Portfolio

Waddell & Reed Financial, the Overland Park, Kansas, mutual fund complex, said it earned $45.6 million, or $0.53 per diluted share, in the first quarter.

The Michael Jackson Estate has featured fireworks since very shortly after Michael died on June 25, 2009. His mother, Katherine Jackson, was not happy about non-family members, including attorney John Branca and music executive John McClain, being named as executors of his estate. So she hired lawyers and challenged the executors in probate court. They fought … and fought … and fought.

Ameriprise will seek a buyer for its independent broker-dealer subsidiary Securities America, while its first quarter earnings report showed positive growth in other areas.

Energy stocks are outperforming their peers in all other sectors through the first four months of the year while tech stocks are lagging behind the pack.

The Bloomberg Consumer Confidence Index climbed for the fourth straight month, reaching -42.6, the best reading since the end of February.

PIMCO is planning to launch a Total Return bond exchange-traded fund that will be managed by Bill Gross and disclose its holdings daily rather than monthly, a filing with the Securities and Exchange Commission shows.

Exchange-traded funds are likely to grab a “significant” share of the 401(k) market in coming years, according to Skip Schweiss, president of TD Ameritrade Trust Co.

Exchange-traded funds are likely to grab a “significant” share of the 401(k) market in coming years, according to Skip Schweiss, president of TD Ameritrade Trust Co.

Morgan Stanley’s global wealth management business net revenue rose to $3.4 billion for the first quarter, while its total advisor ranks dipped to 17,800 in line with previously reported plans for cuts.The wealth management business’ net revenue was up from $3.1 billion from the previous year due to higher commissions and asset-based revenue. The group had pre-tax income of $348 million compared with $278 million for the first quarter of 2010.