Wealth management

Nationwide Mutual Insurance Co. of Columbus, Ohio, said it has agreed to buy all of the outstanding publicly held class A common stock of Nationwide Financial Services Inc.

Morningstar Inc., best known for its five-star fund ratings, said Tuesday that it has created separate categories to evaluate investments in global real estate and currencies.

Given the turbulence in financial markets, now may seem an inopportune time for financial advisers to make drastic changes to the way they interact with investors.

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Boston Private Financial Holdings Inc. said Monday that it has acquired an additional 6% stake in the Menlo Park, Calif., asset management firm Bingham, Osborn & Scarborough LLC.

Jackson National Life Insurance Co. of Lansing, Mich., said its first-half sales and deposits set a six-month record.

When it comes to selling life insurance, time has stood still for many years, says Steven Turtz, a vice president and the national sales director for Comerica Insurance.

Vanguard Group Inc. said Friday that its board has elected F. William McNabb 3rd as its chief executive officer.

PNC Financial Services Group Inc. announced that it hired Stephen Thormahlen as managing director of PNC Wealth Management in the Washington region.

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There are plenty of consumers nervous about their financial health these days, who seek a voice of calm and solid advice; banks such as Wells Fargo and Citizens Bank see this need as an opportunity to build long-term relationships that extend beyond loans and deposits.

Advisers will have to put more emphasis on alternative assets as the economic crisis continues, according to the head of Bank of America Corp.'s alternative investment arm.

State Street Corp. of Boston has announced that it has been hired by Lazard Asset Management LLC to provide investment manager operations outsourcing services.

BB&T Insurance Services has announced that it will buy Puckett, Scheetz & Hogan, a South Carolina coastal property insurance specialist.

Capital Z Asset Management, a New York hedge fund manager, said it has hired James M. Marrone Jr. to be a partner and chief marketing officer.

Some investors get jittery even in the best of times—and these are not the best of times. The fluctuations in the stock market have created quite the headache for advisors, not to mention the surfeit of investment information via the Internet and cable news.

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.