Wealth management

Pacific Investment Management Co., a Newport Beach, Calif., unit of Allianz SE, announced that Mohamed El-Erian, its former managing director and senior portfolio manager, will return in January in a newly created position as managing director and co-chief executive officer and co-chief investment officer.

The chief executive of Northeast Bank in Lewiston, Maine, says it plans to maintain an aggressive acquisition strategy as it seeks to expand its insurance business — as well as its overall banking operations — throughout Maine and into New Hampshire.

Hewitt Associates LLC, a Lincolnshire, Ill., human resources services company, has established a U.S. defined contribution consulting practice.

Hub International Ltd. has hired Daniel Goldsmith as a vice president and chief financial officer.

Envestnet Asset Management Inc., a provider of wealth management products and services, has hired Richard Hughes as an executive vice president for the distribution of its proprietary investment solutions.

Barclays Global Investors launched a municipal bond exchange-traded fund, and State Street Corp. plans to launch one this week.

Upromise Inc., the college savings company, has attracted "hundreds of thousands of new members" since its purchase last year by the college lender Sallie Mae, according to Upromise's president.

PFPC International Ltd., a unit of PNC Financial Services Group Inc. that provides accounting and administration services, said it has hired two senior financial services representatives for its new office in London to expand its global business development effort.

MassMutual Financial Group of Springfield, Mass., promoted Ian Sheridan and Eric Wietsma to corporate vice presidents in its retirement services division.

Spectrem Group's Affluent Investor Index declined significantly last month.

Leo P. Grohowski said he stepped down as the chief investment officer of Bank of America Corp.'s wealth management arm and took the same job at Bank of New York Mellon Corp. because he wanted to continue in a role that focused on product manufacturing.

SunTrust Banks Inc. said Friday that it plans to introduce a unified managed account platform next year for its wealth and investment management clients.

Massachusetts Mutual Life Insurance Co. announced Thursday it promoted Isadore Jermyn to chief actuary.

Bank of New York Mellon Corp. said it had hired the chief investment officer of U.S. Trust, Bank of America Private Wealth Management to fill the same role in its wealth management arm.

Bank Investment Consultant

BlackRock Inc. announced Thursday its co-founder, Ralph Schlosstein, will leave the firm.

BNY Mellon Asset Management, a unit of Bank of New York Mellon Corp., received approval from the China Securities Regulatory Commission to provide subadvisory services for Chinese investors.

A top executive at BancorpSouth Bank in Tupelo, Miss., said there are acquisition opportunities in the Gulf Coast region as small insurers look to sell themselves.