Wealth management

John Hancock Funds has started two asset allocation funds of funds.

Fidelity Investments has become the latest financial services provider to launch a simplified, low-cost variable annuity product in an effort to attract customers, including bank clients, who are baffled by many annuities' complexities.

Hedge fund assets will grow 75% in the next five years, according to research from TowerGroup in Needham, Mass.

Federated Investors Inc., a Pittsburgh investment management company, has announced its purchase of a family of mutual funds from Amcore Financial Inc.

ING Investment Management Americas, a unit of ING Group NV in the Netherlands, said it has hired a former Merrill Lynch executive to head its distribution of products for individual investors.

Principal Financial Group named Margaret W. Skinner senior vice president of life and health distribution, a newly created position.

A.M. Best Co. has downgraded Allianz Life Insurance Co. of North America's financial strength rating to A from A-plus.

Union Bank of California said Monday that it had created an umbrella unit, IRA Solutions, to oversee sales and distribution of individual retirement accounts and had hired a Merrill Lynch executive to lead it.

Citigroup Inc.'s switching to nonproprietary investment products will help Citigroup Trust attract customers, the unit's incoming president says.

Great Southern Bank of Reeds Spring, Mo., announced is now offering health savings accounts.

BlackRock Inc.'s private-client group, which has twice the sales staff as last December and half again the assets under management, is looking for more distribution through banks.

A month ago James Threadgill, the head of BancorpSouth's insurance unit, spoke confidently about reaching record highs in sales this year and nearly doubling insurance commissions in the next five.

Putnam Investments of Boston launched a new fixed-income fund.

First Interstate Bank of Billings, Mont., has arranged for Foundation Source of Fairfield, Conn., to provide private foundation services to its customers.

A former chief operating officer of Oppenheimer & Co. Inc. will be the new president of Independent Financial Marketing Group Inc., a Sun Life Financial U.S. unit that distributes investment and insurance products through banks and credit unions.

Banks stand to generate new revenue from the health-care market as employers shift from traditional managed plans to consumer-driven plans, industry watchers say.

Banks owned by insurance companies have lost $7 million to well over $500 million because of poor business models, according to a company that provides private-label banking services as an alternative.

Ivy Asset Management, Bank of New York's hedge fund arm, announced two hires Tuesday meant to beef up its London operation, Ivy Asset Management UK.