Wealth management

AIG Global Investment Group, whose member companies are subsidiaries of American International Group Inc., announced Friday that AIG Private Equity Portfolio III, or PEP III, had its second and final close on Nov. 12, with commitments totaling nearly $239 million.

The supervisory board of Aegon NV in The Hague, Netherlands, said Friday that it has elected Dudley G. Eustace to succeed Morris Tabaksblat as chairman at the annual general shareholder meeting April 21.

U.S. Trust Corp. plans to open its fifth office in Florida next month and says it plans to expand further in the Sunshine State - possibly through acquisitions - and throughout the Southeast.

National Penn Bancshares Inc. announced Friday that it has bought D.E. Love Associates Inc., a full-service insurance agency in Yardley, Pa.

Wescom Credit Union has bought its first insurance agency in a bid to beef up its insurance operation, and it said it may look to additional acquisitions down the road.

Trustmark Corp. in Jackson, Miss., has announced the integration of Fisher-Brown Inc., a Pensacola, Fla., insurance agency, as a wholly owned subsidiary of Trustmark National Bank.

ING Group NV, the largest Dutch financial services company, may sell its ING Capital Advisors division in the United States as part of a plan to focus on insurance in Europe and Asia and Internet banking.

Northern Trust Co. announced Thursday that it has established a wealth advisory group to focus on the financial needs specific to individuals and families with investable assets of more than $25 million, and it named Alan W. Robertson to lead the group.

First Charter Bank says it is continuing to buy insurance agencies in its Charlotte footprint as a way to cross-sell banking products.

Pershing LLC, a subsidiary of Bank of New York Co., announced Tuesday that it has hired Paul Wichman to be a managing director.

The head of Julius Baer Group's private banking division says the Swiss firm decided to sell its North American wealth management operation to UBS AG because it could not collect enough assets to make the business unit profitable.

MassMutual Retirement Services in Springfield, Mass., said Tuesday that it has published a guide to fiduciary responsibility to help employers better understand and fulfill their duties as retirement plan fiduciaries.

State Street Corp. said Tuesday that it will quit the 529 college savings market on Jan. 31.

Mellon Financial Corp. in Pittsburgh and MBI said Monday that they plan to offer health plans and third-party administrators a Mellon health savings account combined with the MBI Benefits Card.

Placemark Investments, a Dallas unified managed account provider, announced Monday that it has hired three executives to help expand sales and customer service to brokerage firms, banks, and wire houses that want to create unified managed accounts for their customers.

UBS AG said Monday that it had signed an agreement to buy Julius Baer Group's North American wealth management business.