Wealth management

NASD said Wednesday that it had fined an American International Group Inc. unit more than $1.1 million in connection with allegations that the unit received directed brokerage business in return for giving preferred treatment to 12 fund companies.

UnionBanCal Corp.'s investment arm announced Wednesday that it had bought three mutual funds from a Foster City, Calif., independent investment management firm.

Hartford Financial Services Group Inc. said Wednesday that it had hired Tom Tooley to be national accounts director for distribution of life insurance through national and regional broker-dealers - the insurer's No. 1 channel.

Several insurers and investment managers, including Hartford Financial Services Group Inc, Jackson National Life Insurance Co., and Columbia Management Group Inc., have introduced retirement education programs for financial advisers to help them capture rollover assets.

Legg Mason Trust, a unit of the Baltimore asset management company, announced Tuesday that it had changed its name to Legg Mason Investment Counsel.

Praesidian Capital Investors, a New York provider of debt to middle-market companies, said Tuesday that it had committed itself to an $8.85 million investment in RAI Insurance Agency LLC, an administrative and insurance brokerage company. The proceeds of Praesidian's investment, which is to be made in three installments during the 12 months after the deal closes this quarter, are to be used to fund organic growth.

Deutsche Bank said Monday that it had appointed John Dudzik managing director and head of U.S. private-client services.

Assets held in exchange-traded funds globally have risen 9.5% since Jan. 1, according to data released Monday by Morgan Stanley.

People are increasingly working well past traditional retirement age, according to a study released Monday by MetLife Inc., and some return to the work force after they retire, opting for paid and/or volunteer posts.

ProFund Advisors LLC, the investment adviser to the Bethesda, Md., ProFunds family of index-based mutual funds, said it launched the UltraShort Japan ProFund on Monday.

Jackson National Life Insurance Co., the Lansing, Mich., subsidiary of London's Prudential PLC, said Monday that it had begun an educational program for financial advisers who want to capture retirement rollover assets.

Lincoln National Corp. said Monday that it had closed its purchase of the Greensboro, N.C., insurance concern Jefferson-Pilot Corp. The merger agreement was announced in October.

Mellon Financial Corp. announced Monday that it had completed the formation of a previously announced joint venture with WestLB AG to create a German asset management company.

First Bank in St. Louis says it hopes its first agency purchase will be a springboard for smaller deals in cities like Chicago, Los Angeles, Dallas, and Houston where it has bank branches.

Mellon Financial Corp. says its purchase Friday of U.S. Trust's planned-giving services group makes it the largest provider of charitable giving services in the country, and analysts say this could be the first of many deals under the Pittsburgh company's new leadership.

Wachovia Corp. plans to buy a small asset management company, an executive said Wednesday, in a move analysts said was an effort to breathe life into a capital management unit that has delivered lackluster results in the past year.

Tremont Capital Management Inc., a hedge funds of funds manager, announced Tuesday that it had hired Thomas Sandlow and named him director of manager research.