Wealth management

Franklin Templeton Investments Corp., a Toronto unit of Franklin Resources Inc., launched a global fund of funds and a North American quant fund for Canadians who want a conservative way to re-enter the equity markets while balancing their risk with fixed income.

OppenheimerFunds Inc. promoted Art Steinmetz, its longest tenured portfolio manager, to director of fixed income.

Heritage Union LLC of Richmond, Va., have merged two of its units, Annuity and Life Reassurance America Inc. and Heritage Union Life Insurance Co., under the name Heritage Union Life Insurance Co.

Wachovia Securities said it has promoted Mike Powers to managing director for northeastern Ohio.

Scottrade Inc. announced that it plans to open two branches in Orange County, Calif.

The funding ratio at the typical U.S. corporate pension plan declined more than 11 percentage points last month after falling more than 13 percentage points in November, according to data released by BNY Mellon Asset Management.

Spectrem Group said its millionaire index of investor confidence posted its largest-ever gain last month.

Gulf Stream Asset Management LLC plans to add credit-related funds to its lineup, betting that if it enters the field now it will be positioned to capitalize when the credit markets rebound.

(To see this graphic in full, click on the image in the box to the right.)

TD Ameritrade Holding Corp.'s move to buy thinkorswim Group Inc. would give TD Ameritrade scale and dominance in the online options trading business.

The Treasury Department and the Internal Revenue Service issued a ruling that allows 529 college savings plan account owners to change their investment strategy twice this year.

U.S. money market fund assets increased nearly 1.2% this week from a week earlier, to a record $3.805 trillion, according to a report released Wednesday by Informa PLC's iMoneyNet.

XL Insurance, the global insurance arm of XL Capital Ltd., has promoted Mike Martin to chief property underwriter for the Americas.

TD Ameritrade Holding Corp. said it has hired Peter Sidebottom as its executive vice president of product and marketing.

Assets held by American millionaires have declined 30% during the economic crisis, according to a November survey by Spectrem Group.

Fidelity Investments has hired Peter Cieszko, the former president and chief executive officer of Wachovia Corp.'s Evergreen Investments, as the president of Fidelity Investments Institutional Services Co. Inc., and Ed Orazem, managing director of global wealth management for Citigroup Inc., as the president of Fidelity Family Office Services.

Janus Capital Group Inc. in Denver said it has hired Todd Bitzer to be a vice president and team leader of corporate, foundations, and endowments in the company's institutional group.

With organic growth expected to stay in the single digits this year, BB&T Corp. is positioned to continue buying independent insurance agencies.

American International Group Inc. has announced the promotion of Russell Johnston to president and chief executive officer of AIG Environmental, a unit of AIG Commercial Insurance and one of the largest pollution liability insurance providers.

John Hancock Financial's fixed annuities unit has announced the promotion of Bill Swartz to a national sales manager.