Wealth management

Mellon Financial Corp. announced Monday that its global securities services group has been named master custodian for the $1.8 billion Florida Retirement System Public Employees Optional Retirement Program.

The Baltimore-based MTB Group of Funds said Monday that it had bought two municipal bond funds from Friedman, Billings, Ramsey Group Inc. and added them to its municipal bond fund lineup.

A.M. Best Co. on Friday affirmed the A-plus financial strength ratings of ING Group NV's U.S. life insurance operations, Atlanta-based ING USA Life Group.

The enormous growth in coastal population and development is dramatically increasing the possibility that insurers will be unable to pay claims after major catastrophes, according to a paper by GE Insurance Solutions, a Kansas City, Mo., unit of General Electric Co.

Less than a year after being bought by BNP Paribas, FundQuest says its connection with its global banking parent is helping it develop relationships with banks and their trust departments.

Health savings account provider ConnectYourCare says its payment processing deal last week with First Data Corp. removes an obstacle to the business' growth, and two bank-linked processors have addressed this concern as well.

Hartford Financial Services Group Inc. said Thursday that its life operation has created two business groups - U.S. wealth management and international wealth management and group benefits - and appointed a president for each.

Marsh & McLennan Cos. chief executive officer Michael Cherkasky said the New York-based insurance brokerage giant may consider acquisitions to bolster its beleaguered Putnam Investments mutual fund unit.

U.S. Bancorp Asset Management, a subsidiary of U.S. Bancorp in Minneapolis, said Wednesday that it will change its name to FAF Advisors on March 31 in an attempt to more strongly associate the asset management unit and its First American Funds mutual fund family.

Transamerica Reinsurance has announced the opening of a consulting arm, Transamerica Re Consultoria em Seguros e Servicos Ltda., with addresses in Sao Paulo and Rio de Janeiro.

MassMutual Financial Group announced Wednesday that its 2005 financial results included a double-digit percentage increase in assets under management, to a record $396 billion.

Principal Financial Group has introduced a variable universal life insurance product for small-business owners that is designed to give policyholders easy access to cash value, the company said Wednesday.

Newton Capital Management Ltd., the London asset management arm of Mellon Financial Corp., announced Wednesday that it had started a U.S. fund, its first, as part of a campaign in the 401(k) market here.

Columbia Management, Bank of America Corp.'s investment management arm, has turned to a Fidelity Investments executive to help develop products.

Participation in 401(k) plans has declined by 13% in the past six years, according to research by Spectrem Group released Tuesday.

Carlyle Group said Tuesday that it has agreed to buy MultiPlan Inc., an independent network of health-care providers.