Wealth management

American International Group Inc. said Monday that its AIG financial products division had hired an executive each from Deutsche Bank and Morgan Stanley to be managing directors.

Hartford Financial Services Group Inc. announced Monday that it had promoted Terry Walker to senior vice president and information chief at Hartford Life Inc. in Simsbury, Conn.

For many years, life insurance was a puzzle that banks could not seem to solve.

Vesta Insurance Group Inc. announced Friday that it has a definitive agreement to sell its life insurance operation, American Founders Life, for about $58 million in cash, and it said that correcting recently discovered accounting errors would trim shareholder equity by $11.6 million.

Marsh & McLennan Cos. said Friday that it is doing a strategic review of all its businesses but that it has no current plan to shed its Putnam Investments mutual fund unit.

Baby boom employees are approaching retirement without enough savings, and plan providers must address this fact in order to succeed, says Melissa Hooker, the chief client officer of JPMorgan Retirement Plan Services.

Prudential Retirement announced Thursday that it has started Signature Online, a Web-based education center that offers retirement plan participants information meant to help them achieve retirement security.

St. Paul Travelers said Thursday that it had hired Kathleen L. Preston to be an executive vice president, field marketing, a newly created post that reports to president and chief executive officer Jay Fishman.

Manulife-Sinochem Life Insurance Co. Ltd., a subsidiary of Toronto-based Manulife Financial Corp., the world's fifth-largest life insurance company, opened its doors Thursday to business in Foshan - the fifth city in China where it now does business.

Massachusetts Mutual Life Insurance Co. has enhanced the guaranteed minimum accumulation benefit, or GMAB, on its Transition Select variable annuities by offering customers the chance to lock in accumulated growth in their contract values.

Bank of America Corp.'s asset management arm is consolidating the mutual funds it acquired with FleetBoston Financial Corp. last year and adopting Fleet's Columbia brand name for the unified fund family.

Wells Fargo & Co. announced Wednesday that it is extending the commission price war in the brokerage industry to long-term investors in no-load mutual funds.

A.M. Best Co. Wednesday assigned an indicative rating of a-minus to the subordinated notes that Zurich Finance (USA) Inc. plans to issue with a guarantee from Zurich Insurance Co.

Some snickered when Wells Fargo & Co. agreed last year to buy Strong Financial Corp.’s assets.

American International Group Inc., the insurer accused by New York Attorney General Eliot Spitzer of duping investors, said Tuesday that it is restating net income downward by $3.9 billion over five years to correct improper accounting and increase asbestos and environmental reserves.

Bank of New York has put chief trust officer John M. Dowd in charge of its private bank.

At a recent conference in Florida about two dozen bankers were discussing issues in the bank-insurance world when one asked the $64,000 question: Had anyone faced a backlash over offering American International Group's annuities?