Charles Stein

Edward "Ned" Johnson, 86, is retiring and will become chairman emeritus.

Money from brokers and RIAs accounted for about 50% of Vanguard’s $225 billion in inflows this year.

The firm's move comes after BlackRock intensified the price war in the industry by reducing expenses on 15 of its funds.

The firm pulled in $148 billion in new client money during the first six months of 2016, surpassing its previous first-half record of $140 billion set last year, a spokesman said.

The reductions will save current investors about $20 million annually and bring the average expense ratio for the funds to 10.2 basis points.

Global markets from stocks to oil are suffering their worst start to a year since at least 2009 when the financial crisis ended. For a small group of money managers, that's great news.

The biggest U.S. mutual fund provider drew a record $236 billion in net deposits in 2015.

Turmoil in financial markets prompted investors to pull $27.3 billion from U.S. mutual funds last week, the biggest withdrawal in more than two years.

Bank of New York Mellon, which has been plagued for the past week with computer problems that prevented it from providing prices for mutual funds and exchange-traded funds, said Monday it has provided net asset values for both through Friday.

TIAA-CREF, the manager of retirement accounts for teachers, agreed to by Nuveen Investments from Madison Dearborn Partners for $6.25 billion, including outstanding debt.

Mohamed El-Erian, widely viewed as the successor to Pimco's Bill Gross, resigned after six years as the firm struggles to stem record redemptions from the world's largest bond fund.

Bank of New York Mellon Corp., the world’s largest custody bank, reported that second-quarter profit rose 79% as the stock-market rally boosted assets and fees for overseeing them.

Bank of New York Mellon is hiring as many as 100 people in its wealth-management unit as it seeks to counter lackluster earnings in other businesses.

Bank of New York Mellon Corp., the world’s largest custody bank, reported a first-quarter loss after the U.S. Tax Court disallowed certain tax credits.

William Frels and Mark Henneman, who run the $2.5 billion Mairs & Power Growth Fund, were named domestic stock-fund managers of the year by Morningstar Inc.

Vanguard Group Inc., the biggest U.S. mutual-fund firm, attracted more money from investors in the first nine months of 2012 than it has in any full calendar year in its 38-year history.