Wealth management

Prudential Retirement, a business of Prudential Financial Inc., said Wednesday that it has introduced PruSolutions, a defined contribution product for qualified retirement plans with $1 million to $20 million of assets.

MSCI, a provider of U.S. equity, international equity, fixed-income, and hedge fund indexes, has announced Vanguard Group's adoption of its U.S. Broad Market Index as the target benchmark for index funds with assets totaling more than $60 billion at Dec. 31.

Mellon Financial Corp.'s private wealth management group plans to expand aggressively this year and is looking to make acquisitions in several high- growth states, its chief says.

First Albany Cos. Inc. announced Wednesday that it had sold its asset management unit to a partnership of some of the unit's employees and a New York fund of funds company.

Susquehanna Bancshares Inc. in Lititz, Pa., said Wednesday that it had bought Brandywine Benefits Corp. and Rockford Pensions LLC, two business lines of a Wilmington, Del., financial planning, consulting, and administration entity collectively known as Brandywine.

The Hartford Financial Services Group Inc., the No. 1 seller of variable annuities in both the United States and Japan, announced its plan Tuesday to market individual investment and retirement savings products this year in the United Kingdom.

Marquette Financial Cos. has entered the crowded wealth management marketplace with the launching Tuesday of its subsidiary, Marquette Asset Management Inc. in Minneapolis.

A.M. Best Co. in Oldwick, N.J., said Tuesday that it has placed under review the A-plus financial strength rating of IDS Life Insurance Co. in Minneapolis and its subsidiaries.

The appearance of distinct geographic preferences in behavior of the wealthy worldwide and investing preferences among them are two of the findings of a survey released Tuesday by Citigroup Inc.'s private bank.

When Putnam Investments named Ed Haldeman president and chief executive officer in November 2003, he says, he knew he needed to restore investor confidence one customer at a time.

Insurance broker Marsh & McLennan Cos. Inc. announced Monday that it will pay $850 million to settle allegations that it worked with insurers to rig bids, but it still faces private litigation.

Exchange-traded funds are gaining popularity as a constituent of 401(k) plans, bankers say, and may even stimulate adoption of an all-ETF 401(k) platform.

Allianz Life Insurance Co. of North America in Minneapolis has announced the hiring of Ed Oberholtzer to be a senior vice president and the national sales manager for its affiliate, USAllianz Investor Services LLC.

Travelers Life and Annuity in Hartford, Conn., said Friday that it has introduced an updated Web site that enhances the ability of life and annuity producers to manage their books of business.

Assets in exchange-traded funds jumped 50% last year, to $226.2 billion, the Investment Company Institute reported.

Fourth-quarter net profits at Franklin Resources Inc. jumped 39% from a year earlier, to $240 million, and assets under management also increased.

Alliance Capital Management Holdings LP said Thursday that its fourth-quarter net income had skyrocketed 335.8% from a year earlier, to $233.2 million.