Wealth management

UnumProvident in Chattanooga, Tenn., said Tuesday that it has enhanced its critical illness and individual short-term disability insurance products.

Principal Bank, a member of the Principal Financial Group in Des Moines, has announced plans to offer program sponsors a rollover IRA option for departing employees with low 401(k) balances.

Zurich Financial Services has announced the promotion of Bill Casey to be the senior vice president of regional management in its North American commercial marketing operations.

Citizens Advisers Inc., the investment adviser to Citizens Funds in Portsmouth, N.H., said Friday that it has hired Jon White to head its newly formed growth team and J. Michael Gallipo to be co-portfolio manager for its small-cap growth and mid-cap growth strategies.

Merrill Lynch Investment Managers said Friday that its initial public offering of common shares in Diversified Income Strategies Portfolio Inc., a closed-end fund, had raised gross proceeds of about $254 million, assuming full exercise of the underwriters' overallotment option, which may not occur.

Nationwide Financial Services Inc. in Columbus, Ohio, said it has a new flexible-premium variable universal life insurance product.

Manulife Financial Corp. in Toronto said Friday that it has completed an offering of 14 million 4.65% noncumulative class A preferred shares at a price of about $20.38 per share, for an aggregate of $285 million.

Mark Wenick, the new head of wealth management at BB&T Corp., says his strategy revolves around a goal of providing a personal wealth management adviser to every affluent client.

American Funds and NASD are preparing for the first clash between a regulator and a fund company over the issue of shelf space.

American Funds Distributors Inc. was charged Wednesday with violating an NASD rule by directing about $100 million of brokerage commissions during three years to 50 brokerage firms that were the top sellers of its mutual funds.

Five years after Citigroup Inc. and State Street Corp. started CitiStreet, a joint venture retirement services business, it plans to continue developing assets by going down-market, its brand-new chairman and chief executive officer said Wednesday.

New York Life Insurance Co. announced Wednesday that its board of directors has approved a dividend for its long-term-care insurance product, making it the first insurer to declare such a payment.

BB&T Asset Management said Wednesday that it is buying a 70% ownership interest in Sterling Capital Management in Charlotte, N.C.

Michigan is on the verge of prohibiting insurers from using credit scores in calculating premiums, as well as requiring insurers to reduce their base rates for home and auto coverage.

Two American International Group Inc. employees and a former Marsh & McLennan Cos. employee pleaded guilty Tuesday to charges stemming from New York Attorney General Eliot Spitzer's bid-rigging investigation.

NASD, the securities industry's self-regulatory body, sees a problem with variable annuity sales that goes beyond the complaint last week against Citizens Financial Group Inc., and analysts say the bad press may undermine sales through banks.

Hartford Financial Services Group Inc. said Monday that it had acquired 100,000 group life and accident policies from Union Labor Life Insurance Co., a subsidiary of ULLICO Inc. In a press release, Richard Mucci, an executive vice president of Hartford's group benefits division, called the $29 million purchase a strategic move by the group life and accident insurance businesses.

American International Group Inc. said Monday that it had received subpoenas from New York Attorney General Eliot Spitzer and the Securities and Exchange Commission regarding insurance products that may have helped companies smooth earnings.