Wealth management

KeyCorp's Victory Capital Management Inc. says its April acquisition of Austin Capital Management Ltd., a Texas hedge fund manager, is part of a drive to increase its institutional assets under management.

Comerica Inc. announced Tuesday that it will provide professional trustee services to Independent Portfolio Consultants Inc., an advisory firm specializing in correspondent managed account services.

Ace Group of Insurance and Reinsurance Cos. announced Tuesday that it had bought Hart Life Insurance Co. from Hartford Financial Services Group. The acquisition is the Stamford, Conn., company's entry into the U.S. life reinsurance market. Hart Life, which has been inactive in recent years, is licensed in 49 states and the District of Columbia.

Lincoln Financial Group has added an income-for-life rider to its variable annuity.

Credit Suisse Group announced Tuesday that it had hired Anthony De Chellis, the head of private wealth management at UBS AG, for a newly created post, president of private wealth management.

DWS Scudder, a division of Deutsche Bank AG's Deutsche Asset Management Americas, has added 15 people to its sales staff.

Since Conseco Inc.'s announcement last week of lower-than-expected profits and the surprise departure of its top executive, analysts have begun to wonder whether rating agencies may reconsider their view of the insurer's financial condition.

Gov. Jim Doyle of Wisconsin is expected to veto - for the fourth time - legislation that would exempt health savings accounts from state taxes.

Hartford Financial Services Group Inc. has put Glenn Lammey, a former chief financial officer of Travelers Life and Annuity Co., in the same job at its own life insurance unit.

Mellon Financial Corp. of Pittsburgh announced Thursday that a subsidiary will manage $270 million in an international core equity strategy for the Illinois State Board of Investments.

Conseco Inc. said Thursday that its president and chief executive is leaving and that litigation reserve costs cut into first-quarter earnings.

Safeco Corp., a Seattle property and casualty insurer, has increased its dividend 20% and approved a $200 million common stock buyback.

Scottrade Inc. has clung to its independence over the past several years, relying on low commissions and comparatively extensive branch network to compete with the biggest firms in the rapidly consolidating online-brokerage business.

Regence Group Inc. of Portland, Ore., has partnered with the HSA Bank division of Connecticut's Webster Bank to give Regence customers access to health savings accounts.

RiverSource Annuities of Minneapolis is adding RiverSource GWB for Life to its variable annuity offerings.

Effectively marrying the specialization of a boutique firm with the scale and profitability of a larger organization, multi-affiliated asset managers are taking on an increasingly visible role in the money management industry.