Wealth management

Assets held in pension plans rose for the second consecutive month in April, with moderate investment gains of $37 billion offset by liability increases of roughly $14 billion for an overall increase of $23 billion in funded status.

In a challenge to one of mutual funds' strongholds, exchange-traded fund providers are targeting defined contribution plans.

First Western Financial Inc. of Denver plans to continue buying small investment advisers in Colorado, California, and Arizona as part of its plan to double revenue and assets under management again this year.

Affluent investors' confidence increased last month for the second consecutive month, according to Spectrem Group.

Ron and Joe Barreca have tag-teamed their way to the top, with Ron producing $1.3 million and Joe $1.8 million last year as the leading producers for Essex National Securities Inc., a third-party marketing firm that provides broker-dealer services for Iberia Bank of New Orleans.

Fidelity Investments, Bank of America Corp. and Goldman Sachs Group Inc. manage wealth for the largest percentage of U.S. millionaires, according to a survey by Fidelity.

The Reserve Primary Fund broke the buck in September, but despite fears to the contrary, it has not broken the back of the money market fund industry.

Fidelity Investments has launched the IQ Alpha Hedge Strategy Fund.

Legg Mason Inc.'s fiscal fourth-quarter loss rose on charges related to its elimination of structured investment vehicles, and the money manager slashed its quarterly dividend 88%, to 3 cents a share.

Phoenix Cos. Inc. promoted Christopher M. Wilkos to executive vice president and chief investment officer.

MetLife Advisers LLC, a unit of MetLife Inc. of New York, announced Monday that Wilshire Associates Inc.'s Wilshire Funds Management will provide investment services for the MetLife Asset Allocation Program portfolios.

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

Large financial institutions get most of the attention when it comes to buying insurance companies, but First State Bank in Webster City, Iowa, is showing that a bank does not have to be big to have a healthy appetite for insurance agencies.

Neuberger Berman Group LLC announced Monday that an employee-led majority buyout of the money manager has been completed.

Bank of America Corp. sold its special fiduciary services division because it could not find a "natural fit" for it in any of its wealth management businesses, according to a spokesman, and the division's founder said he felt as if the Charlotte company were "encumbered" by it.

Walt Bettinger, the chief executive of Charles Schwab Corp., said it is adding financial advisers from major Wall Street brokerages "at rates never seen before."

After suffering deep losses in their retirement savings accounts, most Americans appear unsure where to move next.

Comerica Inc. said a lack of scale prompted its deal to sell its proprietary defined contribution plan record keeping business to the Wachovia Bank unit of Wells Fargo & Co.