Wealth management

Since their introduction in January, Putnam Investments' family of absolute-return mutual funds has attracted more than $400 million of new investment assets and, according to the Boston investment management company, is on track to top $1 billion by yearend.

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Raymond James Financial Inc. will continue aggressively recruiting financial advisers to keep its assets above water, the chief operating officer of its private client group said.

There are three key enablers that will help banks capitalize on the wealth management opportunity: master data management, team selling and an aligned compensation plan.

Visa Inc. said Monday that U.S. aggregate payments volume shrank 1% in August from a year earlier. This was an improvement over July, when volume contracted 2%, the San Francisco company said.

Fidelity Investments is offering a series of fee waivers and price reductions on its custodial platform for independent advisers and their customers.

Bank of New York Mellon Corp. announced Monday that it has partnered with Microsoft Corp. to provide project fund administration, tracking and reporting to aid state and local governments with their requirements related to the American Recovery and Reinvestment Act of 2009.

JPMorgan Chase & Co.'s treasury services business, which provides cash management, trade finance and treasury products and services, announced Monday that it plans to continue to expand its service capabilities in the Asia-Pacific region.

Hartford Financial Services Group Inc. is hoping a team-oriented approach can boost sales, but its effort to align its sales force is a bit too late to be considered innovative.

HSA Bank has run into a big obstacle in its push into the large-employer market for health savings accounts: health-care reform.

JPMorgan Chase & Co. is using the prime brokerage services that it obtained in the Bear Stearns Cos. purchase to develop an integrated prime brokerage and custody platform.

Hedge funds largely lagged the major stock market indexes in August, said Hennessee Group, yet the industry chalked up another month of gains after the record beating it took in 2008.

Geller & Co., a New York financial advisory and wealth management firm, said it hired Steve Fadem as a senior managing director and chief operating officer.

LaCrosse Global Fund Services and Capital Services Group, both New York firms, have announced the start of a strategic alliance to support hedge fund clients seeking distressed debt opportunities in Asia.

Wells Fargo & Co. has announced that Wachovia Exchange Services is now operating as Wells Fargo 1031 Exchange Services.

JPMorgan Chase announced Wednesday that it has introduced the Prime-Custody Solutions Group, which delivers integrated prime brokerage and custody services.

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Gamco Investors Inc. of Rye, N.Y., said Tuesday that it promoted Kevin V. Dreyer to associate portfolio manager of the Gabelli Asset Fund, an open-ended fund managed by Gabelli Funds LLC.

Pacific Investment Management Co. of Newport Beach, Calif., has launched the Pimco Real Income Funds. The family of funds is designed to provide retirees with a stream of monthly income hedged against inflation.

Many retired Americans are financially aiding other members of their family, either by giving them money or managing their finances directly, according to the fourth Real Life Retirement quarterly survey from Charles Schwab & Co. Inc.