Wealth management

Disappointing second-quarter results will not force Marsh & McLennan Cos. to break itself up, the scandal-plagued company's president and chief executive officer said.

ING Group Inc. launched ING Guaranteed Death Benefit Universal Life on Wednesday.

National Financial Partners Corp. plans to maintain its acquisition strategy to further diversify its business, its chairman and chief executive officer said.

Cold hard cash is hot this summer.

Deutsche Asset Management announced two senior appointments that it said will help it expand its global insurance asset management group.

Hanover Insurance Group Inc. said its second-quarter net income fell 29.3% from a year earlier.

Principal Financial Group Inc. reported that its second-quarter earnings fell 11.9% from a year earlier, to $210.5 million, or 76 cents a share.

Fidelity Investments has started a joint venture with SunGard Data Systems Inc. of Wayne, Pa., to enhance its back-office offering to bank trust and third-party administrator customers.

Mellon Financial Corp. announced Tuesday that it is expanding its family office services internationally.

Exante Financial Services has no problem stepping on traditional banks’ toes to increase its share in the health savings account market.

MetLife Inc. said that its second-quarter net income fell 72.6% from a year earlier despite an increase in operating earnings.

John Hancock has launched a universal life insurance product for clients seeking low-cost death benefit coverage as well as the potential to accumulate cash.

Northern Trust Corp. will need to do more than hire a Toronto native to continue the rapid growth of its Canadian wealth management business, analysts said.

New York Life Insurance Co. has named Dennis O'Brien the head of its long-term care division.

Bank of America Corp. has expanded its European equity products business.

Hartford Financial Services Group Inc. plans to add features to its annuity lineup in the United States and Japan in the next two months as it responds to market pressure that factored into a 20.9% decline in quarterly earnings.

Federated Investors Inc. said its second-quarter earnings rose from a year earlier, but assets under management declined slightly, because of difficult market conditions.