Wealth management

Northern Trust Corp. has announced the addition of community banks in Texas and Connecticut to its Trust/Rite accounting system.

Fiserv Inc.’s purchase Friday of insurance compliance software from Minneapolis-based financial technology provider Wolters Kluwer Financial Services will bolster its presence in the bank insurance market as banks look to address regulatory concerns, according to Fiserv exec Terry Wade.

Fidelity Investments has announced that it earned $1.3 billion last year, the second-highest full-year profit in the Boston fund company's history.

Amvescap PLC announced Friday in London that Charles W. Brady will step down as board chairman after the company's April 27 annual meeting and be succeeded by Rex Adams, who has been a nonexecutive director of the company since November 2001.

Legacy Capital Management, a Roseville, Calif., boutique wealth management firm for high-net-worth clients, said Friday that it had promoted Jim McCarthy to chief operating officer.

Answer Financial Inc., an independent insurance agency in Encino, Calif., announced Thursday that it had bought the assets of InsLogic Corp., an indirect insurance subsidiary of Capital One Financial Corp.

Bank of New York Co.’s private bank started an advice division Thursday to improve its image as a high-net-worth manager.

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Millionaire investors’ confidence rose for a fourth consecutive month in February to reach its highest level since spring 2004, according to a Spectrem Group index.

NASD said Thursday that it had fined David Lerner Associates Inc. $400,000 and suspended it from engaging in new variable life insurance or variable annuity business for 30 calendar days.

In an effort to attract retiring baby boomers concerned about wealth transfer issues, several insurers are expanding their rosters of products that combine life insurance with a traditional asset accumulation product.

Citizens Financial Group Inc. sold its three insurance agencies Wednesday to Hub International Ltd. and said it will continue to sell insurance products to its customers through a distribution alliance with the Chicago insurance broker.

Jefferies & Co. Inc., a subsidiary of Jefferies Group Inc., announced Wednesday that it had hired seven Bank of America Corp. executives to strengthen its quantitative strategy and electronic trading.

More than one-third of all employers - and nearly half of those with 25,000 or more workers - agree that the aging work force will have a significant impact on their company, yet more than three-quarters have taken no steps to accommodate older workers, according to a MetLife Inc. employee benefits study released Tuesday.

The Conference Board Consumer Confidence Index fell in February, to 101.7 (on a base of 100 in 1985), down from 106.8 in January, the organization said on Tuesday.

The chief executive of U.S. Bancorp Asset Management said his company has changed its name to FAF Advisors in order to expand distribution with other financial services companies.

The Dallas independent insurance agency BellGroup LLC said that it had expanded its services by merging with two Dallas-area employee benefits firms.

Acordia Inc., the big insurance brokerage unit of Wells Fargo & Co., said Tuesday that it had promoted Eva Durkin to vice president of client services in its Boston office.

The U.S. unit of Toronto's Sun Life Financial Inc. said Monday that it had agreed with M Financial Group to offer Sun Life annuities and life insurance to the latter's member companies and their high-net-worth clients.