Wealth management

Harris Investment Management Inc. of Chicago has three new investment products for institutional investors: HIM MicroCap, an international equity offering, and HIM 130/30.

Wachovia Securities LLC of Charlotte, Wachovia Corp.'s brokerage unit, hired Matthew McGrath as a managing director in its investment banking division's strategic advisory group.

E-Trade Daily Trades Rose 8.8% in AprilE-Trade Financial Corp. said its average number of client trades per day rose 8.8% in April. Daily average revenue trades were 171,078, against 157,313 in March, and retail client assets rose 3.5%, to $207.6 billion, the online bank and brokerage said.

Morgan Stanley named Pavel Fedorov managing director of its Russian office's investment banking division.

The executive team that Bank of America Corp. announced Thursday to head its private wealth management business after it buys U.S. Trust Corp. would bring a more centralized leadership approach than either company has used.

Guardian Life Insurance Co. of New York has hired David Turner to run its new private-equity investment group.

Bank of America Corp. said Wednesday that it is "exploring strategic alternatives" for its commercial insurance brokerage business.

Merrill Lynch & Co. Inc. announced Wednesday that it had promoted Ahmass Fakahany and Gregory Fleming to the new post of co-president.

Putnam Investment Management LLC has announced that shareholders in all its funds have endorsed the planned sale of the company to Great-West Lifeco Inc. by approving management contracts for each fund.

Charles Schwab & Co. Inc. said that it has cut fees and reduced the initial investment required for its 529 college savings plan.

Money Management Executive

Prudential PLC's National Planning Holdings Inc. said it will manage a newly created health savings account.

New York insurer American International Group Inc. has a definitive agreement to buy the minority shareholders in 21st Century Insurance Group, which it already controlled, for $22 a share, or about $813 million.

Claymore Advisors LLC said Tuesday that it has licensed the Morningstar Super Sector Indexes for the creation of three exchange-traded funds.

Genworth Financial Inc. is bolstering its wholesaler corps, in part to differentiate itself as an insurance firm committed to training and assisting platform bankers.

Max Specialty Insurance Co., a Richmond, Va., insurer, announced Monday it has added Jon S. Saltzman to its board of directors.

The U.S. division of Sun Life Financial Inc. of Toronto has kicked off a retirement and wealth-transfer marketing campaign.

National Financial Partners Corp. of New York, a national network of independent financial advisers, said James R. Gelder will join it July 2 as the chief executive of NFP Insurance Services Inc., a newly created position, and executive vice president of the parent company.