Wealth management

Morgan Stanley said Monday that it has selected the executive committee, including the wealth management heads, for its pending joint venture with Citigroup Inc.'s Smith Barney that is expected to start this summer.

ETF Portfolio Management, an absolute return manager, has a new investment platform that combines active absolute return strategies with core portfolios.

Putnam Investments announced Monday that it has hired Walter C. Donovan as its chief investment officer.

As mutual fund assets continue to decline and investors migrate to low-cost products, fund companies are struggling to make their management fees stretch even farther.

Since debuting about a year ago, exchange-traded funds that are actively managed have gotten off to a slow start.

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GenSpring Family Offices, SunTrust Banks Inc.'s wealth management unit for ultra-wealthy families, plans to develop a national family-office network that eventually it can expand overseas.

Curian Capital LLC, a Denver registered investment advisory unit of London's Prudential PLC, said it has expanded its custom style portfolios with the addition of the Curian Tactical Advantage Strategy.

New York Life Insurance Co. promoted Michael Gallo to senior vice president in charge of its long-term-care operation.

401kDirect Inc., a provider of retirement plan administrative services for advisers, third-party administrators and plan sponsors, has launched an exchange-traded fund platform for retirement accounts.

Health savings accounts' popularity is growing, but their complexity is hindering their broader use as a tax-deferred investment vehicle.

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.