Wealth management

American International Group Inc. said it will still pay 130 managers "cash awards" to stay with the firm, including $3 million to retirement services chief Jay Wintrob.

Hartford Financial Services Group Inc. is banking on its wholesalers — and an emphasis on fee-based distribution channels — to carry its mutual fund and 529 college savings plan businesses through the market turbulence, says the head of those businesses.

Vanguard Group has announced the addition of two firms to its Vanguard Morgan Growth Fund's investment advisory team.

Victory Capital Management Inc., KeyCorp's asset management arm, announced that it had introduced two funds, Victory International and Victory International Select.

Aquiline Capital Partners LLC, a New York private-equity firm that invests in financial services, has announced that Deborah L. Bernstein and Jason A. Rotman joined the firm as investment professionals.

The $600 million in new assets that Horizon Cash Management captured in the third quarter could be a sign of things to come for the Chicago company and other cash managers.

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American International Group Inc., under pressure to limit executive compensation after a government bailout, froze pay and scrapped bonuses for seven top leaders and said chief executive officer Edward Liddy will get a $1 salary.

New York Life Investment Management has announced that its equity investors group will become Madison Square Investors LLC on Jan. 1.

Arthur J. Gallagher & Co., an Itasca, Ill., insurance brokerage, has announced that its subsidiary, Risk Placement Services Inc., bought Continental Special Risks Inc., a Roswell, Ga., wholesale broker and managing general agent.

Morgan Keegan & Co. Inc., a Memphis unit of Regions Financial Corp., is expanding its fixed-income capital markets division beyond its traditional market in the Southeast.

Nationwide Funds Group, the mutual funds complex of Nationwide Financial Services Inc., is suffering along with other fund companies as the stock market sinks.

Hartford Financial Services Group Inc. hired Michael R. Chesman as a senior vice president and an associate general counsel and director of tax law.

The online investment firm Scottrade of St. Louis announced it is opening its second Fort Worth branch Nov. 24.

Country Club Bank in Prairie Village, Kan., is a $571 million-asset institution whose executives hope its wealth management expertise will soon be applied to billions of dollars of new assets.

Bank of New York Mellon Corp. is offering a credit fund service for alternative fund managers that puts loan administration, fund administration, and investor services on one platform.

Money market fund inflows rose in the latest week, helping push the funds' total assets to another new record as yields continued to fall, according to iMoneyNet's Money Fund Report.

E-Trade Financial Corp. announced that it posted its best month in more than five years for new account openings in October, as trading activity climbed during the month and the slow-motion stock market crash swamped equity markets.

Bank of New York Mellon Corp. has unveiled Global Trade Finance Solutions, an online platform tailored for corporate and bank users.

BlackRock Inc., the largest publicly traded U.S. asset manager, is cutting jobs for the first time in its 20-year history.