Wealth management

The Refco scandal has derailed Old Mutual PLC's plans to buy a majority interest in the New York investment manager ForstmannLeff.

Insurance revenue of U.S. bank holding companies totaled $21.2 billion in the first half, 1.6% more than a year earlier, according to Michael White Associates and the American Bankers Insurance Association.

Marsh Inc., the risk and insurance services arm of Marsh & McLennan Cos. Inc., said it had completed the sale of Crump Group Inc., its U.S.-based wholesale broking operation, to an affiliate of J.C. Flowers & Co. LLC, a New York private equity firm.

Concerns about pricing and education are deterring many employers from offering health savings accounts and high-deductible health plans, according to the Council of Insurance Agents and Brokers.

FundQuest's chief executive says he hopes the Boston wealth management arm of BNP Paribas will spur growth with a turnkey platform of investment products that brokers and registered investment advisers can use to retain customers after retirement.

Comerica Inc. in Detroit and HSBC Holdings PLC in London said Monday that they had closed their sale of the U.K. asset manager Framlington Group Ltd. to Axa SA, the insurance giant headquartered in Paris.

Buying an Amcore Financial Inc. unit will give West Bancorp. Inc. of Des Moines an opportunity to diversify its institutional asset management offerings, West’s chief executive says.

Deutsche Bank AG has hired Michael J. Davis to be a managing director and West Coast regional market manager in its U.S. private wealth management group.

Old Mutual PLC's 2100 Capital of Boston announced Friday that it has acquired a controlling interest in the New York hedge fund specialist Larch Lane Advisors LP.

The Pittsburgh asset manager Federated Investors Inc. said its third-quarter earnings rose 37.9% from a year earlier, to $65.5 million.

Washington Trust Bancorp Inc. of Westerly, R.I., said its third-quarter net income rose 9% from a year earlier, to $5.8 million, in part because of a large increase in revenue from its wealth management business.

Oneida Financial Corp. of Oneida, N.Y., has signed a letter of intent to acquire the North Syracuse insurance agency Parsons, Cote & Co. Inc.

Janus Capital Group Inc., which has just racked up its strongest fund flows in five years, is promoting president and chief investment officer Gary Black to chief executive.

To capture more business from wealthy investors, banks large and small are adding third-party products to their investment platforms.

With less than $10 billion of assets under management at its mutual fund subsidiary, UnionBanCal Corp. faces the same challenges that have led other small and midsize banking companies to exit the proprietary fund management business.

The Richmond, Va., insurance holding company Genworth Financial Inc. has bought the Pompton Lakes, N.J., retirement planning firm CJM Planning Corp.

Hartford Financial Services Group Inc. has hired an executive to run its 529 college savings program.