Wealth management

BlackRock Inc.'s reported plan to buy State Street Research and Management Co. should give it more strength on the equity side but not affect its relationship with majority shareholder PNC Financial Services Group Inc., analysts said.

Mutual fund companies already beset by poor performance in a lengthy bear market and competition from hotter products like managed accounts and exchange-traded funds now face hits in revenues and costs as regulators tighten the screws, and smaller companies may be forced to sell or liquidate, observers say.

Alliance Financial Corp., an $860 million-asset Syracuse, N.Y., community banking company, said Tuesday that it will buy part of the personal trust business of HSBC Bank USA in upstate New York.

Willis Group Holdings, a New York insurance broker, said Tuesday that it has gotten final approval and certification from the China Insurance Regulatory Commission for its joint venture, Willis Pudong Insurance Brokers Co. Ltd., to do insurance and reinsurance broking throughout China.

Quotesmith.com Inc. an-nounced Tuesday that it has closed the sale of about 2.4 million shares of common stock at a price of $5.50 per share to Zions Bancorp., thus raising $13 million of capital.

First American Bank in Chicago is taking family-office and wealth management services once reserved for the ultra-wealthy to investors with $1 million to $3 million of assets in an effort to develop wallet share.

For F.N.B. Corp., insurance has been a learning experience over the past five years, and though the Hermitage, Pa., bank has gone through some dramatic changes - taking itself into Florida and then out again - it has remained committed to owning agencies in Pennsylvania.

Hedge funds had their fifth consecutive period of record net inflows in the second quarter, according to a report released Monday.

Northern Trust Global Investment Services plans to expand its asset servicing, asset management, and wealth management businesses internationally in an effort to generate assets under management.

Eastbridge Consulting Group's fifth annual U.S. Worksite Study says that voluntary life sales outpaced disability sales last year, reversing their relative performance in 2002.

TIAA-CREF has appointed State Street Corp. to provide custody and securities lending services for $110 billion of assets.

Ace USA, the U.S retail operating division of Ace Group of Cos. of Hamilton, Bermuda, has a new product called Threat-Protect.

Lloyd's of London's financial strength rating was upgraded to A from A-minus by A.M. Best Co.

Acordia Inc. has named Stuart Young managing director for its central region.

Nationwide Financial Services Inc. said Thursday that it will offer two seminars for investment professionals through the Financial Planning Association.

CitiStreet, a joint venture between State Street Corp. and Citigroup Inc., will run a 401(k) retirement program for ShopKo Stores Inc., a Green Bay, Wis., consumer products retailer with 359 stores.

Executives at Wachovia Corp.'s wealth management division say its new legal specialty group could generate significant revenue as the group works to cross-sell financial services, investments, and insurance products to lawyers and their customers.

American Financial Group has promoted Karl J. Grafe to vice president.

Nationwide Financial Services Inc., a provider of long-term savings and retirement products, has announced the naming of Robert C. "Clay" Thompson to lead Nationwide Provident’s distribution organizations.