Portfolio

In line with its own worst-case-scenario forecast, Charles Schwab Corp. reported a significant decline in first-quarter earnings due in part to a 19% decline in trading revenue. The San Francisco-based discount brokerage company announced Thursday that profits declined 45% to $119 million, or 10 cents per share, from $218 million, or 19 cents per share, a year earlier. Revenue declined 12% to $978 million.

Use of target-date funds is up significantly thanks to their status as qualified default investment alternatives under the Pension Protection Act of 2006 and the growth of automatic enrollment in company-sponsored plans, according to a new Vanguard study.

The Securities and Exchange Commission on Wednesday proposed tracking large blocks of trades by mutual funds, hedge funds, private equity firms and other large institutional investors. The SEC defines a large trader as those that trade $20 million or more in securities in a day, or 20 million shares or $200 million during any calendar month.

Fidelity Investments has begun its search to replace former president Rodger Lawson and has interviewed at least three external candidates for the position over the past few months, Bloomberg reports, citing three people familiar with the search.

While automatic enrollment is boosting target-date fund assets, plan participants are choosing them of their own accord, too.

Fidelity helped 50 brokers breakaway in the first quarter. The challenge is helping them remain independent.

The gap between advisors and clients when it comes to what each thinks are the risks in retirement is vast.

Robert Manning will be promoted from CEO and CIO at the end of the year.

Sen. Ron Wyden, who recently caused a stir in the municipal bond market by proposing a tax-reform bill that would eliminate tax-exempt bonds and replace them with tax-credit bonds, said yesterday he is open to discussing possible modifications to the legislation with critics.

Over the past few months, the Obama administration has gradually backed away from providing a near-term plan for Fannie and Freddie after missing a self-set February deadline.