Wealth management

Piper Jaffray & Co. says it started a wealth management group last week to give itself a component lacking at the Minneapolis securities firm since it was spun off by U.S. Bancorp two years ago.

Genworth Financial Inc. reported net earnings Friday from continuing operations for the first quarter of $322 million, or 65 cents per diluted share.

MetLife Inc., the nation's largest life insurer, reached an agreement Friday with Connecticut Governor Jodi Rell and Attorney General Richard Blumenthal over job cuts at Travelers Life and Annuity, which MetLife is buying from Citigroup Inc.

Health Net Inc. announced Friday that Maurice Hebert had joined the company as corporate controller.

Aegon said Friday that it had agreed to sell its German subsidiary, Aegon Lebensversicherungs-AG, which operates under the name MoneyMaxx, to Deutscher Ring.

Sun Life Financial Distributors Inc., a subsidiary of Sun Life Financial U.S. in Wellesley Hills, Mass., said that it has hired Thomas Bullen to be its chief operating officer and David Byrnes to be national sales manager.

Bank of America Corp. is looking to further segment its high-net-worth customers by creating an ultra-wealth group within its private bank; the group plans to open offices in seven markets this year.

Mellon Financial Corp.'s human resources and investor solutions business and Medical Group Insurance Services Inc. in Salt Lake City announced an alliance Thursday to provide health savings accounts through the Utah company.

Officials at Citigroup Inc. and MetLife Inc. said Thursday that they believe the sale of Travelers Life and Annuity will go through as planned, despite the objections of Connecticut Attorney General Richard Blumenthal.

Guardian Insurance and Annuity Co. Inc., a subsidiary of Guardian Life Insurance Co. of America in New York, said Thursday that it has added an optional guaranteed minimum withdrawal benefit rider.

Wachovia Corp.'s corporate and institutional trust division started an institutional clearing services unit Wednesday, but industry analysts questioned whether the Charlotte banking company would be able to compete in a business where scale is required.

The $8.9 billion-asset Old National Bancorp in Evansville, Ind., which stepped outside its banking footprint in 2002 to buy a Missouri agency and had plans to shop for a bank to complement the deal, says it is now focused on fill-in insurance deals in Indiana and Kentucky.

Credit Suisse First Boston's hedge fund investments group announced Wednesday that it had introduced five funds of hedge funds.

Piper Jaffray & Co. said it had started a wealth management group Wednesday.

GE Insurance Solutions in Kansas City, Mo., said Tuesday that Tim Madden had joined the company as the leader of its North American brokered reinsurance business.

Aon Consulting's human resources outsourcing division has announced the hiring of Steve Lutz to be a senior vice president and chief sales officer.

Stanford Group Co., a Houston wealth manager, opened two offices this week as part of a growth plan to become a large boutique wealth firm in the Southeast.

VantisLife Insurance Co. in East Hartford, Conn., announced Tuesday the completion of a distribution agreement with Monroeville, Pa.-based Parkvale Bank, which has 46 retail offices in Pennsylvania, West Virginia, and Ohio.