Wealth management

Over 90% of more than 300 senior hedge fund managers in a survey have said that they expect the $1.8 trillion hedge fund industry to attract "significant" new money this year, according to Rothstein Kass, an accounting firm that sponsored the survey.

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

Households with a net worth of $1 million to $5 million display a much humbler way of life than the term "millionaire" tends to evoke, according to a report by Chicago's Spectrem Group.

SEI Investments, an Oaks, Pa., investment manager, has announced that its private banking unit introduced an enhanced integrated managed account platform to U.S. banks.

New York Life International LLC, a unit of New York Life Insurance Co., has named Anthony Mak the president and chief executive officer of its wholly owned Hong Kong subsidiary, New York Life Insurance Worldwide Ltd.

State Street Corp.'s top executive said that the Boston company plans to focus on adding customers, developing business and products through its investment management arm, and expanding internationally, and that he remains cautiously optimistic for growth the rest of this year.

Northern Trust Corp. announced Tuesday that its first-quarter earnings more than doubled from a year earlier, to $385.2 million, or $1.71 a share, because of strong revenue gains and the sale of stock in Visa Inc.'s initial public offering.

Federated Investors Inc., a Pittsburgh investment management company, said in a preliminary report that its first-quarter net income increased 7.7% from a year earlier, to $55.8 million, or 55 cents a share, missing the average analyst expectation by 7 cents.

Bank of New York Mellon Corp. announced that it will provide subadvisory, transfer agency, fund accounting, fund administration, and custody services for RevenueShares Investor Services LLC's RevenueShares ETFs.

Marathon Asset Management LLC opened its first office in Turkey.

Northern Trust Corp. of Chicago hired two executives for its Northern Trust Canada unit in Toronto: John Folk as senior vice president of client service and operations and Valerie Hull as vice president of finance.

The Boston turnkey managed account provider FundQuest Inc. is hoping a new partnership with Charles Schwab Corp. will help it get a foot in the door at more banks, trusts, and registered investment advisers.

The investment manager Phoenix Cos. Inc. of Hartford, Conn., has a new low-cost, no-load annuity.

Northern Trust Corp. of Chicago announced it is providing middle-office services to its first hedge fund client, Julius Baer Investment Management LLC of New York.

Bank of New York Mellon Corp. plans to expand its wealth management business westward, using proceeds from last month's deal to sell Mellon 1st Business Bank in Los Angeles to U.S. Bancorp of Minneapolis.

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First Republic Bank, a San Francisco private banking, private business banking, and wealth management services division of Merrill Lynch & Co. Inc., has hired Jose Marquez as a relationship manager.