Wealth management

If there is a silver lining in the economic crisis that has harmed the financial services industry in recent months, it is that banks are looking far more attractive to a variety of advisers.

New York Life Insurance Co. announced that it was the top provider of guaranteed lifetime income annuities in the United States last year, according to Limra International.

Bank of New York Mellon Corp. has launched the Euro-Pacific Select ADR Index.

The chief operating officer at Jackson National Life Insurance Co. said that he does not expect to add assets this year but remains optimistic that market conditions will improve and the annuity industry will grow in 2010.

Bank of America Merrill Lynch, the investment banking arm of Bank of America Corp., announced Monday that it has added NPD Group, Litigation Notes and 451 Group to Merrill Open Minds, bringing to 10 the number of third-party research providers available on the platform.

PNC Financial Services Group Inc.'s wealth management business plans a hiring blitz to build on the Pittsburgh banking company's $5 billion acquisition of National City Corp. of Cleveland in December.

The shrinking pool of firms offering transition management services expect a sizable increase in business volume this year because of the financial crisis, which has forced competitors out of the business.

Steven Turtz, the new president of SunTrust Insurance Services Inc., said he was hired to "significantly" expand the SunTrust Banks Inc. unit by increasing distribution within the bank.

As American workers' retirement assets continue to be devoured by the bear market, the government is reconsidering how best to make investment advice available to retirement plan participants.

Phoenix Cos. Inc., a Hartford, Conn., investment manager, announced Monday that it will promote James D. Wehr to president and chief executive to succeed Dona D. Young, who is retiring April 15.

John Hancock Financial led the industry in individual life insurance sales last year, according to Limra International's survey of 78 life insurers.

New York Life Insurance Co. hired 3,554 financial representatives last year, an 8.4% increase.

TD Ameritrade Holding Corp. plans to be a buyer as consolidation continues in the online brokerage market, according to its chief financial officer.

The top wealth management executive at Beneficial Bank in Philadelphia said his unit aims to take advantage of its rivals' "distractions."

Dale Anderson used to sell cars. Now, at 75, he's working a few hours a day at home, in Muncie, Pa., and earning 15% to 20% a year investing in the stock market.

SunTrust Investment Services Inc., a unit of SunTrust Banks Inc. of Atlanta, has hired Steven Turtz as president of SunTrust Insurance Services Inc.

WASHINGTON — The Investment Company Institute is pushing a series of regulatory changes to make money market funds more liquid and transparent.