Wealth management

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.

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

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.

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.