Wealth management

A.M. Best Co. said Monday that it had upgraded the financial strength rating of Allmerica Financial Life Insurance and Annuity Co. to A-minus, from B-plus, and the issuer credit rating to a-minus, from bbb-minus.

Federated Investors Inc., a Pittsburgh investment management company, announced Monday that it had bought MDTA LLC, a Cambridge, Mass., investment firm.

Mellon Financial Corp. announced Monday that it had opened its first office in China.

Federated Investors Inc., a Pittsburgh investment management company, announced Monday that it had bought MDTA LLC, a Cambridge, Mass., investment firm.

The Retirement Income Industry Association announced Friday that Maritz Research has joined the trade association.

CTR Investments and Consulting Inc., a Pasadena, Md., investment firm, said Friday that it had developed a product to outsource to human resources departments of corporate and governmental organizations.

Glencrest Investment Advisors Inc., an affiliate of PFF Bancorp Inc. in Pomona, Calif., has found a fast-growing niche — providing active asset management to small and midsize 401(k) plans.

Arthur J. Gallagher & Co. has announced its purchase of S.P. Tarantino Insurance Brokerage Inc. in San Francisco. Terms of the deal were not disclosed.

Aviva PLC, a London insurance company, said Thursday that it had agreed to buy AmerUs Group Co. of Des Moines for about $2.9 billion, prospectively giving itself a leading presence in high-growth segments of the U.S. retirement and savings markets.

Legg Mason's decision to divide its mutual fund complex into four distinct brands seems to buck the brand consolidation trend, but analysts say the Baltimore fund company may be able to increase distribution and assets by separating itself from the legacy Citi brand.

Acordia Inc., Wells Fargo & Co.'s insurance brokerage subsidiary, announced Thursday that it had bought Bodenhafer Insurance and Investment Group, a brokerage with offices in Fort Wayne, Ind., and Indianapolis.

Legg Mason announced Wednesday that it is streamlining its mutual fund complex, partly by reducing the number of open-end funds it offers.

SunGard said Wednesday that it had hired Dan Vacca to be a vice president and the sales director for its WealthStation investment platform.

Two lawsuits filed recently, against Bank of America Corp. and Wachovia Corp., alleging breach of fiduciary duty in their conversions of trust accounts into investments in proprietary mutual funds, are seen by a plaintiffs' attorney as having the potential to disrupt the bank-fund business.

Mellon Financial Corp. announced Wednesday that it had started two institutional funds.

McCamish Systems announced Tuesday that TIAA-CREF Life Insurance Co.'s newest product, Intelligent Life variable universal life insurance, had been launched on McCamish's site in Atlanta.

Pershing LLC, a subsidiary of Bank of New York Co. Inc., said Tuesday that it had added Washington Mutual's family of funds to its no-transaction-fee mutual fund program.

When Mercantile Bankshares shook up the top ranks of its investment management subsidiary two years ago, industry observers speculated that it meant the end for the bank's aggressive hedge fund strategy.