Portfolio

The comapnies announced Friday an agreement to jointly develop, sell and support managed investment account services, using GlobalBridge’s unified managed account technology.

Outflows were a mere $156.7 million the week before.

Internal Revenue Service officials Thursday said that there are no plans to audit up to half of all Build America Bond deals, backing away from remarks they made last week.

Tax-exempt money market funds shed $3.91 billion in the week ending May 31, finishing with total net assets of $352.92 billion, according to the Money Fund Report, a service of iMoneyNet.com. That was a significantly steeper decline than the previous week, in which the funds saw $156.7 million of outflows and ended with $356.83 billion.

To attract more business from small businesses, Bank of America Merrill Lynch announced Thursday it relaunched a retirement services platform for companies with fewer than 100 employees.

WASHINGTON — Berkshire Hathaway Inc.’s Warren Buffett warned a panel investigating the causes of the financial crisis Wednesday that states and localities may face “terrible” financial distress in the next five to 10 years that in turn could lead some to look to the federal government for bailouts.

Morgan Stanley Smith Barney is intensifying its campaign to increase its wealth management and private banking footprint nationally as it hired in New York and Miami as well as a planned expansion in Charlotte, N.C.

As many as 11,000 wirehouse advisers may be on the move, according to a report by Aite Group in Boston.

A former Merrill Lynch broker is out one red Ferrari.

U.S. corporations have hearty cash flows. Consumers are inclined to keep spending. And European banks have the means to weather a sovereign debt default, according MFS Investment Management.