Wealth management

OppenheimerFunds Inc., a company majority owned by Massachusetts Mutual Life Insurance Co., is under scrutiny in five states for investment losses in college savings accounts that used its bond funds.

The Wellesley, Mass., division of Sun Life Financial Inc. has started an enhanced wealth transfer program and offered advanced market calculators to help use life insurance for estate planning.

A New York man is suing Fiserv Inc. and TD Ameritrade Holding Corp., claiming they mishandled his retirement accounts and invested them with Bernard Madoff, who has admitted to running a massive Ponzi scheme.

Vanguard Group started the Vanguard FTSE All-World ex-US Small-Cap ETF on Monday.

Citigroup Inc. announced Monday that Mike Corbat has been named chief executive officer of Citi Holdings, a unit that includes brokerage and asset management, local consumer finance and a special asset pool.

Scottrade Inc. opened four branches Monday — in California, New York, Florida and Alabama — to give it 403 nationally.

American International Group Inc. closed the sales of two business units last week.

Goldman Sachs Asset Management launched a transition management group.

UBS Global Asset Management said its U.S. Pension Fund Fitness Tracker, a quarterly estimate of the overall health of a typical U.S. defined benefit pension plan, shows pension funding ratios increased 6 percentage points during the first quarter, to 84% as of March 31.

Barclays Global Investors, a San Francisco unit of Barclays PLC, hired Stephen Jobe as director of its iShares 529 programs.

Northern Trust Corp. is putting new muscle behind its investment operations outsourcing business to gain scale globally in the wake of the market meltdown.

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

After falling 123 points in February, the Spectrem Millionaire Investor Index rose 8 points in March, to negative 26, returning to a mildly bearish stance, Spectrem Group said.

Hartford Financial Services Group Inc. has introduced an enhanced 401(k) program designed for small and midsize businesses.

Uncertainty in Citizens Financial Group's wealth management arm since the British government's takeover of its parent, Royal Bank of Scotland Group PLC, was among the reasons a Rhode Island executive says he decided to leave the company to run a smaller book of business at a smaller New England rival.

Bank of America Corp. expects to sell asset manager Columbia Management Group as it tries to preserve capital and divest noncore assets, according to people familiar with the situation in a report Wednesday by Dow Jones.

Putnam Investments of Boston has announced the hiring of Benjamin H. Lewis, a 23-year veteran of the 401(k) business, as managing director of defined contribution sales and relationship management.

Boston Private Financial Holdings Inc.'s chief financial officer said Wednesday it decided to sell a business unit and its stake in another to their management teams because both had shrunk considerably and no longer had a "material impact" on the parent company's bottom line.