Bank of America said it lost about $450 million from the bankruptcy of Parmalat after relying on "fraudulent misrepresentations" made by the Italian dairy company.
Two powerful bank trade groups today announced plans for a merger.
The SEC is looking at possible problems involving revenue sharing payments made by funds of funds.
More mutual fund companies soon will offer individual investors access to a strategy that is popular among institutional investors who are trying to outperform a benchmark.
Bank sales of variable annuities that invest in mutual funds continue to grow but are outpaced consistently by those of mutual funds. That’s a function of periodic adverse publicity combined with compliance hassles, observers say.
In an attempt to save a semblance of his family’s broker-dealer, Scott Brooks, scion of the founder of Brookstreet Securities Corp., last Thursday jumped to Wedbush Morgan Securities Inc. and then immediately invited Brookstreet’s 500 affiliated representatives to join him.
IRA investors have given at least $75 million to charitable organizations through June 4 as a result of a provision in the Pension Protection Act of 2006 that allows distributions from the qualified plans to be rolled over to a charity tax free.
In an about-face, Schwab Institutional has reconciled with a former technology partner in an effort to upgrade its customer relationship management tool for financial advisers.
WASHINGTON — Summer is about beaches, barbecues and long rounds of golf. But even sun lovers must come indoors eventually, and one fund manager is betting that many will be spending the hazy days of summer in front of their Nintendo Wiis and Sony PlayStation 3s.
In a comfortable Colonial-era tavern in Rhode Island last Tuesday, David L. Ullom dished out generous portions of retirement advice — along with a free meal of chicken, mashed potatoes and summer squash.
