Wealth management

High-earning Citigroup Inc. employees will soon start paying for life insurance as the banking giant cuts costs amid staggering losses.

Bank of the West of Los Angeles, a unit of BNP Paribas' BancWest Corp. of Honolulu, hired Richard D. Byrd to the newly created position of senior executive vice president and head of the wealth, investments, and insurance group.

First Tennessee Bank of Memphis, a subsidiary of First Horizon National Corp., has added three investment products to its managed account platform.

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Private Bank of California in Century City, Calif., announced that it hired Kevin LaPorte as a vice president and relationship manager.

Massachusetts Mutual Life Insurance Co. of Springfield announced Wednesday that it has promoted Bob Casale, its deputy chief information officer, to senior vice president.

Natixis Global Asset Management LP, a Boston unit of Natixis Global Asset Management of Paris, announced Wednesday that it has hired Paul C. Anderson as vice president of its institutional services division.

Bank of New York Mellon Corp.'s top executive said bankers wil face "losses and volatility" for at least the next year as the credit crisis continues to play out.

State Street Global Advisors said it has been selected by Lincoln Financial Group of Philadelphia to provide subadvisory services.

Merrill Lynch & Co. Inc. said it has hired John R. Tyers as the president of Broadcort, its clearing services unit for U.S. broker-dealers.

Franklin Resources Inc., the parent company of Franklin Templeton Investments, promoted William Yun to fill the newly created role of executive vice president of alternative strategies.

Two former CitiStreet executives plan to build a national benefits distribution platform providing tax-advantaged savings plans for teachers.

Claymore Securities Inc., an exchange-traded fund provider, has launched the Claymore/BNY Mellon Frontier Markets Exchange Traded Fund.

Royal Bank of Canada's U.S. institutional asset management unit, Voyageur Asset Management Inc. of Minneapolis, plans further U.S. expansion through acquisitions and new products, one of its executives said.

Putnam Investments's new chief executive said that he will make changes in a number of areas to help resuscitate the Boston fund company, which has suffered a steady stream of outflows for the past several years.

State Street Corp. said it has combined its global alternative investment services capabilities into a single unit.

Royal Bank of Canada's Minneapolis asset manager, Voyageur Asset Management Inc., announced Tuesday that it had signed a definitive agreement to buy certain assets of Access Capital Strategies LLC in Boston.

Bank of America Corp. agreed to sell its prime equity brokerage unit to BNP Paribas SA, ending a lengthy effort by the $1.76 trillion-asset Charlotte company to shed a business that caters to hedge funds.