Wealth management

Regions Financial Corp. of Birmingham, Ala., has agreed to sell the rest of its retail mutual funds to Pioneer Investment Management Inc.

By cutting jobs and payroll, U.S. investment managers plan to cut expenses by an average 14% this year, according to a survey by Greenwich Associates LLC.

Strong performance and a conservative approach has enabled American Century Investments to outperform some of its competitors, despite market conditions that cost it 31.4% of its assets under management last year.

An investment boutique founded by a pair of former BB&T Asset Management executives is off to a good start in bad times.

Sun National Bank in Vineland, N.J., has found a big difference between using investment sales representatives that work for a third-party broker-dealer and employing them directly.

Janus Capital Group Inc.'s fourth-quarter net income fell 60% from a year earlier on slumping management fees caused by declining equity markets.

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BlackRock Inc., the country's largest publicly traded asset manager, said its fourth-quarter net income plunged 84% from a year earlier, to $53 million, or 40 cents a share, as a result of poor investment performance.

American International Group Inc. confirmed that Win Neuger has stepped down as chief investment officer and said it has promoted Monika M. Machon to succeed him.

Bucking a trend among trust banks that ended up in the doghouse after missing expectations, Northern Trust Corp.'s fourth-quarter profits more than doubled.

Hedge fund assets fell 39%, to $1.21 trillion, in 2008, the worst year for the hedge fund industry, Hennessee Group LLC said.

Despite a massive investor sell-off Tuesday, State Street Corp.'s top executive was upbeat in an interview, saying he expects to achieve "flat" results this year by cutting expenses and gaining asset servicing and management business.

TD Ameritrade Holding Corp. reported a drop in net income for its fiscal first quarter, which ended Dec. 31, and cut its full-year outlook.

Morgan Stanley Investment Management has reopened the Morgan Stanley Global Infrastructure Fund to new U.S. investors.

New York Life Insurance Co. said William G. Walter has joined its board of directors.

A nightmare for most other institutional portfolio managers has been a boon for BNY Mellon Beta Management.

The average hedge fund lost 3 basis points last month, according to the Credit Suisse/Tremont Hedge Fund Index, capping the hedge fund industry's worst year.

Vista Wealth Management LLC of San Francisco hired Joseph Delaney as its director of wealth management services.