Wealth management

U.S. retirement market assets fell 24% last year, to $7.86 trillion, according to Spectrem Group.

A record number of hedge funds liquidated in the fourth quarter, more than doubling the old record, as investors withdrew more than $150 billion from the industry, according to Hedge Fund Research Inc.

Federated Investors Inc. in Pittsburgh has introduced three Federated Clover Value funds.

Though State Street Corp. is the natural bidder as Barclays PLC looks to sell its exchange-traded fund business, most observers say the trust bank cannot afford it.

Wintrust Financial Corp. of Lake Forest, Fla., announced Monday that its Wayne Hummer Asset Management unit has agreed to buy the assets of Advanced Investment Partners LLC of Safety Harbor, Fla., from State Street Global Alliance LLC.

It's counterintuitive — wealth managers are ratcheting up the price and providing lower returns on variable annuities.

Even as market conditions have pounded Fifth Third Bancorp's wealth management business, it has completed a series of initiatives that should ultimately improve its profitability, according to its top executive.

TIAA-CREF, one of the original players in the 529 college savings market, has lost another plan's business.

Hedge funds may cut 20,000 workers worldwide this year, a record 14% of the industry's jobs, as investment losses and client withdrawals erode fees.

State Street Global Advisors, State Street Corp.'s investment management arm, has launched the SPDR Barclays Capital Long Term Credit Bond ETF.

Fidelity Investments has three new funds that aim to buck the market turmoil by targeting a range of asset classes and regions and focusing on long-term returns.

The number of U.S. households with a net worth of $1 million or more fell 27% last year, to 6.7 million, according to Spectrem Group.

A conservative approach and a wide product selection enabled BB&T Corp.'s fund unit to maintain its assets under management through a trying 2008 for the industry.

A silver lining exists in the ongoing financial crisis for small banks with strong balance sheets — this is an ideal time for them to woo customers and executive talent from the faltering titans and to build their investment programs, according to third-party marketers.

Hedge funds fell in February, giving back January's gains and reversing two straight months of small advances as the stock markets continued to swoon, according to data from the hedge fund adviser Hennessee Group LLC.

The Securities and Exchange Commission charged a money manager and her firm Monday with pretending she had a billion-dollar client in order to lure legitimate investors.

Bank of New York Mellon Corp. was the No. 1 trustee in the United States last year, according to data from Thomson Reuters.