Wealth management

Legg Mason Inc. said Tuesday that its board had approved a 3-for-2 stock split, payable Sept. 24 to shareholders of record Sept. 8. The move came a day after the company reported quarterly earnings that missed analysts’ expectations.

Charles Schwab Corp. on Tuesday missed analysts’ second-quarter earnings estimates despite having guided Wall Street lower last month when it warned that a slowdown in retail trading compounded by its new lower fee schedule could harm the bottom line.

Banc of America Securities has announced the hiring of Steven Hollender to be a managing director and head of investment-grade credit sales.

VantisLife Insurance Co. in East Hartford, Conn., is aggressively seeking to form alliances with banks and credit unions to increase its distribution nationwide.