Wealth management

Raymond James Financial Services Inc. has announced the start-up of brokerage programs for five bank partners.

Toronot's Acuity Funds Ltd. said it had launched an alternative investment 130-30 fund.

Merrill Lynch & Co. Inc. announced Monday that it had hired a Bear Stearns executive to be president of its business in the Middle East and North Africa.

Marsh & McLennan Cos. Inc. announced Monday that Matthew B. Bartley, the company's chief financial officer, will leave the company.

Massachusetts Mutual Life Insurance Co. said Monday that it had completed its previously announced purchase of First Mercantile Trust Co. from SunTrust Banks Inc.

Wells Fargo & Co. and UMB Financial Corp. have each succeeded in the health savings account business — but many of their customers have come through unexpected routes, executives at the banking companies said.

Hartford Financial Services Group Inc. has realigned its life operations into four market groups.

Morgan Stanley Investment Management Inc. plans to launch a portfolio that will mainly invest in dollar-denominated investment grade mortgage securities of the U.S. government and private issuers and in mortgage derivatives.

Nearly half of affluent investors do not know what fees they are paying for wrap accounts and managed accounts, according to a survey released by the Chicago consulting firm Spectrem Group.

First Republic Bank of San Francisco hired Douglas M. Smith as a managing director.

Janus Capital Group Inc. has hired Jack Lin, an executive from Franklin Resources Inc., to head its Asia-Pacific business. Mr. Lin was named a managing director of the Denver company and will oversee its offices in Hong Kong, Tokyo, Singapore, and Melbourne.

Wilmington Trust Corp. has hired James A. Combs Jr. as senior vice president and manager of the trust and custody services division for both its corporate client services and wealth advisory services businesses.

David Pottruck, a former chief executive of Charles Schwab Corp., is planning a return to retail brokerage to help set up an independent advisory firm.

Citadel Investment Group has announced the hiring of an executive from JPMorgan Chase & Co. to oversee securitized products.

U.S. Trust, Bank of America Private Wealth Management announced it had promoted Paul Weaver to private-client adviser and hired Steve Hall to be a portfolio manager in Albuquerque.

Wachovia Corp. said it had hired John M. Dowd to be the wealth management director for its wealth management division's northeast region.

The strength of the euro is making U.S. asset management companies more attractive to acquisition-minded European firms.

Northern Trust Corp. said it will provide custody and fund administration services for $2.2 billion in funds of funds for Hargreaves Lansdown of the U.K.

The investment manager Gamco Investors Inc. of Rye, N.Y., announced that it has hired Nicholas F. Galluccio as the president and chief executive officer of one of its subsidiaries, Teton Advisors Inc.

Contango Capital Advisors Inc. of Berkeley, Calif., Zions Bancorp.'s wealth management subsidiary, announced Wednesday that George Feiger, Contango's founder and chief executive officer, has been named the chairman of its investment committee.