Wealth management

Stained by scandal for the first time, Citizens Financial Group Inc. should act quickly but prudently to protect its image as a bank built around customer service, analysts say.

Putnam Investments announced the retirement of Steve Oristaglio Friday as head of investments, and it promoted his deputy, Kevin Cronin, to succeed him.

John Hancock Financial Corp. in Boston said Friday that assets in its John Hancock Freedom 529 college savings plan have topped $1 billion.

For years, industry observers have seen the growth of the 401(k) industry as the beginning of the end for defined benefit plans. But executives at Wachovia Corp. and Fidelity Investments say their companies view such pension plans as an underserved market and see opportunities for growth even if 401(k)s remain the retirement product of choice.

Janus Capital Group Inc. has announced a 4.5% decline in assets under its management last month.

Citizens Financial Group Inc., a Top 10 banking company, has been charged by Massachusetts regulators with "unethical and dishonest" sales of variable annuities to senior citizens at a Cape Cod branch as part of a probe the state says could find systemic problems at Citizens.

Wachovia Corp. said it plans to use its bankers sell retirement products to people who are not preparing properly for retirement.

Two Alabama legislators have introduced a bill to make one of state’s two 529 college savings plans — which has been rated among the worst in the country — more attractive to Alabamians.

Vesdia Corp. says it is fueling rapid revenue growth by creating loyalty programs for banks and other financial services companies.

McCamish Systems said Wednesday that John Hancock Life Insurance Co. has chosen its VPAS Life policy administration platform for all variable life products.

American International Group Inc. in New York announced Wednesday that its net income had grown 19.1% last year, to $11.05 billion or $4.19 per share, compared with $9.27 billion or $3.52 per share the year earlier.

The Securities and Exchange Commission has accused the Nasdaq Stock Market of observing suspect trading by MarketXT and failing to report it to regulators.

New York Life Insurance Co. said Wednesday that sales of its LifeStages Lifetime Income Annuity grew 154% last year while the industrywide increase was about 3% for lifetime income annuities.

The Hartford Financial Services Group Inc. in Simsbury, Conn., said Wednesday that its 401(k) sales grew 37% last year, to $1.87 billion, a record for the company.

State Street Corp. in Boston said Tuesday that it has been chosen by Midwest Medical Insurance Co. to do investment accounting for $250 million of general account assets.

Sun Life Financial Inc. announced a domestic public offering Tuesday of $300 million of Class A noncumulative preferred shares with an option to issue up to an additional $100 million of preferred.

Cover-All Systems Inc. in Fair Lawn, N.J., and AIG Technologies Inc., a member company of the giant insurer American International Group Inc. announced Tuesday that they have extended the relationship begun in 2000.

JPMorgan Fleming Asset Management in New York said Tuesday that it plans to buy the investment advisory and fund administration businesses of Pacholder Associates Inc., a high-yield investment adviser based in Cincinnati that manages more than $2.5 billion.

Northern Trust Global Investments in Chicago said Tuesday that it had hired Timothy Misik as a quantitative equity trader/portfolio manager in New York and Joseph Wolfe as a quantitative active portfolio manager/researcher in Chicago.