Wealth management

Economic confidence among affluent Americans had one of its biggest revivals in two years last quarter as investors looked to head back into equities markets, according to a survey released today by KeyCorp's McDonald Financial Group.

Commerce Insurance Services is mirroring its banking parent's push into private-client services and hired an executive this week to lead the marketing of niche insurance products.

BlackRock Inc. has announced 20% growth in its fourth-quarter earnings.

Wilmington Trust, a global provider of financial services to corporations, said Thursday that it had expanded its administrative capabilities for structured finance transactions.

Gartmore Funds, a Conshohocken, Pa., fund company, started a small-cap fund Thursday to be managed by small-cap growth and small-cap value portfolio teams.

Travelers Life and Annuity says it expects to sign on five bank distribution partners this year as part of an aggressive growth plan for 2005 in the bank channel.

Morgan Stanley confirmed Thursday that it has been subpoenaed in Massachusetts as part of an investigation into the company's variable annuity sales.

Baron Advisors LLC said Wednesday that it sold a minority stake in its private alternative asset management affiliate, Landmark Investors LLC, to Arrow Partners, the family office of Barry Diller and the von Furstenberg family.

Manulife Financial Corp. of Toronto announced Wednesday that its Manulife-Sinochem Life Insurance joint venture has been authorized to sell group life and health policies and enter the pension business in China.

Ixis Asset Management Advisors Group has announced the hiring of Michael Kardok to be a senior vice president and fund treasurer.

Mellon Global Securities Services says it is looking to expand its hedge fund servicing business domestically and abroad through acquisitions like its deal this week for a New Jersey hedge fund administrator.

PFPC Worldwide Inc., a unit of PNC Financial Services Group Inc., appointed Stephen M. Wynne president on Wednesday.

Fidelity Investments' brokerage arm added $52.1 billion of assets in the fourth quarter, according to its earnings report Wednesday.

Ace USA, the U.S. retail operating division of the Ace Group of Cos., said that Michael Canter had been appointed president of Ace Principal Finance, the unit that underwrites portfolios of credit risk and helps its parent hedge the financial and credit risks that arise from its insurance operations.

Envestnet Asset Management announced Wednesday that it has added alternative investment portfolios to its investment consulting platform.

Foundation Source, a provider of support services to private foundations, said Wednesday that it had hired Brent Winans to be managing director for the Southeast.

Legg Mason Capital Manage-ment, a subsidiary of Legg Mason Inc., announced Wednesday that it had promoted Jay Leopold to senior vice president and portfolio manager of the Baltimore company's all-cap product.

Ace USA, the U.S. retail operating division of the Ace Group of Cos., said Tuesday that Michael Canter had been appointed president of Ace Principal Finance, the unit that underwrites portfolios of credit risk and helps its parent hedge the financial and credit risks that arise from its insurance operations.

Charles Schwab Corp. will keep reducing expenses this year by cuts in ad spending and, potentially, in jobs, its chief financial officer, Christopher V. Dodds, said Tuesday in the wake of a fourth-quarter earnings report that showed a 64% profit slump.