Wealth management

Alliance Capital Management Holding LP said Tuesday that it and a subsidiary are in settlement talks with the National Association of Securities Dealers Inc. regarding directed brokerage commissions in the mutual fund distribution unit.

Wachovia Securities announced Tuesday that it had named Jeff Armstrong, a managing director and six-year veteran of the company, the head of corporate finance.

Fitch Ratings Tuesday downgraded the long-term issuer rating and unsecured senior debt obligations of American International Group Inc. to AA-plus, from AAA, in the midst of regulators' investigations and the departure under pressure of its chief executive officer, Maurice R. Greenberg.

Schwab Corporate Services introduced a service Tuesday that lets third-party administrators serve commission-based retirement advisers on the same integrated trading and services platform as their fee-based adviser and plan sponsor clients.

Sales of exchange-traded funds have grown rapidly in the past three years, but the number of companies manufacturing them in the United States shrank to seven last year and is unlikely to grow, market participants say.

Mellon Financial Corp.'s human resources and investor solutions business announced an alliance Monday with CaliforniaChoice to provide health savings accounts to Californians through the latter's Web site.

Ameritrade Holding Corp., an Omaha online brokerage company, said Friday that average daily trading volume fell 6.7% in February.

Eric Kirsch says integrating fixed-income management, insurance advisory services, and client servicing under one umbrella within Deutsche Asset Management is his immediate task as the company's new global head of insurance asset management.

Phoenix Cos. Inc. Friday revised its fourth-quarter results to show a 12.6% increase in net income, reflecting net foreign currency gains principally related to the company's equity investment in Aberdeen Asset Management PLC.

More than half the companies offering 401(k) plans have altered the mutual fund choices available in their plans within the past year, according to the CFO Outlook survey.

Manulife Financial Corp. said Friday that it plans to introduce its first long-term-care insurance product this year.

Schwab Corporate Services said it has introduced an individual retirement account that lets plan sponsors roll over assets when an employee retires without incurring distribution or setup fees.

Northern Trust Corp. has announced the hiring of Daniel Strumphler to be the institutional sales director for the Chicago banking company's asset management arm. Before joining Northern Trust Global Investments, the company said on Wednesday, Mr. Strumphler was a senior vice president at ABN Amro, where he was responsible for sales and marketing of asset management products to corporate clients.

Evergreen Investments launched an advertising campaign Wednesday aimed at altering its image and raising mass awareness of the Wachovia Corp. unit.

ING said Thursday that it has introduced a new survivorship universal life product designed for death benefit protection and long-term cash accumulation.

Exchange-traded shares of three Vanguard Group Inc. international index funds are to commence trading on the American Stock Exchange at 9:30 this morning, the company announced Wednesday.

Bank of America Corp.'s private bank is satisfied for now to operate in its parent's multistate footprint, where its new president perceives "the biggest area for growth is penetrating the existing client base."

Exchange-traded shares of three Vanguard Group Inc. international index funds are to commence trading on the American Stock Exchange at 9:30 this morning, the company announced Wednesday.