Wealth management

Bank of New York's brokerage arm has made Frederick J. Bailey a managing director.

Nuveen Investments Inc., a Chicago money manager, announced Thursday that it had raised $1.3 billion in an initial public offering of a new exchange-traded stock fund.

Hartford Financial Services Group Inc. said it earned $620 million, or $2.08 per diluted share, in the fourth quarter - both record figures.

John Hancock Life Insurance Co. in Boston said Thursday that it had hired William J. Cuff as a senior vice president of John Hancock Financial Network.

U.S. hedge fund assets increased 19% last year, to $972.6 billion, Hedge Fund Research Inc. said Thursday.

MetLife Inc. will offer at guaranteed survivor income benefit as a rider to Guarantee Advantage Universal Life, its new universal life policy.

Michael J. Mahoney was named the director of investor relations at the Union Labor Life Insurance Co. and Trust Fund Advisors Inc. subsidiaries of Ullico Inc., the company said Wednesday.

The chairman and chief executive officer of Janus Capital Group gave earnings guidance for the first time Wednesday during its quarterly conference call, predicting that earnings per share will be 55 to 60 cents in 2005.

Wachovia Retirement Services said Wednesday that it is expanding services to emerging businesses with 401(k) plan assets in the $500,000 to $3 million range.

Jackson National Life Insurance Co. in Lansing, Mich., announced a 12% increase Wednesday in retail sales of its core annuity and life insurance products during 2004, to a total of $6.5 billion.

ING Employee Benefits in Minneapolis has announced the availability of a group of voluntary long-term-disability-income products.

Beneficial Savings Bank has entered the insurance business through an agency purchase, and the Philadelphia bank says it has aggressive expansion plans in banking and wealth management that could include further deals.

As they look at the competitive landscape early this year, many big banking companies are counting on unified managed accounts and health savings accounts to play important parts in their efforts to attract new assets.

Genworth Financial said Monday that James H. Reinhart has joined it as the operations executive for the retirement income and investments division.

Beneficial Savings Bank has announced the purchase by its subsidiary, Beneficial Insurance Services, of the Philadelphia insurance brokerage Paul Hertel & Co.

CaliforniaChoice announced a partnership Monday with Bancorp Bank to offer Californians a health savings account.

Large 401(k) providers like Fidelity are finding a wealth of asset-gathering success by selling target-date funds in retirement plans, but an executive at a much smaller investment firm says he is wary of a product that sounds too good to be true.

HCC Insurance Holdings Inc. in Houston said Monday that it is reorganizing the operations of its life insurance and life and health underwriting agency subsidiaries.