Wealth management

New York Life Insurance Co. announced Tuesday that it has promoted Ted Mathas to chief executive officer.

Adviser confidence in the economy and stock market declined in June, according to Rydex AdvisorBenchmarking.

MassMutual Retirement Services, a unit of Massachusetts Mutual Life Insurance Co., has been selected by Blue Bird Corp., a bus manufacturer in Fort Valley, Ga., as the new full-service provider for its $90 million defined benefit plan and its $65 million 401(k) plan.

First Tennessee Bank's wealth management business has been slowed by the slumping stock market but should be reinvigorated by a new fee-based platform.

Vanguard Group has a new international fund, the Vanguard Total World Stock Index Fund.

A deal Wilmington Trust Corp. announced last week shows that expanding its corporate client services business remains a top priority for the Delaware company, which remains hampered by problems in its money management units.

Federated Investors Inc., a Pittsburgh investment manager, has two more portfolio managers in its Federated Kaufmann portfolio management group with the hiring of John Leibee and the promotion of Jonathan E. Gold.

BlackRock Inc. promoted Paul L. Audet to vice chairman and hired Ann Marie Petach as its chief financial officer.

Tremont Capital Management announced that its chairman, Robert Schulman, will retire July 7.

Northern Trust Corp. of Chicago announced that it has agreed to buy Lakepoint Investment Partners LLC, a Cleveland company that serves individual investors, corporations, pension and retirement programs, and foundations and endowments.

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Modern Bank, a New York private banking company, plans to increase its banking assets organically but wants to use acquisitions to turn its asset management platform into a multiboutique one, according to its incoming chief executive officer.

Wilmington Trust Corp. of Delaware announced Wednesday that it has agreed to buy UBS Fiduciary Trust Co. of Weehawken, N.J., a provider of trust and investment management services for retirement plans, from UBS AG of Zurich.

Assets held by high-net-worth individuals increased 9.4%, to $40.7 trillion, last year, according to the 12th annual World Wealth Report, from Merrill Lynch & Co. Inc. and Capgemini.

Douglas Wilson Cos. of San Diego, a provider of real estate management services to law firms, courts, and financial institutions, among others, hired John A. Waters as chief operating officer.

Massachusetts Mutual Life Insurance Co. of Springfield promoted two executives in its retirement services unit and hired a vice president of diversity and inclusion.

Placemark Investments Inc., a provider of wealth management products and services, said that it has promoted Richard Dion to president and chief operating officer.

Acquisitions have helped propel Eastern Bank Corp., a $6.9 billion-asset mutual thrift company in Boston, into the ranks of the top sellers of insurance among banks.