Wealth management

Acordia Inc., a subsidiary of Wells Fargo & Co., said Tuesday that it has promoted Bill Anderson to director of training.

As brokers and registered investment advisers brace for declines in fee income on the accounts of baby boom retirees who begin drawing down their assets, the head of Fidelity Investments' brokerage unit says "we don't know yet" how to deal with it but that intermediaries must be flexible enough to adjust.

St. Paul Travelers Cos. Inc. said Monday that T. Michael Miller, its co-chief operating officer, had resigned, and OneBeacon Insurance, a subsidiary of White Mountains Insurance Group Ltd., said he had joined it as chief operating officer.

OppenheimerFunds Inc. said Monday that it had introduced Oppenheimer Portfolio Series, a new set of asset allocation mutual funds that invest in diversified portfolios of mutual funds managed by OppenheimerFunds and designed to meet the risk-return profiles of different investors.

Philadelphia Insurance Cos. in Bala Cynwyd, Pa. and Cigna Corp. said Monday that they have formed an alliance to offer property and casualty insurance to Cigna's participant accident customers and participant accident coverage to Philadelphia Insurance's property and casualty customers.

John Hancock Life Insurance Co. in Boston said Monday that it has started a Protection UL-G product that combines competitively priced guaranteed death benefit protection with flexible design options.

The Guardian Life Insurance Co. of America and Destiny Health said Monday that they are offering a health savings account option in conjunction with the Destiny Health Plan.

Bank of America Corp. has announced the launching of a unit for ultra-high-net-worth investors.

Wells Fargo Asset Management LLC announced Monday that it had completed the integration of certain Strong Financial Corp. funds with its own.

Janus Capital Group Inc. said that it had hired Carolyn Patton to be the director of its global consultant relations.

Willis Group Holdings Ltd. said Friday that it has reached a $50 million national settlement with the New York Attorney General and the state's insurance superintendent to resolve issues raised by an investigation into contingent commissions, and it also announced a separate $1 million settlement with Minnesota.

The Group of North American Insurance Enterprises in New York said Friday that it had elected Richard J. Carbone, the chief financial officer of Prudential Financial Inc., to be its chairman.

St. Paul Travelers Cos. Inc. said Thursday that it has agreed to sell 39.3 million shares of Nuveen Investments common stock in a previously announced secondary offering at $34 per share and expects to realize proceeds of $1.4 billion after the sale closes Tuesday, if over-allotments are fully exercised.

WEST PALM BEACH, Fla. - Consolidation will continue to push companies out of the clearing services business, and the remaining players must add scale and services in order to compete, the head of Fidelity Investments' clearing services unit says.

Wachovia Insurance Services Inc. stepped outside its banking parent's footprint with its deal this week for the nation's 15th-largest insurance broker and says it may continue this push with deals on the West Coast.

Lake Partners and Newport Group announced Wednesday that they had started a collective investment fund comprising registered hedged mutual funds.

Fiera Capital in Montreal announced Wednesday that it had hired André Sirard to be vice president of private wealth management.

Securities and Exchange Commission Chairman William Donaldson cast the deciding vote Wednesday to extend a widely opposed rule that guarantees all investors get the best price on electronic stock trades.