Wealth management

Deals involving asset managers rose during the third quarter, according to Jefferies Putnam Lovell, the investment banking unit of Jefferies & Co. Inc.

The funding ratio at the typical U.S. pension plan fell 0.3 percentage points last month, and liabilities decreased almost the same amount as the assets of a typical U.S. pension plan with a moderate risk portfolio, according to BNY Mellon Asset Management.

Prices for property/casualty insurance have been weak for more than three years, but that has not stopped BancorpSouth Inc.'s insurance business from thriving.

American International Group Inc., as part of its effort to repay an $85 billion government loan, will sell its life insurance and retirement operations in the United States, Europe, Latin America, and Japan.

Fidelity Investments' institutional wealth management arm is ratcheting up its pursuit of investment advisers and wealth managers who want to run their own shops.

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

Most Americans have started to reduce spending, according to a survey TD Ameritrade Holding Corp. of Omaha released last week.

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Huntington Bancshares Inc. of Columbus, Ohio, plans to extend its insurance operations into three largely untapped states in its territory: Michigan, Kentucky, and West Virginia, according to the new head of its insurance business.

Confidence among affluent investors fell to its lowest mark in September since Spectrem Group's monthly survey was begun in February 2004.

Gibraltar Private Bank and Trust, a Coral Gables, Fla., private banking and wealth management company, has announced the promotion of Marie T. LaRussa to senior vice president and director of client service for the Miami-Dade County market.

Putnam Investments' fund family's board of trustees announced Wednesday that it has authorized the funds to participate in the Treasury's money market guaranty program.

ABD Insurance and Financial Services, a Redwood City, Calif., unit of Wells Fargo Insurance Services Inc., has announced the hiring of Janine McCaffery as a sales executive in its construction and real estate insurance brokerage practice.

Massachusetts Mutual Life Insurance Co.'s retirement services division has announced the appointment of Brad Harrison as managing director of its Midwest region.

Assurant Inc., a New York company that sells specialty insurance and insurance-related products and services, announced the hiring Tuesday of Stephen W. Gauster from Prudential Financial Inc. to be a senior vice president and chief corporate counsel.

Sun Life Financial Inc. has announced the hiring of a rival's former chief executive officer to be its president, and it named three others as presidents of wealth management units.

A new microfinance loan program from Schwab Charitable allows investors to double-dip their charitable giving assets.

New data on mergers and acquisitions in the registered investment advisory market indicates that this year may set another record for such deals, despite the difficult financial market conditions, the subprime debacle, and tightened credit, according to a survey by Schwab Institutional.

When Wachovia Corp. completes the sale of its banking operation to Citigroup Inc., it plans to remain a public company with two main subsidiaries — Wachovia Securities, the nation's third-largest brokerage, and its proprietary investment arm, Evergreen Asset Management.

The St. Louis online stock brokerage Scottrade Inc. plans to open branches today in Chino, Calif., and Stow, Ohio.