Wealth management

MassMutual International LLC, a subsidiary of Massachusetts Mutual Life Insurance Co., announced Monday it promoted three executives to senior managing director, effective immediately.

Charles Schwab Corp.'s broker-dealer unit has reduced account-opening minimums for its main brokerage and retirement accounts and eliminated minimums for certain clients.

A steady decline in single-premium sales caused individual life insurance premiums sold through banks to decline for the second consecutive year in 2006, according to Kehrer-Limra International.

Northern Trust Global Investments, a London unit of Northern Trust Corp. of Chicago, named Kevin Hardy as a managing director of international sales for Europe, the Middle East and Africa region, and the Asia Pacific region.

Jackson National Life Insurance Co., a Lansing, Mich., subsidiary of Prudential PLC of London, said its first-quarter sales rose 21% from a year earlier, to $3.5 billion.

Aberdeen Asset Management Inc. of Philadelphia, a subsidiary of Aberdeen Asset Management PLC of Scotland, has unveiled the Aberdeen Emerging Markets Fund.

Questar Asset Management of Minneapolis, a registered investment advisory, has developed a wealth management platform that will include unified managed accounts.

A tumultuous quarter for subprime mortgages has not altered Merrill Lynch & Co. Inc.'s desire to participate in that business, according to Jeffrey Edwards, its chief financial officer.

Some banking companies have abandoned proprietary investment products in the past several years, but Diane L. Thormodsgard, U.S. Bancorp's new head of wealth management, said she is committed to helping her company maintain its position as both a product manufacturer and distributor.

Triad Guaranty Insurance Corp. of Winston-Salem, N.C., promoted Lynn S. Hardy to vice president of quality assurance.

Barclays Global Investors of San Francisco has hired an executive from one of its rivals, State Street Corp. of Boston, to help develop its exchange-traded fund business.

Shares of Marsh & McLennan Cos. had their biggest gain in six months on Tuesday as speculation increased that the company may be a takeover target.

T. Rowe Price Group Inc., a Baltimore investment management company, announced that it had hired a Fidelity Investments executive to run its retirement plan services unit.

Robeco Investment Management, the U.S. asset management arm of Robeco Group, said it has introduced a separately managed account platform.

Bank of New York Co. Inc. credited growth in its securities servicing business for a 3% first-quarter profit increase, to $434 million.

Ronald E. Logue, State Street Corp.'s chairman and chief executive officer, said the Boston company will need to acquire to enhance its international profile.

Columbia Management, Bank of America Corp.'s investment management arm, said it had hired Amanda H. Grant to head institutional client services.

Meadowbrook Insurance Group Inc. announced Tuesday that it has agreed to acquire U.S. Specialty Underwriters Inc. for $23 million in cash and stock.