Wealth management

John Hancock Life Insurance has a new the product that offers death benefit guarantees for as long as the customer lives.

Three of the largest custody banks want to add scale internationally as market conditions force them to make cutbacks at home.

Putnam Investments said it has hired Edmund F. Murphy 3rd as a managing director and head of defined contribution products.

National Investment Managers Inc., a Dublin, Ohio, retirement plan administration and investment management company, announced that it has promoted Christopher Larkin to chief financial officer.

Curian Capital LLC of Denver, a registered investment advisory firm that provides a fee-based separately managed account platform to financial professionals, has expanded its custom-style portfolios by adding an alternatives asset class.

Wayne Hummer Asset Management Co. of Lake Forest, Ill., hired Melissa R. Brown as a managing director, chief investment strategist, and head of its newly formed institutional clients division and Steven M. Bohn as a managing director and head of its financial services division.

Not long ago, clients of Hawthorne, the multifamily office unit of PNC Financial Services Group Inc., were demanding more hedge fund choices.

Three former brokers at Merrill Lynch & Co. Inc. and UBS AG, whose allegedly deceptive trades for a hedge fund contributed to $67.5 million in regulatory sanctions, agreed to be barred from the industry in New Jersey.

Gain Capital Holdings Inc., a global provider of online foreign exchange trading services, announced the appointment Monday of Susanne D. Lyons to its board of directors.

SEI Investments, an Oaks, Pa., investment firm, announced Monday that new institutional sales grew 2.9% last year, to $7.2 billion.

Piper Jaffray Cos. swung to a fourth-quarter net loss — its fourth-straight quarterly deficit — on $146.3 million in charges related to its capital-markets business and severance costs.

Assets in long-term mutual funds rose $3.99 billion in the week that ended Jan. 21, led by an increase in equity fund assets, according to the Investment Company Institute.

Wilmington Trust Corp. of Delaware announced that it swung to a quarterly loss, as its loan-loss provision swelled and securities losses reached $98.4 million during the fourth quarter.

Charles Schwab Corp. said it plans to cut 500 to 600 jobs this quarter in its effort to contain costs.

American International Group Inc. promoted Anastasia D. Kelly to vice chairman.

Money market funds posted inflows of $13.39 billion for the week that ended Tuesday, as seven-day yields on taxable funds fell below 0.5% for the first time, according to Informa PLC's iMoneyNet.

T. Rowe Price Group Inc. said its fourth-quarter net income declined 87% from a year earlier, to $24.3 million, or 9 cents a share.

A "toxic" Southern California residential and construction loan portfolio hampered Boston Private Financial Holdings Inc. last year and forced it to cut expenses this year, and analysts said it must learn from its mistakes before expanding into another region.