Wealth management

Sovereign Bank has announced an agreement with the Savings Bank Life Insurance Co. of Massachusetts to distribute term life insurance - the latest step in Sovereign's effort to build its insurance business through partnerships and organic growth.

Skeptical investors and unpredictable market conditions have made life-cycle funds a popular investment option that is gaining assets rapidly while other mutual funds remain flat.

Principal Financial Group, the Des Moines insurance company that is a 401(k) leader, has hired sales vice presidents for its Seattle and San Diego retirement services offices, it said Monday.

Hartford Financial Services Group Inc. introduced a directors and officers insurance product Monday focused solely on independent director liability protection.

John Hancock said Monday that it has introduced a field leadership program for its agents interested in pursuing a management track as part of a broader strategy to expand its career agency system.

Putnam Investments announced Friday the plan of John F. Boneparth, the head of its global institutional management business, to retire Sept. 30.

The U.S. unit of ING Group NV, in a quest to join the top five sellers of annuities through banks within 18 months, is hiring wholesalers, developing products, and targeting more potential bank partners.

Northern Trust Corp. in Chicago is poised to tap more third parties as sellers of its managed accounts, according to the executive recently hired to take charge of the products, and it will add fund portfolios where demand is strong.

Columbia Management, the primary investment arm of Bank of America Corp., announced Thursday that it would expand investment offerings from its Columbia Funds and Nations Funds families to investors in its New York and South Carolina 529 college savings plans.

Fitch Ratings in Chicago assigned an "A" rating Thursday to MetLife Inc.'s planned issue of $2.7 billion of senior notes.

Fitch Inc.'s Chicago ratings office affirmed the "AA" insurer financial strength ratings Thursday for Guardian Life Insurance Co. of America and its wholly owned subsidiary, Guardian Insurance and Annuity Co. Inc., with a stable outlook.

Ameritrade’s deal to buy its TD Waterhouse discount brokerage competitor may create more than just scale for the Omaha online broker, according to analysts.

Independent Financial Marketing Group Inc. in Purchase, N.Y., and Highland Capital Brokerage announced an alliance Wednesday to support the sale of advanced life insurance products through the third-party marketer’s investment programs in financial companies nationwide.

The largest U.S. mutual life insurer announced Tuesday that it has been given a license to establish a wholly owned life insurance company in Vietnam.

Industry executives and analysts say they expect the next generation of fee-based platforms - unified managed households - to take off when introduced next year, and they see bank trust departments as well-positioned to succeed before wire houses can move on the idea.

Fidelity Investments said Tuesday that it has promoted William C. Carey to president of its registered investment adviser unit.

A.M. Best Co. assigned its third-highest investment-grade debt rating - "a" - to the senior unsecured notes MetLife Inc. will issue to help fund its purchase of Travelers Life and Annuity from Citigroup Inc.