Wealth management

AmTrust Financial Services entered into an agreement to invest in American Capital Acquisition in connection with its acquisition of GMAC Financial Services' U.S. consumer property/casualty insurance business.

As exchange-traded funds continue to grow in scope and popularity, investment experts warn that some products, such as leveraged and inverse ETFs, may be too dangerous for all but the most experienced investors.

JPMorgan Chase & Co. is gaining mutual fund market share as competitors quit the business, according to Morningstar Inc.

Consolidation in the private banking sector has gathered momentum with two new deals, and analysts see more action on the horizon as improving financial health, stiffer regulation and tighter competition drive stronger players to snap up assets at bargain prices.

The share of mass-affluent households using full-service brokers as their private financial advisers has declined by eight percentage points, to 22%, this year, according to Spectrem Group research.

SunTrust Banks Inc. promoted Willem-Jan O. Hattink to executive vice president and head of private wealth management and institutional investment solutions.

Thanks largely to expanded marketing and increased distribution, OptumHealth Financial Services has boosted its health savings accounts 35% over the past two years, but health-care reform could hamper future gains.

Charles Schwab Corp. posted a 34% drop in third-quarter profit as low interest rates and depressed stock prices continue to cut into asset management fees.

Linebacker turned financial adviser Reggie Wilkes says the biggest surprise of his football career was the startling number of teammates who couldn't balance their checkbooks.

Investors increasingly believe that the threat of another dip in the economy is waning, a survey concluded.

Legendary Wall Street dealmaker and Lazard CEO Bruce Wasserstein died on Wednesday, a spokesperson for Lazard confirmed with Investment Dealers' Digest. He was 61.

The death of Wasserstein, 61 years old, is a blow to Lazard, the investment bank he has run for several years.

National Financial, Fidelity Investments' clearing unit, has started a program that enables retail broker-dealers to deposit or "sweep" cash in their customers' eligible brokerage accounts into multiple interest-bearing bank accounts that offer FDIC coverage.

Genworth Financial of Richmond, Va., said Wednesday that it has expanded its board from nine to 11 directors, electing Christine B. Mead and Thomas E. Moloney as independent directors.

Mutual fund sales outpaced those of annuities during the second quarter, and more of the same is expected through next year.

Boston Options Exchange said Tuesday has named Tony McCormick, formerly the head of Charles Schwab & Co.'s trade-execution business, as its chief executive.

Babson Capital Management LLC in Springfield, Mass., has hired Glenn Weiner to its consultant relations team.

MFC Global Investment Management in Boston, a unit of Manulife Financial Corp. of Toronto, has expanded its global multisector fixed-income team.

Invest Financial Corp., a Tampa broker-dealer unit of Jackson National Life Insurance of Lansing, Mich., announced Tuesday that it has hired Steve Dowden as president and chief executive.

Bank of New York Mellon Corp. announced Tuesday it has promoted Sheena Wilson to global head of talent strategy.