Wealth management

Great-West Lifeco Inc. announced Monday its U.S. unit will buy an 80% stake in Benefit Management Corp., a U.S. third-party health plan administrator.

LaSalle Insurance Services of Troy, Mich., a unit of LaSalle Bank Corp. of Chicago, has hired Julia Baran as an account executive.

After spending the past three years rebuilding and restructuring, the chief executive officer of National City Corp.'s asset management unit says he is prepared for strong growth this year, organically and perhaps by acquiring an alternative investment firm.

MetLife Inc. of New York has a new offering for employers, Full Service Dental for Retirees.

The Risk Management Association voted to appoint Kevin M. Blakely to succeed Maurice H. Hartigan 2nd as its president and chief executive when Mr. Hartigan, 67, retires on July 30.

Hanover Insurance Group Inc., a property/casualty company in Worcester, Mass., is now selling its Connections Home product through advisers in Indiana and Wisconsin.

Nationwide Financial Services Inc. said it plans to develop a family of stand-alone retail mutual funds for distribution through banks and other channels.

New York Life Insurance Co. said it set records last year in operating earnings, surplus, operating revenue, assets under management, and sales of insurance and investment products.

Confidence among affluent investors declined by record amounts last month, according to a report from Spectrem Group of Chicago.

Scottrade Inc., a St. Louis online brokerage firm, announced Tuesday that it will open its second branch in the Richmond, Va., area and its second in the Cincinnati area.

Money Management Executive

Fidelity Investments announced that total record-kept assets, new plans funded, and total plans on its Advisor 401(k) platform increased last year.

Morgan Stanley has completed the merger of its two principal U.S. broker-dealers.

Charles Schwab Corp. completed its acquisition of 401(k) Co. from Nationwide Financial Services Inc.

Massachusetts Mutual Life Insurance Co. has formed a group to help investors prepare for and live during retirement.

CHICAGO — One year after Lincoln National Corp. finalized its merger with Jefferson-Pilot, the company is sharpening its focus on serving the 90 million U.S. consumers who are expected to reach retirement in the next decade.

MBIA Inc.'s wholly owned MBIA Insurance Corp. unit agreed to settle its lawsuit against Royal Indemnity Co. seeking enforcement of policies issued by Royal Indemnity guaranteeing vocational loans originated by Student Finance Corp., which went bankrupt in 2002.