Wealth management

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The chairman of Credit Suisse Group's alternative investments business said that his unit plans an international expansion for the recently acquired Asset Management Finance Corp., using joint ventures to enter new regions and sectors.

Invesco PowerShares Capital Management LLC plans to launch a transportation exchange-traded fund on Sept. 18.

Fees have become the top reason that retirement plan sponsors switch providers, according to Spectrem Group.

Penn Mutual Life Insurance Co. has launched a variable universal life product.

After two months of decline, adviser confidence in the economy and the stock market rebounded significantly in August, according to Rydex AdvisorBenchmarking.

Credit Suisse Group announced it was acquiring a majority interest in Asset Management Finance Corp. of New York from National Bank Financial of Canada.

In their fight with bankers to attract and retain talent, wealth management firms are coming up with innovative ways to pay their employees that range from deferring compensation to forking over many years of bonuses up front.

Claymore Securities Inc. of Lisle, Ill., has launched what it says is the first exchange-traded fund providing access to the shipping sector.

McDonnell Investment Management LLC of Chicago has opened its first New York City branch.

Investors increased their allocation to global emerging markets hedge funds by more than 60% in the second quarter, according to new data.

Strong referrals from across the company, particularly from bankers, are lifting Comerica Inc.'s insurance brokerage revenue despite a soft property and casualty market, according to the head of the insurance unit.

Aon Corp. said Friday that its board has approved its bid to buy the London independent reinsurance intermediary Benfield Group Ltd. for $1.75 billion.

State Street Corp. launched an over-the-counter derivative servicing platform.

RBC Direct Investing, Royal Bank of Canada's Toronto discount brokerage arm, has started offering model portfolios for do-it-yourself investors.

Forward Management LLC of San Francisco promoted Clay Smudsky to the newly created position of head of distribution.

Marsh & McLennan Cos. Inc. announced Thursday that it has hired Vanessa Wittman as chief financial officer.

Bank of America Corp. has announced the promotion of Ben Prince to division executive for its premier banking and investments business in the Pacific Northwest.

State Street Corp. said it had hired David Puth for a newly created post as head of the Boston company's investment research, securities, finance, and trading activities globally.