Wealth management

Independent Financial Marketing Group Inc., a Purchase, N.Y., distributor of investment and insurance products through banks, has announced the promotion of Robert E. Summa to be its national sales manager.

Aetna Group Insurance, a division of Aetna Life Insurance Co. in Hartford, Conn., announced Tuesday that it has enhanced its portfolio of group long-term-care insurance benefits and services.

Sales of 529 college savings accounts continued to lag in the third quarter as some analysts began to worry that the once hot product's complexity and regulatory uncertainties are sapping its momentum.

American International Group Inc. in New York said Tuesday that it and a subsidiary, AIG Financial Products Corp., have settled claims by the Department of Justice and the U.S. Attorney for the Southern District of Indiana arising from certain structured transactions with Brightpoint Inc. and PNC Financial Services Group Inc.

PacifiCare Health Systems Inc. in Cypress, Calif., has announced plans to buy Newport Beach, Calif.-based Pacific Life Insurance Co.'s group health insurance business, adding an estimated 140,000 members in 30 states.

National City Corp. in Cleveland said Tuesday that it has hired Medical Mutual to be a custodian of its health savings account program.

Willis Group Holdings Ltd. in New York said Monday that Arlene Corsetti has been hired as an executive vice president to lead its western region, the states of Alaska, Arizona, California, Hawaii, Nevada, Oregon, and Washington.

Allianz Life Insurance Co. of North America announced Monday that it has promoted Hayward L. Sawyer to director of sales and distribution and hired Doug P. Reynolds to be chief operating officer.

TIAA-CREF in New York said that it has started seven life-cycle funds.

Mellon Financial Corp. said Monday that Kenneth Barker, the director of quantitative analysis at Mellon Equity Associates, was elected to the board of directors of the Institute for Quantitative Research in Finance.

Evergreen Investments in Bos-ton has announced a proposal to close and liquidate the Evergreen Mid Cap Value Fund and Evergreen Technology Fund on or about March 7.

BNP Paribas hired two executives for its fixed-income division Monday and said they are to focus on the German, Austrian, and Swiss markets.

ING U.S. Financial Services says it is continuing a focus on its annuity business as aging baby boomers become more interested in the product, and the company has hired Harry N. Stout to be the annuity business group’s president in the retail financial services unit.

National Bank of Canada and Canada Life Assurance Co. said Monday that they have agreed to offer banking products and services through the insurer's distribution channels.

NASD announced Monday that James B. Moorehead, a former broker for AmSouth Investment Services Inc., has been barred from the securities industry for life for alleged fraud, forgery, and falsification of documents in connection with variable annuity sales.

About eight weeks after stricter mutual fund regulations took effect, PricewaterhouseCoopers is predicting a new wave of sanctions, within months not years, that will define the boundaries of industry practice.

An insurance division of General Electric Co. has admitted giving the giant brokerage company Marsh & McLennan inflated quotes — the latest company to become embroiled in a bid-rigging scandal rocking the insurance business.

Mercantile Bankshares Corp. announced Tuesday that it had hired Jay M. Wilson to be a vice chairman with primary responsibility for its investment and wealth management division.

CitiStreet in Quincy, Mass., said Tuesday that it has started offering an online tool that lets retirement plan participants create personalized financial e-curriculums.