Wealth management

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

Jackson National Life Insurance Co., a Lansing, Mich., unit of Prudential PLC, launched an optional benefit that provides guaranteed minimum annual withdrawals and the opportunity to increase retirement income.

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

New York Life Insurance Co. said that it hired John Y. Kim as an executive vice president of the company and the head of its investment management arm.

John Hancock Life Insurance Co. sold more long-term-care insurance than any other carrier last year, according to a Limra International survey.

First Midwest Bancorp Inc., an Itasca, Ill., company that focuses on Chicago, has expanded its trust services business by using local connections to get deals. It has thrived where smaller companies have faltered because it has developed the resources to play in the trust services game. Last year its trust division's assets under management and custody increased 11%, to around $4.03 billion.

UBS Financial Services Inc. of New York has opened a private wealth management office in Houston, its first there.

Morgan Keegan & Co. of Memphis, Regions Financial Corp.'s brokerage and investment banking arm, promoted two executives to chief posts in its fixed-income operations.

Wells Fargo & Co. said it has created a group to serve "ultra-wealthy families who manage their wealth across generations."

BNY Mellon Asset Servicing, Bank of New York Mellon Corp.'s securities servicing arm, has developed an online outsourcing service that it says allows investment managers and advisers to send clients customized information on portfolio holdings, billing, and transactions.

State Street Corp., a leading exchange-traded fund provider, believes the much-hyped idea of actively managed ETFs remains promising but is not quite ready to take off, a senior executive says.

Assets held by millionaires reached $50 trillion last year, according to study that was issud by Oliver Wyman that examined the private banking and wealth management market.

Despite difficult market conditions, assets that are held in U.S. retirement plans have nearly doubled in value since 1997, according to a study conducted by Watson Wyatt Worldwide.

Bank of America Corp. said that it has hired Claire Costello as its national executive for philanthropic management, a newly created position.

Retirement plan participants are torn when it comes to asset allocation funds, according to a survey.

The days of easy credit are over, and as consumers face up to the debt they have accumulated over the last decade, banks might want to turn back the clock and revisit a simple financial innovation: the savings bond.

Northern Trust Corp. announced that it has added three executives to expand its defined contribution team at Northern Trust Global Investments.

The online stock brokerage Scottrade of St. Louis is set to open its 50th California branch.