Wealth management

New York Life Insurance Co. today said that it had promoted Brian A. Murdock to chief executive of New York Life Investment Management LLC as of July 1.

Bank of New York Co. Inc. said Monday that it had promoted Karen B. Peetz, head of its global corporate trust business, to senior executive vice president and leader for the planned integration of the corporate trust business it has a deal to buy from JPMorgan Chase & Co.

Recent warnings that baby boomers are ill-prepared to fund their retirement rang a chord with bank executives who oversee investment sales and advice.

Bank of America Corp. has announced that it hired Joseph Mauro to be a sales performance executive at its Banc of America Corporate Insurance Agency in Cranford, N.J.

Massachusetts Mutual Life Insurance Co. introduced a retirement management account Monday that comprises an advisory program and a rollover IRA.

People's Bank in Bridgeport, Conn., announced Friday that its insurance subsidiary had settled a dispute with the state over contingency commission payments with a $754,804 payment.

In the frenzy to compete for the business of America’s 79 million baby boomers, mutual fund companies, including those that are bank-owned, might be missing the next big business segment, the Hispanic market.

Guardian Life Insurance Co. of America says it will buy a majority stake in a San Francisco fund company that would more than triple its mutual fund assets.

Axa Financial Inc. announced Wednesday that Stanley B. Tulin, its vice chairman and chief financial officer, will retire at the end of the year.

Mellon Financial Corp.’s deal to buy a Scottish equity firm could be the first of many for large U.S. trust banks looking abroad for acquisitions to expand their asset management businesses, analysts say.

A convergence of pressures on ordinary Americans is forcing them to become more active on funding retirement, two financial companies' studies have reported.

SunTrust Banks Inc. on Tuesday formed specialty divisions within its private wealth management arm to focus on doctors and lawyers - beginning when they are students in professional schools.

Liberty International Underwriters, a unit of Liberty Mutual Group in Boston, the nation's sixth-largest property and casualty insurer, announced Tuesday that it had opened a Los Angeles office.

Genworth Financial, a Richmond, Va., insurer, has announced the appointment of Gurinder Ahluwalia as president of its independent broker-dealer channel and promoted three other executives.

Citigroup Private Bank said Tuesday that it had hired a former Morgan Stanley executive to be its chief investment officer and a managing director.