Wealth management

Deals for investment management companies reached a record level globally in the first half of the year, according to data released Monday by Putnam Lovell NBF Securities Inc.

Baring Asset Management of Boston announced that its chief investment officer, Michael Hughes, will retire at the end of the year.

Spectrem Group said the Spectrem Affluent Investor Index fell 4 points in June, to 7, what the Chicago research firm called "neutral terrain."

Hub International Ltd., an insurer based in Chicago, has purchased Steel City Agency.

With its expansion strategy for wealth management in place, Compass Bancshares Inc. plans to continue to acquire investment advisory firms in cities and regions where it already has bank branches.

Compass Bancshares Inc. of Birmingham, Ala., announced Thursday that it has bought Capital Investment Counsel Inc., a Denver investment advisory firm with more than $1.3 billion of assets under management.

Bancinsurance Corp., announced Thursday that Si Sokol, its founder and former chairman and chief executive officer, died Tuesday.

Bank Investment Consultant

Rochdale Investment Management LLC has launched its first hedge fund registered with the Securities and Exchange Commission.

Nikko Asset Management Co. Ltd. of Tokyo has hired Kikuo Shirose the head of its investment advisory sales and marketing division.

BB&T Corp.'s insurance brokerage business has posted 45% compound annual revenue growth over the past 10 years.

Boston Private Financial Holdings Inc. has closed its deal to acquire Charter Financial Corp., the Bellevue, Wash., holding company for Charter Bank.

Asset Management Advisors Inc., a Palm Beach, Fla., multifamily wealth manger, has recruited a four-person private-equity team from SunTrust Equity Partners.

James S. Gandolfo, the senior director and vice president in charge of the health savings accounts business at PFPC Inc., a Wilmington, Del., unit of PNC Financial Services Group Inc., has been elected chairman of the American Bankers Association HSA Council.

Wilmington Trust Corp. announced Monday that it had completed its acquisition of Bingham Legg Advisers LLC, a Boston wealth manager that specializes in tax-sensitive investment strategies for high-net-worth individuals and families.