Wealth management

(To see this graphic in full, click on the image in the box to the right.)

More than 70% of top executives at global hedge funds said they expect fees to decrease during the next two years, according to a survey by Ernst & Young.

Bank of New York Mellon Corp. expects to add $250 million to $400 million of revenue by 2011 as a result of synergies from the megamerger it completed in July, the company's top executives said during its third-quarter earnings call on Thursday.

The $440 million-asset Bank Forward of Hannaford, N.D., is getting ready for retirement — the retirement of its wealthy clients, that is.

Northern Trust Corp. on Wednesday reported record net income per common share of 93 cents for the third quarter, an increase of 26% from a year earlier.

State Street Corp. reported on Tuesday that its third-quarter profit rose 29% from a year earlier, and it gave a more optimistic outlook for a recently acquired business.

Wealth management firms regularly get approached, and bought, by banks that want more customers and more products to sell.

TradeWeb on Oct. 11 announced plans to form a strategic partnership with nine dealers to help expand the electronic fixed-income and derivatives trading platform.

Money Management Executive

CitiStreet launched a new Web service Thursday for benefit plan participants. "The Web has always been an important touch point in retirement savings, but it has taken on added importance as it has become a primary source for education and action among benefit plan participants," said Sandy McCarthy, CitiStreet's president of retirement services. "Our new service is designed to make those interactions as easy and as successful as they can be."

Credit Suisse Index Co. research released Thursday found hedge funds are generally able to weather turmoil better than other market participants.

NYSE Regulation Inc. said Wednesday that it had disciplined nine member firms and eight individuals with censures and fines for various securities violations.

ING Group NV's real estate unit has raised $730 million in the United States to buy high-yield commercial real estate debt.

The Hedge Fund Working Group, representing U.K. hedge fund executives, set out proposals Wednesday aimed to improve disclosure to investors and to establish best practices for the industry.

U.S. Trust, Bank of America Private Wealth Management, created by Bank of America Corp.'s July purchase of U.S. Trust, has hired six executives.

A big reason Fidelity Investments changed the name of one of its business units, was the opportunity for growth in the trust business, according to the head of the unit.

Rising equity markets boosted the funded status of typical U.S. pension plans by 2.4% in September, according to BNY Mellon Asset Management.