Wealth management

Despite the uncertainties about retirement funding created by companies' migration away from defined benefit pension plans and the proposal to partially privatize Social Security, many workers eligible to save for retirement in company-sponsored 401(k) plans do not do so, according to Hewitt Associates.

Reserve Funds, the company that launched the first money market fund, has bought four small mutual funds in the past three months, three from banks, and plans to buy more to expand its equity and fixed-income business.

Manulife Financial Corp. has announced that its Venture variable annuities will be sold under the John Hancock brand name in the United States.

Fifth Third Bank in Cincinnati said Friday that it has added health savings accounts to its product lineup.

SEI Investments in Oaks, Pa., said Friday that Aetna Capital Management, a subsidiary of the insurer Aetna Inc., has chosen it to administer a hedge fund of funds business.

Robert C. Dughi, the president and a board member of CitiStreet, a joint venture retirement business of Citigroup Inc. and State Street Corp., said Thursday that he has retired.

Upromise Inc., a leading college savings company, has introduced a new chief executive officer as it tries to expand its profile as a 529 plan distributor, according to its chairman.

Compass Bancshares Inc. in Birmingham, Ala., said Thursday that it has bought Warren Benefits Group LP, a Houston insurance brokerage.

Encore Bank in Houston has bought two insurance agencies in the last 11 months in an effort to boost cross-selling opportunities within its high-net-worth client base.

NASD fined Banc One Securities Corp. $400,000 Wednesday for allowing late trading of its mutual funds.

Ivy Asset Management Corp., Bank of New York's alternative investments unit, said Wednesday that it is expanding its international presence by opening a branch office in Tokyo.

Mellon Financial Corp.'s human resource and investor solutions unit announced Wednesday that it has a partnership with Financial Engines Inc. to offer a portfolio management program to 401(k) plan investors.

Ohio Casualty Insurance Co. has announced the promotion of Michael E. Sullivan to be senior vice president of the commercial lines division.

Massachusetts banks have prevailed in a federal lawsuit they brought last year challenging restrictions on insurance sales through bank branches.

Bankers Life and Casualty Co. in Chicago said Wednesday that it had hired Michael Plazony to be a vice president of underwriting.

Tompkins Insurance Agencies Inc., having seen good revenue growth from its first agency acquisitions in western New York, says it wants to build on that success with its latest agency deal, for Banfield & Associates Inc. in Ithaca.

U.S. hedge funds posted gains last year but lagged the broader financial markets and fell short of the double-digit returns they delivered in 2003, according to Hennessee Group, a New York hedge fund consultant.

HSBC Brokerage Inc. said Tuesday that it has merged into its broker-dealer affiliate, HSBC Securities Inc., and taken the latter's name.