Wealth management

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.

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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.

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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.