Wealth management

Citigroup Inc. said that it plans to continue offering wealth management services through its branches after its Smith Barney combines with Morgan Stanley's brokerage in a joint venture this year, but analysts say that retaining assets and gathering new clients could be an uphill battle.

Federated Investors Inc. of Pittsburgh has promoted Gordon J. Ceresino to president of Federated International Management Ltd. and executive director of international distribution.

Assets held in balanced pooled funds declined 7.9% in the first quarter, versus a 3.4% decline in the fourth quarter, according to BNY Mellon Asset Servicing's latest quarterly survey on the sector.

UBS AG announced that it named Alexander Wilmot-Sitwell and Carsten Kengeter co-heads of its investment bank to replace Jerker Johansson, who quit after a year in the job.

Blackstone Group of New York announced Monday that it has hired Tom Kelly as a managing director in its corporate advisory group to head a new initiative to provide private capital fund-raising services to a variety of businesses and corporations.

State Street Corp. announced Monday that it has converted 38 John Hancock retail funds worth approximately $15 billion in assets.

TD Asset Management Inc. has announced the introduction of a global sustainability fund.

Last year was a difficult one for mutual fund performance, but that has not prompted bankers to revamp their lineups of preferred funds and fund families.

Citigroup Inc. has announced the hiring of Deborah Doyle McWhinney to head its personal wealth management division, which includes the U.S. network of Citibank branch-based advisers and other financial planning and wealth management services.

U.S. institutional investment plan sponsors reported a sixth straight quarter of losses in the first quarter but ended the period on a positive note, according to data from Northern Trust Corp. in Chicago.

After eight years at Smith Barney, William Meyer and Marcy LePrell had had enough.

The phrase "be careful what you wish for" has probably never rung truer for Morgan Stanley.

After reporting disappointing first-quarter results, top executives at the two largest custody banks tried to remain positive but realistic about this year and next year.

Northern Trust Corp. said Tuesday that its first-quarter net income fell 58%, partly by comparison with a large, one-time gain a year earlier.

BlackRock Inc.'s first-quarter net income slid 65% as a battered global equity market continued to shrink assets under management.

Regulation of money market funds is an area receiving a lot of attention in current discussions over financial restructuring.

With a difficult 2008 behind it, UBS AG's New York private wealth management unit is plowing ahead with its program of opening more U.S. offices, according to John Straus, the head of the unit and the chairman of its UBS Private Bank.

Given strong demand for retirement products that offer downside protection and growth potential, target-date funds and annuities would seem a great match.

American International Group Inc. said Thursday that it has completed the sale of AIG Private Bank Ltd. to a subsidiary of Aabar Investments PJSC, an Abu Dhabi investment company.