Wealth management

The NASD has fined a hedge fund manager $2.25 million for deceptive trading in variable annuities.

Acordia Inc., Wells Fargo & Co.’s insurance brokerage subsidiary, announced Wednesday it named Pennye Howard, an assistant vice president and account executive for its commercial property and casualty division.

RBC Capitals Markets’ deal to buy a New York boutique broker-dealer would give it access to technology and expertise that it says will give it a leg up in prime brokerage.

Bank Investment Consultant

PowerShares Capital Management launched three exchange-traded funds on the American Stock Exchange on Tuesday.

MetLife Investors Distribution Co. has hired two wholesalers and promoted two others to increase sales in the bank channel nationally.

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Credit Suisse announced Tuesday that it has hired Jeffrey Halpern to head market risk management for multimanager portfolios for alternative investments.

Shares of TD Ameritrade Holding Corp. fell after its earnings missed analysts' expectations.

Wachovia Securities of Charlotte has added Putnam Investments' Small Cap Value Managed account to its separately managed account programs, Putnam announced Tuesday.

Fidelity Investments has a new retirement-planning program called myPlan.

Sun Life Financial Inc. of Toronto said Monday that it will not sell MFS Investment Management.

Santander Central Hispano SA announced Monday that it has agreed to take over a portion of Bank of America Corp.'s wealth management portfolio.

The DWS Scudder division of Deutsche Asset Management said Monday that it has hired Douglas Beck as its head of product management.

State Street Corp. announced Monday that it will provide fund-manager operations to Evergreen Investments, Wachovia Corp.'s primary fund unit.

Legg Mason Inc. made news last year when it swapped its brokerage network for Citigroup Inc.'s asset management business to become known as a pure-play asset manager.

Genworth Financial Inc. said Friday that its board had amended the company's corporate bylaws to adopt a majority-vote standard for the election of directors.

Wilmington Trust Corp. says it remains committed to its growth-style investment management unit, even though an accounting writedown related to the unit delivered a significant blow to third-quarter profits.

Former Texas Secretary of State Elton Bomer has been hired to be the president of four insurance subsidiaries of the Dallas-based Heritage Guaranty Holdings Group.