Wealth management

Northern Trust Corp. of Chicago has promoted Paul Cutts to run its Melbourne office as managing director, a newly created position.

The multifamily wealth management business is booming as the rich continue get richer but grapple with increasingly complex market conditions.

Pyramis Global Advisors, a Boston unit of Fidelity Investments Co., has hired Patrick J. McNelis as executive vice president of global sales and distribution.

State Street Corp. of Boston named Maureen Miskovic its chief risk officer.

ING Investment Management Americas, a New York unit of the Dutch financial services company ING Group NV, hired Chet Ragavan as its chief risk officer.

BNY Mellon Asset Servicing, a unit of Bank of New York Mellon Corp., hired Kathy Cuocolo to run its U.S. mutual fund administration and exchange-trade fund services, a newly created position.

National Financial Services LLC, Fidelity Investments' clearing unit, has established a self-clearing outsourcing business designed to spur growth over the next seven years.

Bank of America Corp. of Charlotte promoted Laurie Krupa to Northeast division executive for its premier banking and investment group.

SEI Investments of Oaks, Pa., a provider of outsourced asset management, investment processing, and investment operations services, has signed an investment advisory agreement with its first client in mainland China, Yinhua Fund Management Co. Ltd.

State Street Corp. on Monday named Maureen Miskovic, who has been a member of its board of directors since 2006, the chief risk officer.

Federated Investors Inc., a Pittsburgh investment manager, launched a quantitative equity fund.

Reserve Management Corp., the New York company that created the first money market fund, says it is gathering assets quickly, in part because its funds' reputation for safety is well received during volatile periods in the equity markets.

State Street Corp. hired Scott Powers as president and chief executive officer of its investment arm, State Street Global Advisors.

The Money Management Institute, the Washington group that tracks the managed accounts industry, elected Brian Jacobs as its chairman.

Confidence among millionaires and affluent individuals declined last month ase a result of recession fears, according to Spectrem Group.

Northern Trust Corp.'s investment management business plans to expand by adding product capabilities domestically while opening more offices in international markets, according to the group's new top executive.

HSBC Private Bank plans to open its first office in New Jersey this month.

Columbia Management, a Boston unit of Bank of America Corp., has completed the integration of 24 Excelsior funds into its Columbia Funds family.