Wealth management

The online stock brokerage Scottrade in St. Louis has announced that it plans to open a branch today in Plainfield, Ill.

With enCircle, a service aimed at simplifying life for the elderly and their children, Harris Private Bank has found not just a potential new revenue stream, but possibly a new way to attract and retain assets as well.

Global wealth could decline by as much as 10%, to $100 trillion, by yearend, according to Boston Consulting Group.

John Hancock Financial Services Inc., a Boston unit of Manulife Financial Corp., has launched JH Spectrum, a fixed deferred annuity with three withdrawal options: after five, six, and seven years.

(To see this graphic in full, click on the image in the box to the right.)

MFC Global Investment Management LLC of Boston, the asset management arm of Manulife Financial Corp. of Toronto, hired Reid A. Kilberg as a managing director.

Wells Fargo & Co.'s private banking business plans to use its newly established office in New York City as a beachhead for expansion in the Northeast.

JPMorgan Asset Management launched a platform to help advisers and plan sponsors identify and evaluate target-date funds.

Invesco Ltd.'s assets under management fell 1.8% in August, to $449.8 billion, according to its preliminary month-end results.

Prudential Financial Inc. has promoted Stephen Pelletier to president of Prudential Annuities to succeed David R. Odenath, who has been hired by Legg Mason Inc. as head of the Americas.

The funding ratio at the typical U.S. pension plan declined 0.9 of a percentage point in August as liabilities grew more than assets, according to BNY Mellon Asset Management.

When a group of Citigroup Inc. managers left the company last month, Citi joined a growing list of big banks and broker-dealers that have lost wealth advisers in recent months.

National Planning Holdings Inc., a Santa Monica, Calif., broker-dealer, has announced the introduction of a Web-based portfolio management and reporting platform for financial professionals.

Harris Private Bank, a Chicago unit of Bank of Montreal, has introduced Harris enCircle, a service designed to help clients address the financial needs associated with aging.

Bank annuity commissions and fees grew 13.2% in the first half, to $539.6 million, from a year earlier, according to the Michael White-Symetra Bank Fee Income Report.

Wachovia Securities LLC says its gradual integration with A.G. Edwards, which Wachovia Corp. bought in June 2007, has enabled it to retain and attract advisers and positioned it for growth when it completes the back-office phase of the integration next year.

Wells Fargo Insurance Services Inc. announced it has bought Char Clark Associates Inc. of Spokane.

Bank sales of fixed annuities are soaring, as a result of a favorable interest rate environment, the stormy equity markets, and new product features, according to insurance and banking executives.

Bank of New York Mellon Corp. said that it has hired Robert R. Rupp as an executive vice president and head of enterprisewide market risk.