Portfolio

Fidelity Investments has hired Michael Wilens, a senior executive at Thomson Reuters, to head the mutual fund company’s $1.5 trillion asset management division.

Total assets of money market mutual funds fell by $5.51 billion to $3.515 trillion for the week ending June 11, according to the Investment Company Institute.

TIAA-CREF has launched a new service to help sponsors of 403(b) retirement plans meet new Internal Revenue Service requirements by Jan. 1, 2009.

In a conference call Thursday morning, Boston-based Putnam Investments announced that Robert L. "Bob" Reynolds will succeed Charles E. "Ed" Haldeman to become the firm's president and chief executive officer. Haldeman plans to stay on board and will take on a new role as the chairman of Putnam Investment Management, LLC.

The Securities and Exchange Commission just released its full summer agenda and according to SEC Chairman Christopher Cox, the commission’s only firm plans are that it will be extremely busy in the coming months.

Financial services firms continue to battle against one another for wealth management talent even though companies are forced to pay hefty salaries that crimp profits.

Fidelity Investments is having one of its weakest first five months in recent history. Only 39% of Fidelity’s equity funds are in the company of the top half of their peers, whereas 64% were a year ago, according to Morningstar, The Wall Street Journal reports.

NEW YORK – Timothy Geithner, president and CEO of the Federal Reserve Bank of New York, called for substantial reforms to the structure of the regulatory system of the U.S.

While Morningstar certainly has carved out its niche and made a name for itself arming individual investors with mutual fund data and insight, the company plans to increase its focus on financial advisers and institutions, or the “pros” eager to pay for quality research. That’s according to an interview with Morningstar CEO Joe Mansueto in this week’s issue of BusinessWeek.

David Glaser, co-head of investment banking at Bear Stearns, is the latest of several of his former colleagues to join Bank of America.