Wealth management

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.

Curian Capital LLC, a Prudential PLC unit that provides separately managed account platforms, said it will add 21 sales professionals over the next several months.

Huntington Bancshares Inc. promoted Pete Dunlap Friday to president of its Huntington Insurance division.

Massachusetts Mutual Life Insurance Co. has announced the promotion of Rodney J. Dillman to president of MassMutual International LLC, its international insurance arm, and also to corporate senior vice president.