Wealth management

Two units of PA Fund Management LLC agreed Monday to pay $50 million to settle fraud charges brought by the Securities and Exchange Commission.

Jefferson Pilot Corp. in Greensboro, N.C., has started offering term life insurance that cuts in half a policy's minimum face amount in an effort to broaden the product's appeal.

Alliance Capital Management reported Friday that a preliminary estimate of assets under management at the end of August showed a gain of $6 billion, to $479 billion, from July 31; Janus Capital Group reported a continuation of asset erosion; and Franklin Resources said it gained $5.7 billion of managed assets in the month.

Hartford Financial Services Group Inc.'s investment management unit has hired Alison Murdoch and Ray Uy for its international investment team.

Placemark Investments, a unified managed account provider for financial services companies, has announced the hirings of three sales executives to increase penetration with major financial institutions.

Bank brokerage revenues' second-quarter decline and the low expectations for third-quarter annuity and mutual fund sales reports have some analysts concerned.

Sun Life Financial U.S. of Wellesley Hills, Mass., has hired Mary M. Fay as its vice president for annuities.

RBC Asset Management Inc. launched a corporate bond fund Thursday.

The operations chief who TD Waterhouse announced Wednesday will be its president and chief executive officer says the company will focus on organic growth by expanding its branch network.

Webster Financial Corp. said Tuesday it expects its plan to buy Eastern Wisconsin Bancshares for $26 million to make it a major player in the nascent heath savings account market as well as to further its overall strategy of increasing core deposits.

Mellon Financial Corp. announced a deal Tuesday for a Rhode Island investment firm that is the private wealth management group's third this summer and seventh in four years as part of a national expansion.

Anthem Blue Cross and Blue Shield said it has introduced health savings accounts to individuals and employer groups in Colorado.

A year after mutual fund scandals rocked the industry, increased regulation may mean new business and additional revenue for large custody banks that sell outsourcing services, according to analysts and executives.

The global financial services provider ING Group NV and Beijing Capital Group said they have regulatory approval for a Beijing branch of their life insurance joint venture, China Daily said Thursday.

After increasing in the first quarter of the year, sales of individual life insurance policies in the United States fell 2% in the second quarter from the year earlier, according to Limra International.

Bank of America's investment management arm said Thursday that it had hired Christopher Wilson to head its mutual fund businesses.