Wealth management

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Boston Private Financial Holdings Inc. turned in strong third-quarter results by avoiding much of the subprime crisis' fallout thanks to its high-net-worth clientele, its CEO said Thursday.

Citigroup Inc. said it had hired Jeffrey Applegate to be the chief investment officer for its global wealth management unit.

Janus Capital Group Inc. reported a higher third-quarter profit from continuing operations Thursday, as assets under management grew, but a one-time charge cut its net income.

Jackson National Life Insurance Co., an indirect wholly owned subsidiary of London's Prudential PLC, said its sales for the first nine months of this year increased 20% from the same period last year, to $9.9 billion.

Fidelity Investments said it will spend $50 million to develop a platform to help wealth management advisers.

American International Group Inc. launched a unit dedicated to providing insurance for the U.S. trucking market.

Northern Trust Corp.'s asset management arm, Northern Trust Global Investments, has added seven emerging and minority-owned broker-dealers to its list of preferred equity trading partners.

Concord Equity Group Inc., a Matawan, N.J., provider of outsourced wealth management services, said it will provide Security National Bank of Omaha with an open architecture wealth management platform.

TD Ameritrade Holding Corp. announced that it expects to generate $2.3 billion of revenue in the fiscal year that began Oct. 1.

John Hancock Private Client Group, a Boston unit of Manulife Financial Corp., has hired a JPMorgan Chase & Co. unit to provide administration for its $1.6 billion in separately managed account assets.

North American Insurance Leaders Inc., a special-purpose acquisition company focused on buying insurance businesses, said it would hire Mark Haushill as its chief executive officer and a member of its board when it acquires Deep South Cos.

Principal Financial Group said it will pay certain fees on health savings accounts and health reimbursement arrangements for the second year in a row.

Money Management Executive

After disclosing Wednesday that it had taken the hardest hit of any investment bank from exposure to collateralized debt obligations, securitizations, and subprime mortgages, Merrill Lynch & Co. was buffeted by analysts who assailed the firm’s risk management practices and its top executives for failing to anticipate the extent of its vulnerability.

Janus Capital Group Inc., a Denver investment manager, said Friday that David Corkins, who managed the Janus Fund, the Janus Adviser Large Cap Growth Fund, the Janus Aspen Large Cap Growth Portfolio, and related products for retail and institutional clients, is leaving the company to pursue other opportunities.

U.S. retirement assets in the first quarter rose 1.2% from the previous quarter, to $16.6 trillion, according to the Investment Company Institute.

Tri-City Brokerage, a San Francisco division of Crump Group Inc., has hired two brokers, it said Thursday.

Despite missing analysts' average estimate by a nickel during the third quarter, Wilmington Trust Corp.'s chief executive officer says that the company will continue looking for ways to further develop its U.S. wealth advisory services business.