Wealth management

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The funding ratio at the typical corporate pension plan fell 13.4 percentage points last month, the worst monthly performance since the 1987 stock market crash, according to BNY Mellon Asset Management.

OppenheimerFunds Inc. hired Geoffrey J. Craddock as a senior vice president and director of risk management and asset allocation.

Wells Fargo & Co.'s private bank has expanded into Chicago a program that offers aging clients a range of support services.

First Citizens Bancorp. Inc. of Columbia, S.C., said it will offer its business customers Fidelity Investments' 401(k) platform.

Lehman Brothers Holdings Inc.'s sale of half of its investment management division to executives from Neuberger Berman, which is part of the business, will be an all-stock transaction valued at more than $1 billion.

American International Group Inc. promoted Peter Eastwood to president and chief executive officer of Lexington Insurance Co., a unit of AIG Commercial Insurance.

Federated Investors Inc., a Pittsburgh investment manager, completed its acquisition of certain assets of David W. Tice & Associates LLC relating to the management of the $1.1 billion Prudent Bear Fund and the $363.8 million Prudent Global Income Fund.

Mackenzie Financial Corp. of Toronto launched an equity fund that will invest in U.S. companies.

Hedge funds declined 2.7% last month, staying on pace for their worst year ever, but there are some promising signs, Hennessee Group LLC said.

TD Asset Management Inc., the manager of TD Mutual Funds, has launched the TD Comfort Portfolios.

Brown & Brown Inc., an asset manager in Daytona Beach, Fla., has bought Stewart & Tunno Insurance Agency Inc., a Portland, Ore., firm that focuses on property and casualty insurance for individuals and businesses.

The Atlanta credit bureau Equifax Inc. and the McLean, Va., wealth analysis company IXI Corp. have developed a way for financial institutions to examine not just how deep customers' pockets are, but also how likely they are to actually spend their money.

Investment bank Rodman & Renshaw Capital Group Inc.'s offer to buy Cowen Group Inc. for about $100 million was rejected Monday.

Federated Investors Inc. of Pittsburgh said it has completed its acquisition of Clover Capital Management Inc. of Rochester, N.Y., to run its traditional value products.

Beacon Trust Co. of Madison, N.J., said it has acquired Clear Asset Management Inc. of New York.

Hartford Financial Services Group Inc. reversed some of its previous cuts to its full-year earnings outlook and said its businesses were performing well.

American Century Investments has been hammered by the market downturn but is positioning itself for brisk growth at home and abroad, according to its top executive.