Wealth management

The insurance broker Marsh & McLennan said it swung to a second-quarter loss that it attributed in part to the effects of divestiture and continued weakness in its consulting businesses.

Credit Suisse Group AG has hired Trevor Randolph from BNP Paribas Securities as a senior sales executive for its fund-linked products unit, a source said.

The funds arm of UBS reported Tuesday that in the second quarter inflows into its institutional equities strategies rose for the first time in over three years, though ...

Umpqua Holdings Corp. plans to aggressively expand its private banking unit as other, smaller banks divest such businesses. Donna Huntsman, who was hired Monday to be a senior vice president of private banking, said she expects the Roseburg, Ore., company to have at least $900 million of private banking assets under management in three years.

Alternative assets under management fell 37.25% from a year earlier, to $2.496 trillion as of March 31, according to a survey released Tuesday.

Dow Jones Indexes said Tuesday that it has hired Tariq Al-Rifai as its director of Islamic indexes.

American International Group Inc. has hired Robert H. Benmosche, formerly of MetLife Inc., as president and chief executive officer.

Foundation Source, a Fairfield, Conn., company that provides support services for private foundations, announced Tuesday that it has hired Frank M. Maiorano as executive vice president of sales.

A Charles Schwab survey says that 39% of mutual fund investors have changed their portfolio allocations since the stock market began to decline.

BNY Mellon Asset Servicing, a Boston unit of Bank of New York Mellon Corp. that provides securities servicing, announced Monday that it will supply outsourcing support to managed accounts covering more than $200 million in client assets at Mesirow Financial, a Chicago financial services firm.

Huntington Funds, a unit of Huntington Bancshares Inc. in Columbus, Ohio, announced Monday that it had introduced three asset allocation funds.

With the wire houses buckling in the heat of the economic meltdown and ownership of what were once the mightiest brokerages changing hands, more and more wire house advisers are giving independent firms a careful look.

Fidelity Investments is to offer its retail investors access to initial public offerings and follow-on deals underwritten by Deutsche Bank AG, in a move to offer clients more opportunities.

Asset International Inc. of Stamford, Conn., has bought Strategic Insight for an undisclosed sum.

A firm that manages assets for community bank trust departments is gearing up for what its executives call a big growth opportunity with smaller banks.

In deciding to retire its year-old discount financial advice platform, Citigroup says it can generate more assets by cross-selling wealth management products through a single brand.

UBS's U.S. brokerage business has stopped selling exchange-traded funds that use leverage because the products do not conform to its emphasis on long-term investing.

BlackRock announced that it is launching a fund to enable small investors to buy bank assets tied to distressed commercial and residential nonagency mortgage-backed securities through the Treasury Department's Public-Private Investment Program.