Wealth management

The New England Electrical Workers Money Purchase Plan and Trust board of trustees has selected Putnam Investments to manage its $98 million defined contribution plan for more than 2,500 participants.

FundQuest Inc. said 68 advisory firms have made its unified managed account services available to their advisers.

Morgan Stanley said that it has hired Juan Dibildox as an investment representative in its private wealth management office in Miami.

MetLife Inc. said its second-quarter profits declined 19% from a year earlier, to $915 million, or $1.26 a share.

Many hedge-like mutual funds that have been introduced in the past year with the "130/30" label are not treating that ratio as if it were set in stone.

Northern Trust Corp. announced Tuesday that it has rehired Matt Severs to fill a newly created post as the head of consultant relations in its North America corporate and institutional services business.

Advisers' confidence in the economy and stock market declined further in July, according to Rydex AdvisorBenchmarking.

Pacific Investment Management Co. announced Tuesday that it is planning to introduce its first bond exchange-traded fund.

John Hancock Life Insurance said Tuesday that it had introduced a universal life insurance product that includes a cash-value-advantage rider, fixed loan rate, and reductions in limited-period-guarantee premiums.

Urdang, a Plymouth Meeting, Pa., unit of BNY Mellon Asset Management, has announced the hiring of Liz Conklin as director of operations in its real estate securities group.

Harris Bankcorp Inc., the Chicago unit of Bank of Montreal, is making strides in the financial planning business, executives said.

Despite difficult economic conditions, more banking companies remain interested in generating fees for offering financial advice, rather than generating commission on selling investment products.

Second-quarter client assets at Fidelity Investments' brokerage unit grew 2% from a year earlier, to $1.92 trillion.

Towers Perrin has created a subsidiary that will advise clients in the areas of risk-linked securities, retirement risk transfers, and asset risk management.

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New York Life Insurance and Annuity Corp. launched a fixed deferred annuity product.

Fremont Michigan InsuraCorp Inc., the holding company for Fremont Insurance Co., said it will pay a first-quarter cash dividend of 3 cents on its common shares.