Wealth management

Large trust banks could be among the beneficiaries as consolidation continues in the private banking and wealth management sector.

Bank of New York Mellon Corp. announced Tuesday that it bought a minority stake in Nasdaq OMX Group Inc.'s international derivatives-clearing group.

American Century Investments, a Kansas City investment management company, said that it launched the American Century New York Tax-Free Fund.

State Street Corp. said Monday that its State Street Bank and Trust Co. unit had been given a Wells Notice by the Securities and Exchange Commission.

Adviser confidence in the economy and the stock market grew in June, according to Rydex SGI AdvisorBenchmarking.

Registered investment advisers reported a rise in new clients, according to a survey released Monday by TD Ameritrade Institutional, a unit of TD Ameritrade Holding Corp.

It started with a phone line and a thought.

Brewer Financial Services, the full-service broker-dealer unit of Chicago's Brewer Investment Group, said it had hired Steve Brown as a financial adviser.

Lawson-Hawks Insurance Associates Inc., a regional independent insurance broker in Mountain View, Calif., announced that it has bought Truckee Insurance Agency.

As the economic slump curbs retirement savings, Great-West Retirement Services is trying out what its president is calling "the next generation" of target-date funds.

The economic crisis took a harsh toll on the world's wealth, wiping out two years of growth and reducing both the number of high-net-worth individuals and their total wealth to below 2005 levels.

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.