Wealth management

AIG Capital India Ltd. said Thursday that it had gotten approval from the Reserve Bank of India, that nation's central bank, to operate as a nonbank finance company. AIG Capital can function as a subsidiary of American International Group Inc., according to an e-mailed statement from the New York insurance giant.

State Street Corp.'s board approved a policy Friday requiring it ordinarily to obtain shareholder approval before adopting any future shareholder rights plan.

Columbia Management Inc., an investment management arm of Bank of America Corp., named the co-president of Robeco Investment Management its head of distribution on Friday.

Bank of New York Co. Inc. said its third-quarter earnings fell nearly 10% because of expenses associated with its asset swap with JPMorgan Chase & Co., but they rose slightly after adjusting for the expenses.

E-Trade Financial Corp. posted a 46% increase in third-quarter earnings, in line with analyst expectations.

Jackson National Life Insurance Co. of Lansing, Mich., announced Thursday that sales in its core life and annuity lines rose 25%, to $6.9 billion, in the first nine months of the year.

Northern Trust Corp.’s product and distribution expansion in recent months helped it generate double-digit growth in assets under management.

Former Texas Secretary of State Elton Bomer has been named president of four insurance companies.

Mellon Financial Corp.’s efforts to expand its wealth management business showed signs of paying off Wednesday, when it posted stronger-than-expected third-quarter profit growth.

After a quarter in which profits more than doubled, Merrill Lynch & Co. plans to use capital it got from its deal with BlackRock Inc. for "organic and inorganic" growth, an executive said.

Pershing LLC, a Jersey City unit of Bank of New York Co. Inc., has begun providing its broker-dealer customers with access to Lincoln Financial Group's annuities.

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Axa Distributors LLC has hired an executive from Lincoln Financial Group to expand sales of annuities to financial planners.

State Street Corp. of Boston said Tuesday that its third-quarter profits nearly doubled from a year earlier, to $278 million, or 83 cents a share, as servicing and management fee revenue continued to increase.

Janney Montgomery Scott LLC, a Philadelphia investment and investment banking firm, has hired Randall A. Carbone as a senior vice president and director of wealth management services.

The Reserve, a cash manager whose services include money market funds, announced Monday that its assets under management have surpassed $50 billion.

Commerce Bancorp Inc.’s insurance unit will have to double its revenue over the next four years to achieve its goal of becoming one of the nation’s top 15 brokerage firms.

Bank of Montreal on Monday unveiled two products that provide creditor protection against disability and job loss for customers who hold personal, student, or homeowner lines of credit.