Wealth management

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.

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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.

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.