Wealth management

SunGard has announced that Hilliard Lyons, a Louisville, Ky., unit of PNC Financial Services Group Inc., has signed a multiyear renewal of its contract for the WealthStation wealth management technology platform.

ING Americas announced that it has introduced ING Life Pay Plus, a variable annuity with a guaranteed 7% annual minimum increase in the withdrawal base during the first 10 years of the annuity contract.

John Hancock Life Insurance Co. has announced a 61% increase in long-term-care insurance sales, to $58.2 million in the second quarter, compared to a year earlier.

State Street Corp. has had heavy inflows into its target date funds as interest in a packaged retirement product has increased.

Standard & Poor's Corp. has raised its insurance financial strength rating for New York Life Insurance Co. by one notch, to AAA.

Citigroup Inc. is believed to be in talks to acquire a second final-salary pension plan two weeks after a becoming the first banking company to buy a U.K. company retirement fund, The Times in London reported Friday.

Bank of New York Mellon Corp.'s health savings account business ballooned in size over the past 12 months as its partnerships with health insurers bore fruit, the company said.

JPMorgan Chase & Co. has hired Hans Olsen as the chief investment officer of its private client services business.

Axa Distributors LLC, the wholesale distribution arm of Axa SA, has hired Mitch Waters as national sales manager for its Axa Advisors channel.

Brinker Capital Inc., a Berwyn, Pa., independent investment manager, said Thursday that its unified managed account platform now has $321 million of assets under management.

Contango Capital Advisors Inc., Zions Bancorp.’s young wealth management arm, plans to hire more advisers and will consider making a large acquisition to maintain its strong early momentum.

New York Life Insurance Co. announced Thursday that its insurance financial strength rating was upgraded to AAA by Standard & Poor’s.

Vanguard Group has announced that W. Michael Reckmeyer 3rd, a vice president at Wellington Management Co. LLP, was named to the portfolio management teams of the Vanguard Wellesley Income Fund and the Vanguard Equity Income Fund.

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The hedge fund run by the activist investor Edward S. Lampert increased its stake in Citigroup Inc. by 63% in the second quarter, to 24.8 million shares, according to a regulatory filing late Tuesday.

Charles Schwab Corp. said its client assets increased 21% from a year earlier but declined 1% from a month earlier, to $1.371 trillion as of July 31.

Massachusetts Mutual Life Insurance Co. launched a whole life insurance product that lets investors increase or decrease coverage according to changing needs, and to customize the policy with riders.