Wealth management

Union Bank of California says its recent purchase of CNA Trust Co.’s retirement plan trust and record keeping business is a strategic move to bolster sales in a mature market and increase its distribution reach.

Frost Insurance Agency, a subsidiary of Frost National Bank in San Antonio, said Wednesday that it has bought the assets of Sammons Group Inc., a Dallas agency, from the estate of the company's founder, Charles D. Sammons.

Spectrum Group's monthly survey of affluent investors' sentiment declined to "neutral" from "mildly bullish," according to information released Wednesday.

Newtek Business Services Inc. says it bought the insurance outsourcer Financial Keyosk as a step toward offering more services through banks and other financial institutions.

American Funds’ devotion to the adviser channel, where it has become known as a safe fund choice, has proven a potent asset-accumulation formula through the recent bear market and into its aftermath.

Sun Life Financial U.S. said it had hired Kevin J. Hart to be president of MFS/Sun Life Financial Distributors Inc.; he will begin the new job Sept. 1.

Mellon Financial Corp. says it is seeking to expand its global position in currency management and build up its alternative investment business through its announced deal to buy the shares of Pareto Partners it does not already own.

Genworth Financial in Richmond, Va., said Monday that Scott McKay was named its chief information officer and the senior vice president of operations and quality.

Prevention Insurance announced Monday that its sales had increased by 75% during the last year in the ATM division.

St. Paul Travelers Cos. Inc. said Monday that it has determined the accounting treatment for previously announced reserve adjustments and will record the adjustments as a charge against its second-quarter income statement.

CNA Financial Corp. of Chicago said Monday it has closed the sale of the retirement plan trust and record keeping business portfolio of CNA Trust to Union Bank of California, the San Francisco-based commercial banking subsidiary of UnionBanCal Corp.

Safeco Life Insurance Co. in Redmond, Wash., said Monday that its sale to a group of investors led by White Mountains Insurance Group Ltd. and Berkshire Hathaway Inc. for $1.51 billion is now complete.

FBL Financial Group Inc. in West Des Moines, Iowa, said Friday that its coinsurance agreement with American Equity Investment Life Insurance Co. is suspended.

In the wake of a regulatory “global” settlement that last week began requiring the largest Wall Street investment banks to supply independent research free to their retail brokerage customers, some second-tier investment banks may follow the lead of companies like Wachovia that have done so voluntarily for years.

Northern Trust has announced the hiring of Mark S. Doherty to run institutional custody sales in the northeastern United States for its institutional asset servicing business.

Elevate, Capital Fulfillment Group's premium promotional division, was recently chosen by The Hartford for promotional services and product fulfillment, the Hartford, Conn., insurer announced Wednesday.

T. Rowe Price Group said Tuesday that strong mutual fund inflows and growth in its international business had helped its second-quarter profit grow 49.2% from a year earlier.

Principal Global Investors, a unit of the Principal Financial Group in Des Moines, has announced that its real estate investment trust style was added to two account platforms, at Wells Fargo Bank and Wells Fargo Investments.