Wealth management

American International Group Inc. has announced that its subsidiary in Shanghai, AIG General Insurance Co. China Ltd. (AIG General), has gotten approval from the China Insurance Regulatory Commission to open a Beijing branch.

Brown Advisory and Alex. Brown Investment Management, two Baltimore investment firms, have announced that they will merge.

UBS' global asset management division has announced the hiring of Marcel Larochelle to head its Canadian business.

Richard Ferri, the chief executive of Portfolio Solutions LLC in Troy, Mich., has been using exchange-traded funds since long before the hype. And though he has increased his exposure to the low-cost, tax-efficient investment products in recent years, he has avoided the newer ETFs that have become a fad.

Ameriprise Financial Inc. has announced an agreement to buy J. & W. Seligman & Co. Inc. for $440 million.

Northern Trust Corp. has introduced five reporting templates that can be used by U.S. public pension funds and other institutions to keep track of their use of firms owned by minority group members and women to execute trades.

Confidence among affluent and millionaire investors continued to decline last month, according to a pair of surveys.

Most individuals are not saving enough for retirement, because they are not compensating for rising medical costs, lengthening life spans, and the declining availability of pension and retiree medical benefits, according to a study released last week by Hewitt Associates Inc.

Cleveland, with its struggling economy, might not seem the best place for high-end investment management.

Fidelity Investments hired Daniel Petrozzo, a co-global chief information officer and head of enterprise infrastructure for Morgan Stanley, as its chief information officer.

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Wilmington Trust Corp. hired Rebecca A. DiPietro as director of its captive insurance management services office in Charleston, S.C.

National Investment Managers Inc., a Dublin, Ohio, retirement plan administration and investment management company, announced it has closed its deal to acquire the third-party administration firm Alaska Pension Services Ltd.

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ING Group NV of the Netherlands has completed its $900 million purchase of CitiStreet LLC from Citigroup Inc. and State Street Corp.

Genworth Financial Inc. has a new product called RetireReady IRA Annuity that it says combines the traditional benefits of an individual retirement account with the ability to provide a guaranteed income stream, the Richmond, Va., company said Monday.

The head of JPMorgan Funds has handed responsibility for the company's growing registered investment adviser business to a lieutenant.

Baron Funds, a unit of Baron Capital Group Inc. of New York, has a new retirement income fund.