Wealth management

Banks' first-quarter income from the sale and servicing of mutual funds and annuities grew 2.9% from a year earlier, to $1.43 billion, according to the Michael White-Symetra Bank Fee Income Report.

Bank of New York Mellon Corp. said it had opened a corporate trust office in Richmond, Va.

Financial services firms continue to battle against one another for wealth management talent even though companies are forced to pay hefty salaries that crimp profits.

The New York Life International LLC arm of New York Life Insurance Co. has announced the promotions of two sales executives in Asia and the hiring of another product development specialist there to enhance sales throughout the region.

HSA Bank, a division of Webster Financial Corp., is gearing up for a major push into the large-employer market for health savings accounts, according to the bank's executives.

Symetra Financial Corp. has announced the hiring of Brenda Gempler to be the managing director of key accounts in the Bellevue, Wash., company's financial institutions division.

U.S. consumer confidence has declined this month as Americans' worries mount regarding every facet of their financial situations.

BNY Mellon Asset Servicing, a unit of Bank of New York Mellon Corp., has been chosen to serve exchange-traded funds in the WisdomTree Dreyfus family of currency ETFs.

Fidelity Investments announced that it has made its third round of layoffs in the past eight months, cutting more non-investment-management jobs.

Wachovia Corp. says its retail retirement group is drawing assets by having advisers work face to face with customers at every income level to create a retirement plan.

Federated Investors Inc., a Pittsburgh investment manager, said that it had introduced a fund that invests in the securities of undervalued companies that pay above-average dividends.

Putnam Investments LLC, a Boston unit of Power Corp. of Canada, has announced the hiring of Eric C. Pedersen to be director of sales and marketing for the Nordic region.

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

Investor confidence among millionaires rose slightly last month, according to a survey by Spectrem Group of Chicago.

Credit Suisse has announced the hiring of a team of relationship managers from Citigroup Inc.'s global wealth management unit.

State Street Corp. said late Monday it began a $2.5 billion common stock offering, becoming the latest financial firm to seek additional investment.

Financial services firms are making it easier for their investment advisers to address a broader array of clients' trust needs, ranging from estate planning to philanthropic giving.