Wealth management

Variable-annuity sales, buoyed last year by innovative riders and favorable market conditions, should continue to outpace fixed-annuity sales this year, analysts say.

The OppenheimerFunds Inc. unit of MassMutual Financial Group will be replacing Legg Mason Inc. as the manager for Illinois' 529 college savings program.

The proliferation of health savings accounts met expectations last year, and analysts say the product is building momentum for long-term growth.

The bank-brokerage industry has been ramping up for what it hopes will be a good year, but there will be challenges in 2007, including a lack of referrals, uncertain market conditions, and a demographic shift that will require sophisticated models for retirement-income planning.

RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, announced Wednesday that it has bought Carlin Financial Group, a New York broker-dealer.

Willis Group Holdings Ltd. of New York has acquired a broker in Tampa.

Washington Mutual Inc. has completed the sale of its mutual fund business, WM Advisors Inc., the investment manager of WM Group of Funds, to Principal Financial Group of Des Moines.

ING Investment Management Americas' top executive said his firm expects more distribution of its products through banks this year with banks continuing their move to broader, open-architecture platforms.

Munder Capital Management of Birmingham, Mich., announced Tuesday that it has completed the management-led buyout it announced in August.

Bank of the West in San Francisco announced Tuesday that its BW Insurance Agency of Fargo, N.D., has bought Contractor's Insurance Services Inc. of Tualatin, Ore.

MetLife Inc. announced Friday that it will pay $19 million to resolve an investigation by the New York Attorney General's Office into payments made to brokers to steer clients to its Metropolitan Life Insurance Co. subsidiary.

Marsh & McLennan Cos. Inc. of New York has agreed in principle to sell Putnam Investments to Power Corp. of Canada for $3.9 billion, according to sources at the fund company.

The Essex Investment Management Co. LLC unit of Affiliated Managers Group Inc. promoted Deborah A. Coulter to chief financial officer from senior vice president and director of finance and administration.

Recently a very wealthy California woman in her late 30s learned she needed a type of surgery that was so rare her insurance policy with Hartford Financial Services Group Inc. would not cover it.

Goldman Sachs Group Inc. announced Thursday that it has raised $6.5 billion of committed capital for its GS Infrastructure Partners Fund.

Nearly a third of Americans say not having enough money for health care is their biggest concern as they enter retirement, according to a survey Edward D. Jones & Co. LP of St. Louis released Wednesday.