Wealth management

Money market funds had net inflows of $21.21 billion in the week that ended Tuesday and the amount of money in the funds hit a record $3.54 trillion, according to iMoneyNet's Money Fund Report.

An executive at Fidelity Investments says the Boston company is attracting new business as brokers and financial advisers from banks, large wire houses, and regional broker-dealers consider going independent.

BNY Mellon Asset Servicing said it has been selected to provide exchange-traded fund services to Direxion Funds of Newton, Mass.

Bank of New York Mellon Corp. said it has hired Elizabeth Engel as head of private bank lending, a newly created role that gives her oversight of the asset manager's credit administration, underwriting, and portfolio risk management.

O'Shaughnessy Asset Management of Stamford, Conn., announced it has bought back a 10% equity stake from a subsidiary of JPMorgan Chase & Co. that the New York banking company acquired in its purchase of Bear Stearns.

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Washington Trust Co. in Westerly, R.I., says converting its three wealth management businesses to an overlay management model could smooth the way for future acquisitions of advisory firms.

DWS Investments Americas, the U.S. retail unit of Deutsche Bank AG's asset management division, has hired Thomas A. Jones as a director and head of national accounts management for its broker-dealer division in New York.

BNY Mellon Asset Management of New York has hired Jeffrey B. Saef as director of multistrategy investment solutions.

Van Kampen Funds Inc., a unit of Van Kampen Investments Inc. of Chicago, announced Tuesday that it has launched a family of target-date funds.

Liberty Mutual Group's third-quarter net income plummeted 99% on investment losses and losses related to Hurricane Ike and Hurricane Gustav.

Bryn Mawr Trust Co. of Pennsylvania said its establishment of a limited-purpose trust company in Delaware is an important step in its effort to expand its wealth management business nationally.

Invesco Ltd. has hired Gary M. Stentz as client portfolio manager for Invesco Quantitative Strategies.

Hartford Financial Services Group Inc. promoted Michael Rudge to managing director of its U.K. branch.

With its new, aggressive municipal bond investing strategy for wealthy investors, BNY Mellon Wealth Management has created a notable exception to its usual conservative approach.

The funding ratio at the typical U.S. corporate pension plan fell 3.7% last month as stocks had their worst month since 1987, according to BNY Mellon Asset Management.

Ivy Asset Management Corp., Bank of New York Mellon Corp.'s global fund of hedge funds unit, hired Robert Murphy as director of its investment strategies group.

Spectrem Group Inc. said affluent investors' confidence fell to its lowest level since the Chicago research company began conducting its monthly survey.