Wealth management

Bank of America Corp.'s global wealth and investment management division plans to add to its sales staff this year.

Two Portland, Ore., companies, Allen Trust Co. and Capital Pacific Bank, have formed an exclusive strategic alliance to offer banking, trust, and investment management services to business owners, professionals, and nonprofit organizations.

Deutsche Bank AG's asset management division said its global insurance asset management business will manage the $5 billion insurance portfolio of Converium Ltd., a multiline reinsurer based in Zug, Switzerland.

Banco Santander Central Hispano SA, Spain's largest banking company by market capitalization, has an agreement to take over an additional portion of Bank of America Corp.'s wealth management portfolio.

John Hancock Financial Services, a Boston unit of Manulife Financial Corp. of Toronto, announced that sales of variable annuities increased 15% last year, to a record $9.1 billion.

Deutsche Bank's asset management division announced Wednesday that its global insurance asset management business will manage Converium's $5 billion insurance portfolio.

BNP Paribas Securities Services of London announced Tuesday that it has expanded its hedge fund administration operations to include services within the United States.

Hartford Financial Services Group Inc. says it hopes renewed interest in 529 college savings plans nationally, coupled with a marketing plan it launched last fall, will help it more than quadruple its assets under management in such plans in the next three years.

John Hancock has created a retirement income and rollover solutions business unit.

American Century Investments of Kansas City, Mo., has bought $225 million of assets from Kopp Investment Advisors.

Northern Trust Corp. of Chicago has added the Northern Bond Index Fund to its Northern Funds family.

Hub International Ltd, a Chicago-based insurance brokerage firm, announced Monday that it has agreed to a $1.8 billion takeover by investment funds advised by Apax Partners Worldwide LLP and Morgan Stanley.

Bank of America Corp.'s private bank has created a team to serve its wealthiest clients in Houston and surrounding areas in Texas.

Conseco Inc. said it will delay its fourth-quarter earnings report for a week to review its internal controls and claim reserves.

After adding more than 50 hedge funds as administration and operations customers last year, Northern Trust Corp. anticipates healthy growth for that business this year, but it will have a tough time cracking the upper echelon of administrators.

Hanover Insurance Group Inc. of Worcester, Mass., announced that Edward J. Parry 3rd, its chief financial officer and an executive vice president, will resign June 15.

T. Rowe Price Group Inc.'s change in leadership will not mean a shift in strategy away from emphasizing organic growth over acquisitions, its top executive said.