Portfolio

Billions of dollars continued to flow into municipal bond mutual funds, gaining $1.5 billion for the week ending Aug. 26, according to Lipper FMI.

Bank sales of fixed annuities reached $8.7 billion in the second quarter, according to Beacon Research in Chicago, a drop in sales from $10.9 billion in the first quarter.

The market decline has hit RBC’s wealth management business, which reported a 10% decline in net income to U.S. $288 million in the third quarter from the same period a year ago. The firm said it was largely due to market conditions leading to lower fee-based revenue.

Massachusetts Mutual Life Insurance Co. has lost its AAA rating by Standard & Poor's, due to the value decline in its asset management units.

After a rough 2008 in which almost 1,500 portfolios closed, hedge funds and bank trading desks are hiring again, and the top managers are being snatched up quickly, Reuters reports.

Aviva Investors has launched a UK-focused, retail absolute return fund.

UMB Financial Corporation has discontinued the use of Moody's Investors Service for rating both its UMBFC and UMB Bank n.a.

After a series of high-profile losses in its money market fund sector, the Association of British Insurers has created the Deposit and Treasury sector, which will provide tighter controls on permitted investments.

Confidence among affluent investors grew in the second quarter, according to the TNS Investor Confidence Index.

Securities and Exchange Commission Chairman Mary Schapiro has named James L. Kroeker as the chief accountant in the SEC's Office of Chief Accountant.