Wealth management

American International Group Inc. president and chief executive Martin Sullivan did not try to sugarcoat its 2007 results, which he called "clearly unsatisfactory."

Assets rose 26% last year, to $21.2 billion, for Fidelity Investments' Advisor 401(k) platform, which is offered exclusively through third-party financial advisers to small and midsize companies.

PowerShares Capital Management LLC is the first exchange-traded fund provider to receive Securities and Exchange Commission approval to offer actively managed exchange-traded funds.

Banco Santander SA of Madrid has a deal to buy Banco Real, the former Brazilian asset management arm of ABN Amro Holdings NV, from Fortis NV for roughly $314.3 million in cash.

Wells Fargo & Co.'s insurance arm announced Wednesday that it bought Insurance Brokers of America.

The Financial Industry Regulatory Authority said Thursday that it settled cases against four companies accused of share sales and supervisory violations.

BB&T Insurance Services has a deal to enter the Orlando market by buying Burkey Risk Services, a Maitland, Fla. company, which provides risk management and employee benefits services.

Though Royal Bank of Canada's year-old wealth management business has announced two acquisitions in the past couple of weeks, it does not plan to rely solely on making deals in order to expand, the unit's top executive said.

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State Street Global Advisors plans to expand its lineup of exchange-traded funds.

Hartford Financial Services Group Inc. has promoted two senior executives.

Prudential Financial Inc.'s domestic annuities unit has formed two sales teams for its wire house distribution channel and hired two national sales managers to run them.

New York Life Insurance Co. said it will promote Ted Mathas to chief executive officer July 1.

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.)