Wealth management

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State Street Corp. said assets under administration serviced by its private-equity fund team increased 60% last year.

State Street Global Advisors, State Street Corp.'s investment arm, launched two ETFs.

New York Life Insurance Co. "dusted off" an old product in 2005 when it reintroduced its immediate annuities to the market, and it has paid dividends as conservative investors seek products that can provide a steady stream of income in retirement.

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The shakeout in the exchange-traded fund business continued with Northern Trust Corp.'s announcement that it will close its ETF business on Feb. 20.

Health savings account balances and health investment account balances declined in the third quarter, with the latter falling sharply, according to Canopy Financial.

Global investor confidence rose 12.1 points in January, to 60.3, from a month earlier, according to State Street Global Markets, State Street Corp.'s investment research and trading arm.

Northern Trust Corp. of Chicago announced Tuesday that it has hired Robert P. Browne as the chief investment officer of Northern Trust Global Investments.

Van Kampen Funds Inc. of Chicago, a unit of Van Kampen Investments Inc., has unveiled six equity mutual funds that will be subadvised by O'Shaughnessy Asset Management.

UMB Healthcare Services, a division of UMB Financial Corp. of Kansas City, Mo., bought the health spending accounts of Benefit Administrators, a third-party administration division of E.G. Lee & Co. Insurance Services Inc. in Lafayette, Calif.

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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