Wealth management

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.

TD Ameritrade Holding Corp. said its daily average client trades reached record levels last month.

Ivy Asset Management Corp., a hedge fund of funds and alternative investment management unit of Bank of New York Mellon Corp., opened an office in Hong Kong on Wednesday.

Putnam Investments has put Jenny S. Morton in charge of its global consultant relations.

Though the recent U.S. market turmoil has made it harder to save, investors continue to open 529 college savings plans.

John Hancock Financial announced Tuesday that its 2007 sales of variable annuities in the bank channel rose 41%, to $1.4 billion.

Assets held in U.S. exchange-traded funds declined last month because of poor market conditions, not a lack of interest in the product.