Wealth management

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.

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

A unit of American International Group Inc. said that it has introduced a group life insurance package that will be offered to businesses in 15 European countries.

Major custody banks are increasingly adding socially responsible investment factors into their monitoring services.

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Integrity Mutual Funds Inc. said that it has promoted Laura K. Anderson to chief operating officer of its mutual fund division.