Wealth management

Bryn Mawr Bank Corp., the parent company of Bryn Mawr Trust Co. in Philadelphia, has announced that it will offer a nonproprietary separately managed account platform.

Axa Equitable Life Insurance Co., a New York unit of Axa SA, said it had hired Bill McDermott to be an executive vice president of corporate markets.

Credit Suisse said it had hired an executive to expand its U.S. asset management distribution.

After developing their annuity businesses in different ways, both Sun Life Financial Inc. in Toronto and Prudential Financial Inc. in Newark, N.J., have focused themselves on boosting sales by adding wholesalers in the bank channel.

Contradicting industry reports that hedge funds had experienced net redemptions at the beginning of the third quarter, HedgeFund.net has estimated inflows of $30.6 billion to hedge funds in July.

Wells Fargo & Co.'s insurance arm in Chicago, Wells Fargo Insurance Services, said it had promoted Paul Baldwin to chief operating officer of its American E & S unit.

Hartford Financial Services Group Inc. plans to cross-sell a variety of products through the 10,000 independent agents who sell its property and casualty insurance nationwide.

Columbia Management, Bank of America Corp.'s investment arm, promoted Colin Moore to chief investment officer.

PowerShares Capital Management LLC, a Chicago exchange-traded fund provider, said it had hired Philip Fang to be a vice president and fixed-income portfolio manager and Jeffrey Kernagis to be a vice president of portfolio management.

Axa Equitable Life Insurance Co., a New York unit of Axa Group, announced that it had promoted Claude Methot to senior vice president and chief product officer.

The National Association of Personal Financial Advisors will offer its members access to institutionally-priced immediate annuities through Hueler Companies' platform.

Bank of America Corp. has hired a Fidelity Investments executive to run its business retirement solutions unit.

Money Management Executive

The retired Bank of America Corp. executive hired this week to head BB&T Corp.'s wealth management business aims to develop the division's presence in several East Coast markets.

Fidelity Investments has reported that assets held in its 529 college savings plan business increased 22%, to $2.4 billion, during the 12 months from September 2006 through the end of August of this year.

E-Trade Financial Corp. said Wednesday that daily average revenue-generating trades fell 0.7% in August, to 197,861, from a month earlier, but rose 54.6% from a year earlier.

Hanover Insurance Group Inc. in Worcester, Mass., has announced the resignation, for personal reasons, of its chief financial officer, John J. Leahy, who had assumed the post Aug. 31.