Portfolio

After spending more than a year and a half trying to launch the Municipal Infrastructure and Assurance Corp., executive vice president Richard ­Kolman Monday announced that he left the start-up bond insurer to join U.S. Bancorp, which is ­launching a muni underwriting business.

A Fidelity Investments poll of broker/dealers and RIA firms found 86% intend to accelerate firm growth and profitability this year by hiring more advisers and brokers, in addition to building new and existing client relationships. Only 2% say eliminating or cutting non-essential costs will be the biggest driver of profitability this year, compared to 27% in 2009.

Wholesaler support and better client-focused materials are vital to annuities’ sales growth.

State Street Global Advisors and Nuveen Investments launched an exchange-traded fund tracking Build America Bonds Thursday, as investment vehicles devoted to taxable municipal debt continue to proliferate.

FINRA Eyes Action Against Firms Selling Municipal Bonds

Michael Decker, managing director and co-head of municipal securities at SIFMA, sets forth his case for not federally regulating underwriters when they provide what he calls “advice” to municipal securities issuers.

Municipal bond mutual funds continued to garner cash last week despite the flight from risk that has driven most of the flows this month.

It wasn’t a hedge fund, a proprietary trading desk at an investment bank or a rogue trader that may have been the key trigger behind the “flash crash,” one-thousand-point drop in the Dow.

GE Funding Capital Market Services Inc., a subsidiary of General Electric Capital Corp., does not agree with the Securities and Exchange Commission’s plans to file charges against it in connection with an industry-wide investigation of guaranteed investment contracts and derivatives, but is discussing the matter, including a “potential resolution,” with SEC staff.

Putnam Investments is expanding its reach into the 529 college savings plan arena, after its 10-year partnership with Ohio Tuition Trust Authority comes to an end in October. Putnam is seeking new opportunities in the nationwide college savings marketplace, including new state partnerships and investment-only mandates, a spokesman from the firm said.