Wealth management

Northeast Bank Insurance Group Inc., the insurance subsidiary of Northeast Bancorp of Lewiston, Maine, has bought an insurance agency in Madison.

State Street Corp. of Boston announced on Monday that it has completed its acquisition of another Boston company, Investors Financial Services Corp.

Assets held by the world's millionaires rose last year by 11.4%, to $37.2 trillion, a study found.

Securian Financial Group Inc. of St. Paul announced that its board of directors has elected Randy F. Wallake the wealth management firm's president.

Bancinsurance Corp. of Columbus, Ohio, a specialty property and casualty insurance holding company, announced that its chairman and chief executive, Si Sokol, has retired and that his son, John S. Sokol, is now its chairman and CEO.

Frances Aldrich Sevilla-Sacasa, who heads Bank of America Corp.'s new private wealth management organization with the $3.3 billion acquisition of U.S. Trust closing today, said that though the unit will face some natural attrition of advisers and customers, those defections will be offset by hiring and expansion plans that will continue growth in what is now the nation's largest private wealth management business.

NASD last week fined four firms for violating mutual fund sales rules.

Politics within different states are fueling or impeding the growth of health savings accounts in those markets, bankers and others say.

Contango Capital Advisors Inc., the Berkeley, Calif., wealth management arm of Zions Bancorp., promoted David Magee to the newly created position of president.

New York Life Investment Management LLC said it will promote Osbert Hood to chief executive officer of the New York Life Insurance Co. unit's investment management subsidiary, MacKay Shields LLC.

Wells Fargo Insurance Services of Chicago has hired Dan Vecchio as managing director and national practice leader of its professional risk group.

While many financial institutions, including banks, are genuflecting at the altar of unified managed accounts, Curian Capital LLC is among the nonbelievers.

John Hancock Funds, a Boston unit of Manulife Financial Corp., said it promoted John G. Vrysen to the newly created position of chief operating officer after a board of trustees meeting early this month.

Harris Private Bank, a Chicago arm of Bank of Montreal, has launched an investment vehicle to provide an additional source of income to investors with the potential to simultaneously grow assets.

Money Management Executive

American Century Investment Services Inc. hired Stephen J. Lurito as its chief investment officer for U.S. growth equity, a newly created position at the Kansas City, Mo., company.

National Planning Holdings Inc., a Santa Monica, Calif., broker dealer unit of Prudential PLC of London, promoted Kirsten Bosch to first vice president of branch development and Craig Lewis to vice president of marketing.