Portfolio

The Dow Jones Industrial Average fell 30.82 points Wednesday to close at 13,172.76 while the Nasdaq and S&P 500 added 6.41 points and 0.32 points, respectively.

Investors last week pulled an estimated $2.67 billion from U.S. stock funds, down from $3.56 billion the prior week and half that two weeks earlier.

Legg Mason is planning to offer a number of index ETFs as well as actively managed fund of funds ETFs.

For the week ended Aug. 15, investors pulled an estimated $2.67 billion from funds that invest in U.S. stock mutual funds, substantially less than the $3.56 billion withdrawn the week before.

Heavy lobbying continues in the lead-up to what some expect will be an Aug. 29 SEC vote on controversial money market reforms.

With 1,000 ETFs now trading on Xetra, the Deutsche Bourse’s electronic trading platform, the exchange remains the leading trading venue for ETFs in Europe.

A new online company, FutureAdvisor, aims to break open the market for sophisticated financial advice and make that service available not only to the wealthy, but to all investors. Launched in 2010, the Seattle-based startup says it already analyzes $4 billion in assets for its users and, today, it announced $5 million in new venture capital funding. …

Two trade groups for corporate treasurers have sounded the alarm about proposed reforms of money market funds, warning that proposed regulations could reduce large companies' financing options - and add to their dependence on megabanks.

Jensen Investment Management has hired Gabe Goddard as chief compliance officer and counsel.

Steve Atkinson, "The Advisors' Coach," says investing in people, entrepreneurship and improved corporate efficiencies is a far cry from gambling and it's important that advisors and their clients appreciate the difference.