Wealth management

Fidelity Investments says that 55 "breakaway brokers," bringing more than $7 billion of assets, have chosen the Boston fund company during the year's first half to be custodian for their newly established independent registered investment advisory firms, more than doubling the assets gained from this source throughout 2007.

Hartford Financial Services Group Inc. promoted Brian O'Connell, the chief information officer for its life operations, to the newly created position of senior vice president and chief information officer for the company.

Wells Fargo Insurance Services Inc. hired Clay D.W. Stafford as an account executive in its broker-dealer unit, ABD Financial Services Inc.

U.S. Retirement Partners, an Iselin, N.J., 403(b) benefits administrator, has purchased ClearCreek Financial Group, a Hudson, Ohio, financial consulting firm.

A wealth executive at a Tacoma, Wash., banking company said he has begun recruiting financial advisers from the troubled Washington Mutual Inc., and a Boston financial services company says one of its Seattle-area unit has picked up clients from Wamu.

Putnam Investments announced Thursday that it has closed its $15 billion-asset Prime Money Market Fund because of redemption pressures.

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First Horizon Msaver Inc. has announced the hirings of five regional sales managers for its health savings account team.

Scottrade, a St. Louis online investment firm, has announced the hiring of Timothy N. Friedman as its chief anti-money-laundering compliance officer.

A wealth management executive with a Wisconsin banking company said that its test of a system to unite its brokerage and trust functions is going well.

E-Trade Financial Corp. introduced two online tools to help investors see market opportunities, generate trading ideas, and make trading decisions.

NSM Insurance Group, a Conshohocken, Pa., insurance program administrator and brokerage company, said Wednesday that it had promoted Bill McKernan to president.

Unifi Cos. has announced that it plans to consolidate its two mutual fund families, Summit Mutual Funds Inc. and Calvert Group Ltd.

Vanguard Group Inc. of Valley Forge, Pa., said 34 of its exchange-traded funds will begin trading on the NYSE Arca exchange on Friday.

With an eye toward preserving brand value as well as employee and customer loyalty, Bank of America Corp. is expected to keep Merrill Lynch & Co.'s wealth management business as a stand-alone unit in New York.

Arthur J. Gallagher & Co. said Tuesday that it has purchased Oxygen Insurance Managers Ltd. of London from Oxygen Holdings PLC.

AMR Corp., the Fort Worth parent company of American Airlines Inc., said it has completed the sale of its asset management arm, American Beacon Advisors Inc., to Lighthouse Holdings Inc.

Federated Investors Inc., a Pittsburgh investment manager, has agreed to buy Clover Capital Management Inc., a Rochester, N.Y., firm that specializes in value investing.