Wealth management

First Trust Advisors said Tuesday that it had introduced its sixth exchange-traded portfolio - First Trust DB Strategic Value Index Fund - on the American Stock Exchange.

Fund manager Amvescap PLC said Tuesday that its assets under management fell slightly in June.

Wachovia Corp. announced Tuesday that it had hired Irene Esteves to be chief financial officer of its capital management group, succeeding Emile Shahadi, who became the division's CFO in 2000 and this year announced his intention to retire.

West Bend Mutual, a Wisconsin insurer, said Monday that it would give policyholders identity-theft resolution services should they fall victim to such a theft.

Mercantile Bankshares Corp. announced Monday that it had introduced a registered fund of hedge funds for outside investors.

Wachovia Insurance Services Inc. said Monday that it had closed its purchase of Miami-based US Insurance Underwriters, giving it entry into the Miami market through a brokerage that specializes in property and casualty coverage and employee benefits.

MassMutual Financial Group introduced a section on its Web site Monday devoted to the financial needs of women.

Royal Bank of Canada’s U.S. insurance unit is hoping to gain ground on its rivals with the help of new life insurance and annuity products, even as it hews largely to the middle-tier customers that are its bread and butter.

Axa Equitable Life Insurance Co. introduced a variable annuity Monday with an optional guaranteed withdrawal benefit for life.

Investment managers are far more optimistic about growth prospects than they were when the current market recovery began three years ago, a survey has found, and are focused on revenue expansion rather than cost-cutting.

Man Investments, a London hedge fund manager, has announced the opening of Canadian operations in Toronto.

T. Rowe Price plans to continue expanding its distribution and buying the assets of small, struggling mutual fund units after nearly doubling its assets under management in the past eight years, a top executive says.

MetLife Inc. announced Friday that it has been told by Citigroup Inc. that Citigroup sold to an unaffiliated broker-dealer all of the 22,436,617 shares of MetLife common stock the banking company received in its July 1, 2005, sale of Travelers Life and Annuity and substantially all of its international insurance businesses to MetLife.

Innocap Investment Management, the alternative investment subsidiary of National Bank of Canada, announced Friday that it had introduced a hedge fund product for pension funds.

Putnam Investments has started a health reimbursement account specifically designed for labor unions as a way for the Boston asset manager to test the waters for a potential health savings account offering.

Vanguard Group announced Thursday that it had put its own brand on its exchange-traded fund family.

The U.S. Bank unit of U.S. Bancorp in Minneapolis is emphasizing the flexibility its health savings account offers small-business customers because it is not bundled with a high-deductible health plan, leaving that choice to the business.

AIG Valic, a national provider of retirement plan services to for-profit and not-for-profit education, health-care, and government organizations, announced Wednesday that it had bought certain assets of Acumen Financial Group from KPMG LLP.