Portfolio

"A lot of advisors say they have a team," said Jeff Fishman, who heads JSF Financial in Los Angeles. "When you talk to them, you find out they have a bunch of people who came from wirehouses. We have a real team: people from different backgrounds who play different roles."

Total estimated inflows to long-term mutual funds were $6.12 billion for the week ended Wednesday, September 12, according to data from the Investment Company Institute.

The agency is targeting Summit Wealth Management, a registered investment advisor, and Angelo Alleca, who is charged with defrauding investors in what the SEC describes as a scheme that sought to conceal losses from trades that went bad through the creation of new private funds that were used to repay the original investors.

For the week ended Sept. 12, investors pulled an estimated $2.75 billion from funds that invest long-term in U.S. stocks, marking the eighth consecutive week of outflows.

Total estimated inflows to long-term mutual funds were $6.12 billion for the week ended Wednesday, September 12, according to data from the Investment Company Institute.

Emerging market shop Mirae Asset Global Investments is shelving two funds from its Mirae Asset Discovery Funds trust, according to a Securities and Exchange Commission filing.

Emily Colella has joined Palmer Square Capital Management as a managing director, business development, Money Management Executive has learned.

Hatteras Funds has added Yuri Khalif as Executive Director for the Northeastern region.

Franklin Resources, the parent of Franklin Templeton Investments, has agreed to acquire a majority stake in K2 Advisors Holdings, a fund of hedge funds manager, from private equity shop TA Associates.

Wall Street firms turned out in force Tuesday night to celebrate a political development that for some hit close to home: the one-year anniversary of the repeal of the "Don't ask, don't tell" policy for gays serving in the military. Photos: Mason Braswell