Wealth management

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.

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.