Wealth management

National City Seeks More Benefits Firms to Acquire

Oppenheimer Asset Management Inc., a unit of Oppenheimer & Co. Inc., said it has partnered with Placemark Investments Inc. to launch a unified managed account platform.

AmeriServ Financial Inc. of Johnstown, Pa., agreed to acquire the investment advisory firm West Chester Capital Advisors.

Axa Equitable Life Insurance Co. Inc. launched a series of term life insurance products Monday.

Nuveen Investments Inc. said fourth-quarter profits rose 15% from a year earlier, to $50.2 million, or 60 cents a share.

Triad Guaranty Inc., a Winston-Salem, N.C., insurance company, hired Gregory J. McKenzie as the president and chief executive officer of Triad Guaranty Insurance Corp. Canada, a Toronto unit that will open next quarter.

Wilmington Trust Corp.'s earnings rose slightly in the fourth quarter as revenue gains from its corporate client services and wealth advisory businesses were offset by higher expenses.

American Century Investments will continue being an acquirer, its departing president and chief executive officer and his successor said, as banks and insurers that never got large enough in the fund business to profitable look to quit it.

E-Trade Financial Corp. said its fourth-quarter earnings increased 37% from a year earlier, to $177 million, or 40 cents a share.

American International Group, Inc.’s board of directors elected three senior vice presidents and four vice presidents.

After reporting its all-time strongest quarterly and yearly profit growth, Merrill Lynch & Co. Inc.'s chief financial officer outlined several initiatives to maintain its momentum.

Mellon Financial Corp. said Wednesday its fourth-quarter results showed that its planned merger with Bank of New York Co. has not slowed growth in its asset management business or overall new-business pipeline.

Northern Trust Corp. said fourth-quarter earnings rose 16%, boosted by contract wins.

State Street Corp. said Wednesday that its fourth-quarter profit rose 17% as rising global stock markets increased fees for record keeping and money management.

Marsh & McLennan Cos. Inc., a New York insurance brokerage firm, announced a 12% increase in its quarterly common stock dividend during the fourth quarter.