Wealth management

M&T Insurance Agency Inc. said Wednesday that it had bought Hess Egan Hagerty & L'Hommedieu Inc., a commercial insurance and surety brokerage in Chevy Chase, Md.

MD Management Ltd., an Ottawa independent financial services company that targets Canadian doctors, said Tuesday that it had started a low-fee wealth management firm for the general investment community.

John Hancock has announced the introduction of Accumulation VUL, a variable universal life policy that it says offers cash values and retirement income potential to preretirees, especially those who are maximizing contributions to their qualified retirement plans but still face a retirement income shortfall.

The New York Stock Exchange imposed $5.85 million of fines on 20 securities firms Tuesday, censuring them for failures to submit accurate trading data.

Integro, a New York insurance brokerage and risk management firm, announced Tuesday that Thomas M. Biggio and Allison Ast had joined its Chicago office as principals.

American International Group Inc.'s reorganization of a subsidiary broker-dealer, American General Securities Inc., is intended to let it take advantage of the technology and sales support shared by AIG Advisor Group, the company says.

Calamos Asset Management Inc. of Naperville, Ill., has reported that its assets under management grew 15% last year, to $43.8 billion at Dec. 31.

Banks bridled in 1970 when Reserve Funds, a New York cash management firm, launched the first money market fund.

Merrill Lynch & Co. said Monday that its asset management subsidiary Merrill Lynch Investment Managers is introducing a brand for its U.S. retail asset management business.

Federated Investors Inc. said Monday that it had appointed John B. Fisher president and chief executive officer of its investment advisory subsidiaries.

New York Life Insurance Co. announced Monday that it had named Rick Madan the senior vice president of its agencies in the Northeast.

Blue Cross and Blue Shield of Illinois has added products to its portfolio of consumer-directed health plans, the Chicago-based insurer said Monday.

Hartford Financial Services Group Inc.'s chief financial officer, David M. Johnson, says the company enjoyed strong underlying performance in the fourth quarter despite a 24% drop in profit.

Banks stand to reap rapidly growing revenues from outsourcing services to money managers that offer separately managed accounts, industry observers say, and several big banking companies have entered the nascent business in recent years.

Having completed its purchase of TD Waterhouse, Ameritrade Holding Corp. says it will develop a more sales-oriented culture to generate long-term assets from mass-affluent investors.

Most banks that offer health savings accounts expect enrollments to double or triple this year, according to preliminary results of a survey by Information Strategies Inc.

New York Life Insurance and Annuity Corp. announced that it had introduced a life insurance product allowing for an early death benefit payout to cover policyholders' long-term-care expenses, including nursing home care, assisted living, and extended at-home care.