Wealth management

State Street Corp., the world's largest manager of institutional assets, promoted Paul Duncombe to managing director of its U.K. fund business Friday.

Mellon Financial Corp. announced an agreement Friday with Independent Health of Buffalo to administer health savings accounts opened in tandem with the latter's iDirect employer-sponsored health plans.

In the wake of scandals that have shaken up the insurance brokerage industry, BB&T Corp.'s insurance unit is looking to win big commercial customers away from their current providers.

Aegon NV said Thursday that it has completed the sale of Aegon Seguros Generales, its general insurance subsidiary in Spain, to the Italian mutual insurance company Reale Mutua Group for an after-tax gain of about $206 million.

Sun Life Financial Inc.'s board announced Thursday its declaration of a quarterly dividend of about 19 cents per common share, payable June 30 to shareholders of record at the close of business on May 25 - the same amount as paid in the previous quarter.

Louis A. Gardner has joined Peachtree LBP Finance Co. as vice president of its insurance services division in Norcross, Ga., the company said on Wednesday.

NASD announced Wednesday that it has censured and fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations in the companies' fee-based brokerage business. The two also agreed to pay restitution totaling $138,000.

The increase in assets in health savings accounts has many banks hopping on the bandwagon to launch the hot product and cross-sell it to retail customers, but Mellon Financial Corp. will continue to reap revenue from HSAs even after hopping out of the business this spring.

Financial services companies plan to expand their credit, asset management, and insurance capabilities over the next year, according to a study released Tuesday by PricewaterhouseCoopers.

MetLife Inc. said Tuesday that its chairman and chief executive officer, Robert H. Benmosche, has told the board he will retire next spring and that the board, which has been planning more than a year for succession, elected C. Robert Henrikson a director and CEO-designate.

Banc of America Securities said Monday that it had hired Steven R. Winter from Barclays Capital Inc. to be a managing director and the head of fixed-income prime brokerage.

Lincoln National Life Insurance Co. announced the introduction Monday of Lincoln PROTerm, a term life product that combines the low cost of traditional term life insurance with a full premium refund if the death benefit is not used.

With its deal to buy Amvescap Retirement Inc.'s $21 billion book of 401(k) record keeping, Merrill Lynch & Co. has recommitted itself to a business it seemed to be pulling back from in a 2000 outsourcing deal.

Protective Life Insurance Co. in Birmingham, Ala., announced an agreement Monday with Midwood Financial Services Inc. to significantly expand distribution of its annuity products through banks and other financial institutions nationwide.

Sun Life Financial Inc., Canada's second-biggest life insurer, said it plans to set up a third branch in China during the third quarter, in the southeastern province of Zhejiang.

Affluent Americans' confidence turned downward in the first quarter, according to a survey released today by KeyCorp's McDonald Financial Group, but this probably will not crimp their spending and investing, a McDonald executive said.

A.M. Best Co. said Friday that it has downgraded the financial strength rating of Zurich Specialties London Ltd. to B-plus-plus, from "A," and removed it from review with negative implications.