Wealth management

Massachusetts Financial Services Co., a Boston investment management firm that does business as MFS Investment Management, has launched a business development unit for the "defined contribution investment only" market.

ING Financial Services Inc., a Windsor, Conn., unit of ING Group NV, launched an online plan administration platform for sponsors of 403(b) retirement plans.

Invesco Aim Management Group Inc., a Houston investment management unit of Invesco Ltd., announced that it has launched the Aim V.I. PowerShares ETF Allocation Fund.

National Planning Holdings Inc., a Santa Monica, Calif., broker-dealer unit of Prudential PLC, said that its revenue in the first nine months of the year increased 7.4% from the same period last year, to $472 million.

Wells Fargo & Co.’s deal to acquire Wachovia Corp. has not stopped Wells from launching new investment products, including a new socially responsible fund.

Most observers agree massive aid for ailing households and failing institutions is necessary, even if it inadvertently rewards those most culpable.

Oppenheimer & Co., a unit of Oppenheimer Holdings Inc. of New York, said it has purchased the restructuring group from the privately held Fulcrum Strategy Partners.

U.S. Bancorp did not envision the current market turmoil when it launched its unified managed accounts last year, but it says the volatility is one reason they have been well received.

Prudential Financial Inc.'s fixed-income asset management unit hired Sara Bonesteel as the head of the structured asset management group.

T. Rowe Price Group Inc. said Friday that its third-quarter net income dropped 13% from a year earlier, to $152.8 million, or 56 cents a share, as lower market valuation and the flight of worried investors lowered assets under management.

Banks and other financial companies that are willing to stomach a few more quarters of volatility could find themselves well positioned to acquire wealth management companies or talent, according to analysts and industry executives.

Scottrade Inc. said it will open its first South Dakota branch.

Janus Capital Group Inc. said its third-quarter net income more than doubled from a year earlier, to $25.4 million, or 16 cents a share, though clients assets dropped along with the stock market.

Boston Private Financial Holdings Inc. reported a third-quarter loss of $273.36 million, or $5.92 a share, after reporting a profit of $17.42 million, or 44 cents a share, a year earlier.

Bank Investment Consultant, a publication of SourceMedia Inc. (the publisher of American Banker), interviewed three financial advisers who work at financial services companies that are in Nevada — Shazad Ali of Red Rock Community Bank in Las Vegas; Danny Duffy of Nevada Federal Credit Union, also in Las Vegas; and B.J. Willson of Greater Nevada Credit Union in Carson City — to discuss their outlook and strategy.

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TD Ameritrade Holding Corp. reported lower earnings for its fiscal fourth quarter and issued cautious guidance about trading volume next year.

Deutsche Bank AG's global institutional asset management unit, DB Advisors, promoted Kyle Delaney to run its Americas division.

Hartford Financial Services Group Inc. hired Stephan Schinnenburg as general manager of its German office in Frankfurt.