Wealth management

Citigroup Inc. agreed to buy Legg Mason Inc.'s private portfolio group to enhance its overall fee-based wealth management platform, but more specifically, the deal could help Citi become a stronger player in the growing unified managed account market.

After a steep profit decline, Nationwide Financial Services Inc. is trying some new things in its efforts to increase the sales of its retirement and life insurance products through banks.

Despite difficult economic conditions, the majority of individual retirement account holders are continuing to make contributions, according to a survey conducted by Fidelity Investments and its clearing arm, National Financial Services LLC.

Merrill Lynch & Co. Inc. hired Eugene M. McQuade, formerly of Freddie Mac and Bank of America Corp., to run its U.S. banking group.

(The following article originally appeared in Employee Benefit News Canada, a SourceMedia Inc. publication.)

The Financial Industry Regulatory Authority said Oppenheimer & Co. agreed to pay $4.5 million to settle allegations of marketing timing.

Deutsche Bank AG's acquisition of a California hedge fund administration business was its opening salvo in its plan to become a top-five player in the business, an executive with the banking company says.

Vanguard Group promoted F. William McNabb 3rd to president and director.

BMO Capital Markets, Bank of Montreal's Chicago investment and corporate banking arm, has hired a group of five municipal bond sales and trading professionals from LaSalle Financial Services.

Nearly two-thirds of Americans remain committed to their current investment portfolio, despite fears of a recession and increased market volatility, according to a national survey Edward D. Jones & Co. LP released last week.

Goldman Sachs Asset Management has added two international funds.

TD Ameritrade Holding Corp. has a new online service it says helps investors develop a retirement plan that aligns projected retirement savings and expenses.

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After opening an office in Hong Kong this week, Ivy Asset Management Corp., a hedge fund of funds and alternative investment management unit of BNY Mellon Asset Management, said its expansion in Asia is far from complete.

Vanguard Group announced Friday it elected F. William McNabb 3d as its new president and director effective at the beginning of next month.

Arthur J. Gallagher & Co., an Itasca, Ill., insurance brokerage and risk management services firm , said its Risk Placement Services Inc. has acquired Leicht General Agency in Houston.

WisdomTree Investments Inc. of New York said it plans to launch the industry's first India exchange-traded fund with direct investment in local Indian securities.