Industry

U.S. Bancorp has named William Benjamin as CEO of U.S. Bancorp Investments Inc. and U.S. Bancorp Insurance Services LLC.

The Philadelphia wealth management firm Janney Montgomery Scott LLC has hired Francis J. McAleer Jr. as director of wealth management sales and marketing in its wealth management department.

Erin Callan, who was recently ousted from her position as Lehman Brothers’ chief financial officer, will begin a new role as head of Credit Suisse’s global hedge fund business on Sept. 2.

President and CEO of Federated Investors, Inc., J. Christopher Donahue, recently announced Federated’s acquisition of assets associated with the Prudent Bear and Prudent Global Income Funds. Federated is set to purchase these assets from David W. Tice & Associates at an initial price of $43 million with future contingent payments over the next four years of up to $100 million. These funds have an estimated net worth of $1.2 billion and $502 million, respectively.

AARP has appointed Richard Hisey as the new president of AARP Financial Inc. and AARP Funds. Formerly, Hisey served as the CIO of AARP Financial and treasurer of AARP Funds.

The Money Management Institute has selected Cheryl Nash as co-chair of its technology and operations committee. She is a SVP at CheckFree Investment Services, now a division of Fiserv, and will join Kevin Miller, SVP at Dreyfus, as co-chair.

Petrozzo, DePoalo New CIOs at Fidelity

Gerald Tsai, Jr., a legendary financial whiz and performance funds pioneer, died at the age of 79 last Wednesday. In the 1950s and 1960s, Tsai turned a canning company into Primerica, which later became the foundation of Citigroup.

Before Dennis Ferro retires as chief executive officer at Evergreen Investments, Wachovia Corp.'s investment management arm, he says that he wants to expand its alternative investment capabilities and its international distribution.

Ameriprise Financial finalized a $440 million deal to purchase J&W Seligman in the fourth quarter. The addition of Seligman will provide Ameriprise with addition outlets to sell its mutual funds and further improve its hedge fund business.