Wealth management

Confidence among affluent investors rose in August, according to Spectrem Group.

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

Evergreen Investments of Boston, Wachovia Corp.'s asset management arm, announced Thursday that it has closed its family of fund of funds.

By increasing the number of alternative products and strategies it offers, Mellon Capital Management Corp. has generated inflows in the past three years, despite difficult market conditions.

CRC Insurance Services Inc., BB&T Corp.'s wholesale insurance arm, has announced the closing of its purchase of Southern Risk Operations LLC, a Sumter, S.C., excess and surplus insurance broker.

BlackRock Inc., the biggest publicly traded U.S. asset manager, is seeking about $3 billion for a fund to buy loans that banks are selling for losses, according to two investors with knowledge of the matter.

Union Bank of California took a hard look at its health savings account business and decided to sell it to HealthEquity Inc., a Salt Lake City company that specializes in self-directed health products.

State Street Corp. opened an office in Doha, Qatar, to expand in the Middle East.

Ladenburg Thalmann Financial Services Inc. of Miami has hired two executives from Ameriprise Financial Services Inc. to join one of its broker-dealers and start a financial services business.

Wood Creek Capital Management of New Haven, an alternative asset management company, launched Rosemount Capital Management's offshore fund.

A Vanguard Group study found that the Pension Protection Act of 2006 has spurred an increase in employee enrollment in defined contribution retirement savings plans.

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

Bank of Nova Scotia is entering a joint venture with Bank of Beijing by buying a stake in its Chinese asset management arm.

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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.