Portfolio

Closed-end municipal bond funds continue to enjoy shelter from the turbulence plaguing the rest of the sector.

BlackRock has reduced the fee on its iShares Comex Gold Trust exchange-traded fund by more than a third, to 25 basis points. The firm apparently is tossing its hat into the ETF fee wars started by Schwab, Fidelity and Vanguard.

While using technology, advisors expect aggressive growth over the next five years, according to a Schwab study.

Robert S. Matthews worked for Smith Barney and Citigroup for the past 25 years in its global private banking, wealth management and family office services units. He replaced Kevin McCabe, who was president and chief executive officer since Fieldpoint was founded in 2008.

Prompted by a shift toward defined contribution plans and regulatory changes, European fund managers and their asset servicing providers will increase their spending on portfolio management and accounting systems to $787 million by 2012, from about $646 million in 2009, according to a report released by Aite Group.

Citi and Bank of America Merrill Lynch continue to vie for the top underwriting position in the municipal bond industry, according to mid-year rankings from Thomson Reuters.

Investors pulled cash out of municipal bond mutual funds last week for just the third time in a year and a half, despite a strong week for state and local government debt.

Investment advisers may face tough compliance issues in the wake of the Securities and Exchange Commission's unanimous adoption last week of rules designed to prevent IAs from making political contributions to elected officials to obtain business from state and local pension funds, investment pools and college-savings accounts.

Under the theory that lucrative investment opportunities like alternative energy will be more likely to spring from overseas markets, Fidelity Investments is positioning its 20-year-old environmental energy mutual fund right at the crossroads of those two sectors.

Annuities sales through banks maintained their modest recovery pace in April after hitting record lows at the beginning of the year.