Wealth management

American International Group Inc. plans to start a private banking operation in South Korea to tap into a money management market it says is underdeveloped compared with those of other Asian countries.

Baby boomers nearing retirement are causing a rise in demand for estate planning from banks and other financial services providers, according to industry players.

When a 51-year-old mutual fund executive retires, industry observers are curious.

ABD Insurance and Financial Services, a Redwood City, Calif., provider of global risk management and employee benefits services, said Monday it had expanded its presence in San Diego County with a new office in Carlsbad, Calif.

Sky Financial Group Inc., a Bowling Green, Ohio, regional banking company, is in growth mode, and the new president of its trust unit says he expects double-digit growth in the wealth management business as it piggybacks the bank's expansion.

A National Association of Securities Dealers arbitration panel has awarded two petitioners an aggregate $269,537 from Citigroup Global Markets, Salomon Smith Barney, and Kevin Durkin Purcell.

Great-West Lifeco Inc. announced Friday that it plans to reduce its leverage through the purchase and cancellation of nearly 3.2 million shares of preferred stock on the Toronto exchange.

Comerica Inc.'s asset management unit is hoping to develop new assets in the bank's western markets - California and Arizona - by hiring more financial consultants to increase its presence in the bank's footprint there.

Weyco, an Okemos, Mich., third-party administrator and benefits management company, has unveiled a partnership with the health savings account provider HealthEquity.

Swiss Re said Thursday that Jacques Aigrain will become chief executive officer of the Zurich insurer on Jan. 1.

Investor confidence grew slightly in August, according to State Street Global Markets, the investment research and trading arm of State Street Corp.

Fifth Third Asset Management Inc. announced Wednesday that it had chosen Bisys to administer its separately managed account program.

John Hancock's private-client group has announced the hiring of Christopher J. Perry to be a vice president and analyst in its wholly owned subsidiary Sovereign Asset Management Co.

Allmerica Financial Corp.'s agreement to sell its runoff variable life insurance and annuity business shuts the door on a muffed strategy and, CEO Frederick Eppinger said Tuesday, lays groundwork for the company to participate eventually in the property/casualty industry consolidation.

CitiStreet, a retirement services joint venture of Citigroup Inc. and State Street Corp., said Wednesday that Wayne Finnegan, the former head of its core-market sales team, has returned to the company as the executive vice president of corporate sales.

Crestwood Advisors LLC, a Boston wealth management firm, said it has hired Robert G. Ix to be a principal.

Keeley Asset Management said Tuesday that it had started a mid-cap value fund.

PFPC Inc., the securities services arm of PNC Financial Services Group Inc., is considering a new technology feature for its health savings account offering as it markets the product through the wholesale channel.