laurence Fink said his firm was hired to manage assets for Swiss Reinsurance and other institutions as investors are moving "record" amounts of funds out of cash.

Colorado has added a Federal Deposit Insurance Corp.-insured bank product to its section 529 college-savings plan, joining the trend toward more conservative products.

Morgan Stanley Smith Barney is raising its recruiting deal for top-producing advisers, according to people familiar with the situation.

Hedge fund assets may top the previous $2T high by the end of next year as double-digit average returns lure investors, said Barry Bausano, Deutsche Bank's global co-head of prime finance.

American International Group Inc. said Vice Chairman Jacob A. Frenkel has retired; the economist had delayed his departure as the government-controlled insurer recovered from its near collapse.

JPMorgan Chase says it plans to expand its investment banking unit in India as the government prepares to sell shares in state-owned companies and local firms consider overseas acquisitions.

Third-party alternative investment provider Altegris Investments said it had hired former Bank of New York Mellon executive Ken McGuire to be its chief operations officer, a new post.

T. Rowe Price Group Inc. agreed to pay $138 million for a 26% stake in UTI Asset Management Co., an India asset manager.

Two former Bear Stearns Cos. hedge fund managers were found not guilty of misleading investors, in the first major test of a U.S. effort to obtain convictions tied to the subprime mortgage crisis.

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