Wealth management

Bank of New York Mellon Corp.'s BLDRS family of exchange-traded funds has reached $1 billion of assets under management, it announced.

BenefitStreet Inc., a San Ramon, Calif., corporate benefits provider, has introduced a 401(k) platform that will let investors choose both exchange-traded funds and mutual funds in the same plan.

BB&T Corp. hired David Fisher, a former Bank of America Corp. executive, to run its wealth management division.

Wachovia Corp.'s insurance arm bought a Greenville, S.C., insurance provider.

Nationwide Financial Services Inc. of Columbus, Ohio, has a deal to sell its active asset management business to Aberdeen Asset Management Inc.

Fifth Third Asset Management Inc., a unit of Cincinnati's Fifth Third Bancorp, has hired William C. Natcher as a senior portfolio manager in its structured products team in Cleveland

The top executive of Marshall & Ilsley Corp.'s wealth management business said the unit cannot rely solely on organic growth if it is to increase its contribution to its parent company's bottom line to 10% from 7%.

Bank of America Corp.'s chief financial officer said Monday that he expects "unprecedented dislocations" in capital markets to have "a meaningful impact" on the third-quarter results of his company's global corporate and investment bank.

Wachovia Corp.'s insurance arm bought a Greenville, S.C. insurance provider.

Wachovia Corp., preparing to enter the health savings account fray, hopes to differentiate itself by presenting its version of the product as part of a broader financial services solution particularly suitable for retirees, according to the head of the business.

Bank of America Corp. said it would sell its corporate insurance unit to the Glen Allen, Va., insurer Hilb Rogal & Hobbs Co.

Insurance executives foresee an increase in mergers and acquisitions in the next 12 months, as a result of strong financial performances in their industry, according to a survey KPMG LLP released Wednesday.

Phoenix Cos. Inc. selected Katherine Cody, a senior vice president and the chief accounting officer with the Hartford, Conn., investment manager, to lead its new alternative products unit.

eSecLending, a Boston provider of securities lending services, said it has awarded about $84 billion of lending contracts in U.S. equity and foreign fixed-income securities for the California Public Employees' Retirement System, the nation's largest public retirement pension fund.

Hartford Financial Services Group Inc. announced Wednesday that it has promoted Wade Seward to chief marketing officer of its individual life insurance business.

Last month Assets held in hedge funds declined 1.26%, the largest decrease since May of last year, according to HedgeFund.net, a New York division of Channel Capital Group Inc.