Wealth management

Agency acquisitions fueled banks’ 22% insurance revenue growth last year, to $40.8 billion, up $7.3 billion from 2003, according to the American Bankers Insurance Association.

MassMutual Financial Group said Monday that it had hired Gregory W. Zabel to be vice president of life insurance sales.

HSBC Insurance Holdings Ltd., a subsidiary of HSBC Holdings PLC, announced Monday that it had agreed to buy an additional 9.91% of the issued share capital of Ping An Insurance Co. of China.

Encore Bank says it has fulfilled its plan to round out the services it offers wealth management clients with the deal it announced last week to buy a Houston asset management firm.

Wachovia Corp., the nation's fourth-largest bank holding company, said it closed its purchase of Palmer & Cay Inc., the big Savannah, Ga., insurance brokerage and benefits consulting firm, on Friday.

Pacific Life Insurance Co. said Thursday that it has begun offering owners of its variable annuity contracts and variable life insurance policies access to two portfolio options that use the American Funds Insurance Series of the nation's fastest-growing big mutual fund company.

After spending six quarters buried in mutual fund outflows, some companies burned in the trading scandals began to see daylight in March, according to data from Financial Research Corp.

Pershing LLC, Bank of New York's clearing services arm, has announced the hiring of a top executive from Fidelity Investments to oversee global agency trading and principal trading activities.

Harvard Pilgrim Health Care in Wellesley, Mass., said Wednesday that it has chosen Mellon Financial Corp.'s human resources and investor solutions unit to be its health savings account provider.

Placemark Investments, a Dallas unified managed account manager for financial services companies, said it had secured a new round of venture capital through RBC Technology Ventures, Ascent Venture Partners, and North Hill Ventures.

Bank of New York says it plans to expand its corporate trust business globally by opening up trust units abroad, leveraging the offices it already has in 31 countries.

Jackson National Life Insurance Co. said Tuesday that it has strengthened its variable product lineup for advisers with new features and benefits.

Assets held in separately managed accounts grew steadily in the first quarter, and banks continued to expand their share of the market.

Bisys in New York announced Monday that Fiduciary Asset Management LLC has chosen it as an outsourcing partner for a separately managed accounts program.

Bank of New York and Trust Co. of Australia Ltd. said Monday that they had agreed to a joint venture that will supply securitization trustee and other agency-related services to Australia-based issuers of debt.

Allstate Distributors LLC in Northbrook, Ill., said Monday that it had hired George F. Veazey to be a senior vice president and the wire house channel's national sales manager.

PlusFunds Group Inc.'s choice of Paul Aaronson to be its chief executive officer puts its further growth in the hands of an executive from a company, Standard & Poor's Corp., that has played an intimate role in the young hedge fund company's development.

Mercer Insurance Group Inc. and Financial Pacific Insurance Group Inc. announced Monday that Mercer plans to buy all the outstanding stock of Financial Pacific for $40.4 million in cash.