Portfolio

Two state-specific municipal bond portfolios managed by BlackRock Inc. were slated to be closed to investors effective Wednesday, a day after the firm began liquidating the funds' investments, according to a Feb. 18 addendum to the funds' prospectuses.

Americans held $15.6 trillion in retirement assets at the end of the third quarter of 2009, according to the ICI, but as we emerge from the Great Recession, advisors and investors want to know what they need to do to retain and grow assets from here.

Fidelity Investments reported Wednesday that the average 401(k) account balance held with it hit a 10-year high of $71,500 at the end of 2010. For participants who continuously contributed to their 401(k) the average balance increased to $183,100 from $59,100 a decade ago.

A study of million-dollar producers conducted by Peak Advisor Alliance indicated that 10 key activities accounted for approximately 75% of their average week. Steve Sanduski, the author of our new blog, “The Prosperous Advisor,” examines these activities and why they are so critical.

In a survey of affluent U.S. investors, HSBC Securities reported a growing interest in overseas investing, and an opportunity for advisers to provide more information.

The Conference Board Consumer Confidence Index rose 5.6 points this month to 70.4, up from 64.8 in January.

The State Street Investor Confidence Index, which measures the buying and selling patterns of institutional investors, fell 9.2 points in February to 91.6, down from 100.8 in January. In North America, the index fell 6.8 points to 92.5, down from 99.3.

GE Asset Management has completed its appointment of Highland Funds Asset Management as investment advisor for the GE Funds. GE will serve as sub-advisor to all of the funds except the GE Small-Cap Equity Fund, which uses other third-party sub-advisors.

Putnam Investments announced Tuesday that it is developing an absolute return fund for use in variable annuities and other variable insurance products.

Hershey Trust announced Tuesday that Bryn Mawr Trust will buy its private wealth group.