Wealth management

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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.

The global financial crisis and consolidation in the financial industry are helping TD Ameritrade Holding Corp. get new retirement business, an executive with the brokerage said.

Arthur J. Gallagher & Co. of Itasca, Ill., announced that it has bought Roberts & Roberts Insurance Service Inc. in Greensboro, N.C.

For more information on this data, visit Novantas LLC and Market Rates Insight.

New York Life Insurance Co. announced Thursday that it will not participate in the Treasury Department's Capital Purchase Program.