Wealth management

American International Group Inc. said Wednesday that it will restate its financial results again as part of a continuing investigation of its accounting practices.

High-net-worth insurance customers are increasingly selling their life insurance policies to third parties, and a research firm says this practice will become one more option needed in a comprehensive financial services menu as the population ages.

Reserve Funds, the asset management complex that started the first money market fund and now manages $35 billion of mutual funds, cash management products, and deposit accounts, said it had hired Patrick R. Ledford to be its chief investment officer.

AST Trust Co., a division of New York-based American Stock Transfer and Trust Co., has started 10 collective exchange-traded funds for retirement plan sponsors, the company said Tuesday.

Fidelity Investments has introduced a municipal bond fund to be sold through advisers.

HSBC Private Bank has announced the hirings of four former executives of Citigroup Inc.

TIAA-CREF has enhanced its no-fee IRAs to give participants access to a wider range of investment options, including lifecycle funds and a self-directed brokerage window, TIAA-CREF Brokerage Services.

Wilmington Trust Corp. announced Monday that it is expanding its family office and business management services to focus on the East Coast.

The widely expected divestiture of its insurance underwriting business would be further evidence that JPMorgan Chase & Co. is willing to shed noncore operations, analysts say.

Northern Trust Corp., a Chicago-based provider of investment management, financial planning, fiduciary, and banking services for affluent individuals, families, and family offices, said Monday that it has established Northern Trust Co. of Delaware.

U.S. Trust Corp. has capped a week of hirings of current and former Citigroup Inc. executives by naming Frances Aldrich Sevilla-Sacasa its president, and she said in an interview that she wants to expand distribution and offer more products.

OneBeacon Insurance Group, a Boston subsidiary of White Mountains Insurance Group Ltd., announced Monday that it has entered the community banking and lawyers' professional liability markets.

Exante Financial Services, a Minnetonka, Minn., subsidiary of UnitedHealth Group that sells health savings accounts for consumers, said Monday that it will add mutual funds as investment options for the money in the accounts.

Hartford Financial Services has reported much better than expected third-quarter earnings despite heavy outflows from its variable annuities.

Concern about the national economy's prospects led to a sharp decline in confidence among affluent investors during the third quarter, according to a survey scheduled for release today.

When Ken Thompson examined Wachovia Corp. in 2002 in the wake of the First Union merger, he saw a banking giant that was missing opportunities.

Sun Life Financial Inc. of Toronto has added guaranteed minimum accumulation and minimum withdrawal benefits as an option to its MastersVariable Annuity line.

Consumers with health savings accounts administered by WageWorks now have some new investment options: mutual funds from a PNC Financial Services Group unit.

Comerica Inc. will expand its domestic asset management business, potentially through acquisitions, the head of its wealth management division said after the company sold its interest in a London asset manager.