Wealth management

The National Association of Securities Dealers Inc. fined Raymond James Financial Inc. of St. Petersburg, Fla., $2.75 million for failing to properly supervise sales activities of more than 1,000 branch managers nationally from April 2000 to September 2004.

John Hancock Financial Services has promoted Marc Costantini to president of its variable annuities business.

(Money Management Executive)

Assets held in defined-contribution plans will nearly double in the next five years, according to TowerGroup.

AIG Environmental, a division of the property and casualty subsidiaries of American International Group Inc., announced Tuesday that it will begin offering property insurance.

John Hancock Annuities said it has added Venture Vision, a variable annuity that does not impose a surrender charge on withdrawals, to its product lineup.

Standish Mellon Asset Management, a unit of Mellon Financial Corp., said Tuesday that it had hired an executive from Putnam Investments to direct its emerging market strategies.

UBS AG plans to open five U.S. offices this year dedicated to serving very wealthy clients as it strives to double its market share in that category, according to its U.S. private banking unit's new chief executive.

Hartford Financial Services Group Inc. plans to expand distribution to increase sales in its individual life insurance business, according to the unit's new director.

American Banker has improved and expanded its weekly Wealth Management Update newsletter: In addition to our top investment and insurance products stories for the week, this email newsletter now includes the full text of Wealth Management Media Scan, a weekly compilation of ideas and trends that are getting attention in the consumer media.

John Hancock announced Friday it has repriced its Accumulation universal life policy.

Hartford Financial Services Group Inc. announced two senior executive promotions Wednesday to increase growth in its European operations and its individual life business in the United States.

Pioneer Global Asset Management SpA has promoted Daniel Keith Kingsbury as the president and chief executive officer of Pioneer Investment Management USA Inc.

Hedge funds increased slightly in January, according to data by RBC Capital Markets.

Arthur J. Gallagher & Co. of Itasca, Ill., has acquired Fishermans Insurance Services Inc., a Seattle marine insurance broker.

Putnam Investments, a unit of Marsh & McLennan Cos. Inc., said State Street Corp. will provide servicing for $169 billion of assets.

BOSTON — Regulatory changes are likely to increase participation in defined-contribution programs, and financial services companies are considering how to prepare and benefit from that shift.

Merrill Lynch & Co. Inc. has hired John Crompton, a former Morgan Stanley executive, as its head of equity capital markets for Europe, the Middle East, and Africa.