Portfolio

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.

MFS Investment Management has named Robert Manning, its current CEO and CIO, to succeed Robert Pozen as chairman of the company. Pozen is set to retire at the end of the year, an announcement said today.

As sentiment among wealth managers shifts, more capital has become available and companies right-size, banks, trust companies, wealth managers, and bank brokerages that are in a strong position to expand into a new market and acquire new units, will do so. But it is also the moment when companies without the capital—and stability—will get left behind.

Boosted by its investment banking and wealth management units, JPMorgan Chase & Co. reported stronger than expected first-quarter results. The New York-based company posted first-quarter earnings today of $3.33 billion, or 74 cents a share, a 55% increase from the year-ago period. JPMorgan Chase’s overall revenue rose 5% to $28.17 billion.

Citi Alternative Investment LLC has sold three hedge fund business units—a fund-of-hedge funds, hedge fund seeding and hedge fund advisory businesses with a collective $4.2 billion of assets under management—to Skybridge Capital, a New York-based hedge fund incubator. The price of the deal was not disclosed.

Fidelity persists on path to nabbing more 401(k) assets, this time offering RIAs an all-in-one package to sell to their business clients.

The three business units — a fund of hedge funds, hedge fund seeding and hedge fund advisory businesses — are from Citi Alternative Investment LLC and collectively have $4.2 billion of assets under management.