Wealth management

Two subsidiaries of Genworth Financial Inc. of Richmond, Va., have launched a group guaranteed income annuity product for consumers who have planned for retirement but remain at risk of outliving their savings.

New York Life Retirement Plan Services hired William R. Kline as vice president of sales for the Southeast.

Wachovia Corp. plans to phase out the 121-year-old A.G. Edwards name, sacrificing a strong brand for a stronger one, as a Wachovia executive put it.

Massachusetts Financial Services Co. has established an investment research office in Sydney.

Wachovia Corp. promoted John Papadopulos to president of its retirement and investment product group.

Franklin Templeton Investments has made its small-cap growth fund available to retail investors.

Outflows from money market funds are par for the course in April because of tax season, but rarely do they reach the kind of level seen last month.

(To see this graphic in full, click on the image in the box to the right.)

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

BNP Paribas Investment Partners, the asset management arm of BNP Paribas Group of Paris, has launched Fridson Investment Advisors, an investment management firm based in New York and specializing in corporate credit opportunities.

Duncan Financial Group LLC, a securities and investment advisory services company in North Huntington, Pa., hired William J. Shelow Jr. as the president of its Virginia subsidiary Atlantic Financial Group LLC.

Deutsche Bank Securities Inc. has hired Chad South as a director and head of U.S. clean products trading in the commodities business within its global markets division.

Charles P. Nelson has been promoted to president of Great-West Retirement Services.

Massachusetts Mutual Life Insurance Co. promoted Hugh O'Toole to senior vice president in charge of national sales and distribution for the company's retirement services division.

MetLife Inc. has introduced a universal life insurance policy.

Federated Investors Inc., a Pittsburgh investment manager, said it has completed the purchase of $42 million of mutual fund assets from Central Bank and Trust Co. in Lexington, Ky.

Many banking companies have developed wealth management assets by targeting niche groups like professionals, women, and African-Americans, but observers say they are missing one particular niche: Hispanic-Americans.

State Street Global Advisors, the investment management arm of State Street Corp., announced Tuesday that it had started two SPDR exchange-traded funds on the American Stock Exchange.

Americans' retirement assets rose 6.7%, to $17.6 trillion, last year despite tumultuous market conditions.