Portfolio

In what marks the largest outflow activity so far this year, tax-exempt money market funds lost a hefty $5.17 billion and total net assets fell to $306.93 billion for the week ended April 25, according to the Money Fund Report, a service of iMoneyNet.com.

HSBC Global Asset Management has launched two emerging market debt funds. The HSBC Emerging Markets Debt Fund will invest in fixed income issued in emerging markets, and the HSBC Emerging Markets Local Debt Fund will invest in fixed income issued in emerging markets denominated in local currencies.

U.S. Bancorp expects significant long-term growth from its wealth management business over the next three to five years as it looks to reap the benefits from an aggressive four-year strategy to transform the business.

An uptick in mergers and acquisition among investment advisory firms at the end of last year suggests that the pace will increase, according to a study by Pershing Advisor Solutions, a unit of BNY Mellon. However, there were fewer deals, and they took longer to complete in last year, compared to the peak in 2007.

“Clearly, a lot of the same fundamental, structural changes to the industry continue to drive M&A,” says David DeVoe, managing director of strategic business development for Schwab Advisor Services.

Equity funds saw $3.08 billion in inflows the week ended April 20.

The San Francisco company tells investors to think ahead to 2011 taxes, as filing deadline has just passed.

The excitement in the room at the 10th Annual Closed-End Funds and Global ETFs Capital Link Forum in New York City on Wednesday was palpable.

For wealth managers, the big question is this: is the unified managed account a realistic goal that will become a reality over time? Or is it a holy grail that will capture imaginations but remain unrealized, draining resources that would better be spent elsewhere?