Wealth management

Jackson National Life Insurance Co. reported $7.3 billion of retail sales Wednesday in its core life insurance and annuity product lines during 2005, a 12% increase from the year before.

Ameriprise Financial Inc. in Minneapolis said Wednesday that it had added two universal life insurance products to its RiverSource investment product lineup.

Ameritrade Holdings Corp. closed its $2.9 billion purchase of Toronto-Dominion Bank’s TD Waterhouse unit on Wednesday and reported a 2% increase in its fiscal first-quarter earnings; the quarter ended on Dec. 31, before the deal’s completion.

Hartford Financial Services Group Inc. said Wednesday that it had lost a $117 million asbestos ruling with potentially wide consequences in a Connecticut state court but has appealed to a state appellate court.

Comerica Retirement Services said Wednesday that it had formed alliances with 11 providers of retirement plans and services.

ING U.S. Financial Services has intensified its focus on the bank distribution channel with the addition of 10 wholesalers to its annuities sales team for financial institutions.

American International Group Inc. has announced the promotion of Charles Williamson to president of its private-client group, which serves the insurance and risk management needs of high-net-worth customers.

Columbia Management, the primary asset management arm of Bank of America Corp., said Tuesday that it had begun offering R shares, available only to retirement plans, on 13 mutual funds as of Monday.

American Equity Investment Life Holding Co. announced Tuesday that its 2005 annuity sales were a record $2.9 billion, or 45% more than in the preceding year.

Wealthy Americans are concerned that rising heath-care costs will eat up their assets, according to research released Tuesday by PNC Financial Services Group Inc.

FundQuest, a Boston asset manager that specializes in separately managed accounts, has announced the start-up of a series of income-optimizing portfolios.

Foundation Source, a provider of support services to private foundations, said Tuesday that it has agreed with Allen Trust Co. in Portland, Ore., to provide technology and services for administering private foundations.

Amvescap PLC announced Monday that it had agreed to buy PowerShares Capital Management LLC, an Illinois provider of exchange-traded funds, for $60 million, plus earn-out provisions that could add up to $670 million after five years.

ABN Amro Asset Management says its deal for a fund of hedge funds manager would not only more than double its assets in hedge funds but also enable it to expand distribution to midsize institutional clients and eventually to the United States.

West Coast Life Insurance Co. has introduced an immediate annuity that includes optional provisions for liquidity, payout increases, and medical underwriting, the San Francisco company has announced.

American International Group Inc. has promoted the head of a subsidiary to chief operating officer of New York-based AIG's worldwide life insurance business, the company said Monday.

ABN Amro Asset Management announced Friday that it had a definitive agreement to buy International Asset Management, a fund of hedge funds manager.

San Francisco-based Patelco Credit Union has announced the introduction of a health savings account for its members.

Shares of BlackRock Inc. rose nearly 7% on Friday as rumors reemerged that Morgan Stanley was interested in the New York money manager.

Lenox Advisors, a niche New York investment advisory firm, says it has seen substantial growth, and little competition from banks, while targeting ultra-wealthy Wall Street executives, many of them hedge fund managers.