Portfolio

Investors in U.S. mutual funds pulled money out of U.S. equity funds for the 17th consecutive month as they continued to seek the perceived safety of fixed income funds and other non-equity plays, according Morningstar.

Miami-based investment advisor Thomas J. Herzfeld Advisors has hired asset management and mutual fund industry veteran, Robert Adler as its head of distribution, a newly created position.

This year, investors are flocking to the fixed income market in droves as evidenced by weekly updates from the Lipper, which revealed that investors withdrew $2.4 billion from equity funds for the week ended Oct. 4 in search of a safe haven.

The SunTrust affiliate names a firm veteran, Thomas M. Carroll, as the new chief.

Northern Trust has promoted Darius Gill to managing director of the Foundation & Institutional Advisors group in the Central Region, which includes Illinois, Michigan, Minnesota, Ohio, Missouri and Wisconsin.

Focus Financial Partners, LLC, the nation’s largest partnership of independent wealth management firms announced the acquisition of Vestor Capital Partners, LLC.

If Congress allows Bush-era tax cuts to expire next year, as many expect, planners everywhere must be aware of the “fiscal cliff” their clients will confront.

If Congress allows Bush-era tax cuts to expire next year, as many expect, planners everywhere must be aware of the “fiscal cliff” their clients will confront.

Rising interest in hedge fund-like mutual funds among advisors and investors have driven service providers and fund managers alike to adjust their businesses to account for legal and tax ramifications of serving and operating alternative mutual funds.

MLV & Co. Financial has struck a deal to buy a stake in an investment advisor in Connecticut and promises more acquisitions to come.