Wealth management

The ailing American International Group Inc. announced Thursday that it has agreed with the Federal Reserve Bank of New York to use the proceeds from initial public offerings by two of its international life insurance units to repay $25 billion it owes the bank.

John Bogle, who created the $77.6 billion Vanguard 500 Index Fund in 1976, said U.S. stocks have already suffered the bear market's worst losses and the economy is stabilizing.

Scottrade Inc. is taking new steps to add and broaden registered investment adviser relationships, but analysts say the St. Louis online brokerage will have difficulty since it is primarily known as a direct-to-consumer company.

Citigroup Inc. has whittled down the field of potential buyers of one of its Japanese units, Nikko Asset Management, to three companies, people familiar with the matter said Wednesday.

Van Eck Global has announced the introduction of the Van Eck Multi-Manager Alternative Fund.

Hartford Financial Services Group Inc. said it has completed its acquisition of Federal Trust Corp. for $10 million in cash.

TIAA-CREF announced Wednesday that it has hired Tony Cox to head consultant relations.

Many investment industry leaders worry that the proposed 401(k) fee-disclosure regulations being pushed through Congress would actually increase the fees investors pay — and their confusion.

The Fidelity Charitable Gift Fund said it has voted to lower the minimum asset requirement for its charitable investment adviser program to $250,000 from $1 million.

Massachusetts Mutual Life Insurance Co. announced that Roger W. Crandall will become chief executive officer on Jan. 1.

Even the biggest drop in consumer prices in six decades cannot dissuade the world's biggest bond investors from buying protection from inflation.

Sustainable Asset Management launched the SAM Sustainable Global Active Fund, which selects stocks based on economic, social and environmental factors.

First Citizens Capital Management, a unit of First Citizens Bancorp. of Columbia, S.C., has launched Capital Manager, a wealth management platform.

Bank of New York Mellon Corp. has a new online derivatives trading platform.

Morgan Stanley Smith Barney has recruited nine financial advisers from UBS Wealth Management US and added two brokers from Bank of America Corp.'s Merrill Lynch.

Vanguard Group announced it has closed the Vanguard Convertible Securities Fund to new accounts and placed a $25,000 annual investment limit on current retail accounts.

Sun Life Financial Inc. has added new leadership to its U.S. annuities division to increase variable annuity sales, but analysts say the Toronto company has to overcome larger competitors as well as wary advisers and consumers.

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

Banking companies will be hard-pressed to repeat a banner 2008 in terms of sales of fixed annuities.