Wealth management

Glens Falls National Bank and Trust Co., a unit of Arrow Financial Corp., has announced the signing of a letter of intent to buy Upstate Agency Inc., an independent property and casualty insurance agency in Chestertown, N.Y.

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

Many banks are embracing fee-based investment sales, but First Federal Bank of Florida stands out — its investment program does virtually all its business without the up-front commissions that banks have traditionally used.

New York Life International LLC, the global arm of New York Life Insurance Co., announced Tuesday that it had promoted Gary Bennett to executive vice president and chief executive officer of its China operation.

Wilmington Trust Corp. has announced the completion of its all-cash acquisition of UBS Fiduciary Trust Co. from UBS Americas Inc.

State Street Global Advisors, the investment management arm of State Street Corp., has announced the promotion of Richard Lacaille to global chief investment officer.

When Donato A. Montanaro Jr. launched TradeKing in December 2005, he was hoping to attract customers from other discount brokerage companies by offering lower prices.

Fidelity Investments, Vanguard Group Inc., and T. Rowe Price Group Inc. said they plan to participate in the Treasury Department's guarantee program for money market funds.

Placemark Investments Inc., a provider of active overlay portfolio management services, launched a set of services for independent advisers seeking to transfer accounts.

State Street Corp. hired Gunjan Kedia as an executive vice president in its U.S. investment servicing business.

Jackson National Life Insurance Co., a Lansing, Mich., unit of Prudential PLC, launched a guaranteed minimum withdrawal benefit for its variable annuities.

American Century Investments, a Kansas City, Mo., asset management company, has opened a sales office in London.

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.