Wealth management

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UBS Global Asset Management and Genworth Financial Inc. plan to introduce a guaranteed income for life option for 401(k) participants.

Analysts said that American International Group Inc.'s agreement to buy most of Popular Inc.'s U.S. consumer finance loan portfolio could be the first of several deals as the world's largest insurer "opportunistically" bulks up its consumer finance business.

Bank of New York Mellon Corp. announced Tuesday that it had completed its purchase of Arx Capital Management, a Rio de Janeiro independent asset manager.

Deutsche Bank Alex. Brown, the U.S. private-client services unit of Deutsche Bank Securities Inc. and Deutsche Bank Private Wealth Management, said it was expanding its West Coast operation by adding four client advisers.

Canopy Financial, a San Francisco technology vendor, will supply its health savings account platform to Wolters Kluwer Financial Services, a Minneapolis company that sells compliance and content software to financial services companies.

Wilmington Trust Corp.'s fourth-quarter earnings fell, and analysts said that since the company had no exposure to subprime mortgages, the decline is indicative of deeper and more systemic credit problems that many midsize banks can expect to face over the next year.

Merrill Lynch & Co. Inc.'s top executive said it has raised the necessary capital to steady its balance sheet after a second consecutive quarter of massive losses from mortgage-related writedowns.

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Bank of New York Mellon Corp. announced Thursday that its fourth-quarter profit dropped 68% from a year earlier as the company took charges on collateralized debt obligations and a conduit it sponsors.

BlackRock Inc.'s fourth-quarter earnings increased 90% from a year earlier, to $322.4 billion, or $2.43 a share, beating analysts' estimates.

Northern Trust Corp. may be the smallest of the big custodial banks, but analysts say that this does not necessarily mean it must acquire to avoid being elbowed out by larger competitors.

When the wealth management arm of Countybank Trust Services of Greenwood, S.C., gets new business, it's most likely to come through a referral by a satisfied client.

The Securities Industry and Financial Markets Association hired T. Timothy Ryan Jr., a JPMorgan Chase & Co. executive, as its chief executive officer.

The insurance underwriter AmRisc LP of Houston, a BB&T Corp. unit, announced Wednesday that it has agreed to buy Savannah Reinsurance Underwriting Management LLC from Glencoe U.S. Holdings Inc., an indirect wholly owned subsidiary of RenaissanceRe Holding Ltd.

Axa Equitable Life Insurance Co., a New York unit of Axa SA, launched a distribution channel focused on providing retirement plan strategies and products for Fortune 1,000 corporations and their employees.

Oppenheimer Holdings Inc. said it has closed its deal to acquire a majority of CIBC World Markets' U.S. capital markets businesses, including related Israeli investment banking and equities business, from Canadian Imperial Bank of Commerce.

State Street Corp.'s top executive says the Boston company is approaching 2008 with the view that a year of working toward a stronger balance sheet will position it to capitalize on acquisition opportunities coming out of what could be an economic recession.