Wealth management

Northern Trust Corp. hopes to take advantage of recent trust banking deals to lure high-net-worth and institutional clients away from its rivals, according to Steven L. Fradkin, its chief financial officer.

Bank of New York Mellon Corp. hired Tracy C. Nickl as the managing director of BNY Mellon Wealth Management in Southern California.

The New York investment manager BlackRock Inc. said Wednesday that its second-quarter net income more than tripled and that it benefited from its September 2006 merger with a unit of Merrill Lynch & Co. Inc. Related Links Complete 2Q 2007 Earnings Coverage

Payden & Rygel of Los Angeles has a new series of four target maturity funds.

Comerica Insurance and A.E. Mourad Agency announced a referral arrangement to provide Comerica Insurance clients in Michigan with access to Mourad's employee benefits programs.

Wachovia Retirement Services is offering a new immediate annuity.

Arthur J. Gallagher & Co. of Itasca, Ill., has acquired Spanjers Insurance Agency Inc. of Mendota Heights, Minn.

Despite some positive signs, the battered subprime mortgage and collateralized debt obligation markets are not ready to return to form just yet, Jeffrey Edwards, senior vice president and chief financial officer at Merrill Lynch & Co. Inc., said Tuesday.

Fidelity Investments hired Roger Lawson, an executive from Prudential Financial Inc., to return to Fidelity as president of its holding company, FMR Corp.

State Street Corp. announced Tuesday that its second-quarter profit rose 60% from a year earlier, to $366 million, or $1.07 per diluted share.

ING Americas of New York hired Bridget M. Healy an executive vice president and chief legal officer for its operations in North and South America.

Goldman Sachs Group Inc. said it has hired former U.S. Trust Co. chief executive Peter K. Scaturro to be its global head of private wealth management.

Bisys Retirement Services, a Dresher, Pa., unit of New York's Bisys Group, said it had closed its purchase of Frontier Trust Co. from Axa Financial Inc.

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With its $4.2 billion purchase of Investors Financial Services Corp., State Street Corp. became the largest hedge fund administrator and the second-largest global custodian, its $12.3 trillion of assets under custody trailing only Bank of New York Mellon Corp.

Metavante Corp. in Milwaukee has announced a deal to provide the technology and support for a health savings account offered by Harris Bank, the Chicago subsidiary of Bank of Montreal.

Jackson National Life Insurance Co., a Lansing, Mich., unit of London's Prudential PLC, said it had promoted Jim Binder to senior vice president and treasurer.