Portfolio

Charles Schwab Investment Management announced Friday that trading has begun in two new exchange-traded funds, with no online trading commissions for Schwab clients and low operating expense ratios.

On Wall Street, Top 40 Advisors Under 40

The majority of high-net-worth investors have stuck with their financial advisers despite heavy losses to their portfolios as a result of the financial crisis that have left them “highly distrustful and disillusioned."

The economy may not have bounced back, but consumer confidence is on the upswing.

Disenchanted with mutual funds, some investors are turning to a pair of online registered investment advisory firms to create managed accounts that mimic the investments of preselected managers.

Long-term mutual funds took in $7.11 billion in the week ended Dec. 2, marking the 38th straight week of sales, which now total $384 billion for the period, the Investment Company Institute said.

PIMCO co-CIO Bill Gross told the Reuters Investment Outlook Summit he sees only faint economic growth in 2010, forcing the Federal Reserve to keep short-term interest rates low until it is certain the country is returning to “stable and substantial growth.”

Effective Jan. 1, Vanguard President and Chief Executive Officer F. William McNabb III will succeed John J. Brennan as chairman of the $1.3 trillion investment company. McNabb will continue to also hold the titles of president and CEO.

Putnam is laying off 104 people, or 5% of its staff, this month, primarily in operations and technology. However, three portfolio managers and 13 asset management support staff are also getting the ax. After the cuts, Putnam’s total staff will number 1,827, which includes 63 new hires this year, including 12 investment professionals.

Morningstar has launched an upgraded version of the free applications it developed for the Apple iPhone or iPod Touch in May that now include performance charts for stocks, funds, exchange-traded funds and indexes. Alongside this information, investors can view the Morningstar Market Barometer and data on each of the Morningstar fund categories, as well as market indexes and news.