Wealth management

It's a rags-to-riches story to which any platform rep could aspire: David Merola started as a teller, participated in a Huntington Bancshares Inc. experiment a little over a decade ago to license branch staff, and now runs a team producing $3 million of sales a year.

Principal Financial Group of Des Moines has opened an office in Reading, Pa., to serve as the East Coast regional hub for its Principal Wellness Co.

Massachusetts Mutual Life Insurance Co. hired Michael R. Fanning as a senior vice president and the chief operating officer of its U.S. insurance group.

Guerite Advisors LLC, a Greenville, S.C., registered investment adviser, has launched a flagship no-load mutual fund.

AIG Annuity Insurance Co. of Houston is unveiling a lifetime income benefit option for new contract holders of its retail and bank proprietary fixed annuity products.

Alps Advisers Inc., an asset manager based in Denver, has completed its acquisition of the Liberty All-Star Funds management business from Banc of America Investment Advisors Inc.

National Financial Partners Corp., a New York financial services distribution company, is buying the executive benefits firm Balser Cos.

New York Life Insurance Co. says a new team of retirement specialists will give bank sales of its Lifetime Income Annuities a big lift.

Chubb Corp. announced a settlement Thursday with the attorneys general of New York, Connecticut, and Illinois to resolve their investigations of bid-rigging by the Warren, N.J., insurer.

In the race to capture its share of the billions of dollars pouring out of 401(k) and other retirement savings accounts, the U.S. mutual fund distribution arm of Deutsche Bank says structured products may give it an opportunity to gain market share.

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Massachusetts Mutual Life Insurance Co. announced Wednesday it appointed Michael R. Fanning to be a senior vice president and chief operating officer of its U.S. insurance group.

Massachusetts Mutual Life Insurance Co. announced that Stuart H. Reese, chief executive officer and president, has also been named chairman of the board of directors.

The attorneys general of Connecticut, New York, and Illinois charge in a lawsuit that Acordia Inc., Wells Fargo & Co.'s insurance brokerage arm, referred individuals to insurers in return for "millions in secret payments."

Fidelity Investments launched four sector funds to be sold through advisers.

Charles Schwab & Co. knew when it came out with its mutual fund wrap program in July that it would have to do more than simply launch the product if it was to pull in assets, since many competitors had been offering such products for years.

If China Life Insurance issues the maximum 1.5 billion A shares, the new shares would account for 5.3% of the company's enlarged share capital, it said.