Portfolio

Southfield, MI-based Advance Capital Management’s Board of Directors today passed a resolution terminating the sub investment advisor relationship with Birmingham, MI-based Seizert Capital Partners.

Parametric Portfolio Associates, a subsidiary of Eaton Vance Corp. (EV), and The Clifton Group Investment Management Company announced today the completion of the previously announced purchase of Clifton by Parametric.

Morningstar today gave props to a few funds that that the research firm said went from worst to first in 2012.

For the week ending Wednesday, December 26, mutual funds and exchange-traded funds reported net inflows of $3 billion, excluding the inflows of $18.2 billion to money market accounts, according to data from Lipper.

Total money market mutual fund assets increased by $28.39 billion to $2.665 trillion for the week ended Wednesday, December 26, according to data from the Investment Company Institute.

This year was a “slower year than many expected,” in terms of financial advisors departing major firms for other pastures, according to Chip Roame, the managing partner at Tiburon Strategic Advisors. “I believe 2013 may be slower, too,” he says.

With little more than a day remaining to avert tax increases for almost every U.S. worker and to halt federal spending cuts, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell worked to bridge gaps over income tax rates, the estate tax and other issues.

Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest bond fund, expects stocks and bonds to return less than 5 percent in 2013 as high unemployment persists, he wrote in a Twitter post.

If there is one sentiment that fiscal policy debates in Washington have taught investors not to expect over the years, it’s optimism, according to the chief market strategist at LPL. Time and again, we have seen our politicians respond to serious questions on the future of our nation’s economy by kicking the can down the road, or worse. Could it be different this time around for 2013?

Total money market mutual fund assets increased by $28.39 billion to $2.665 trillion for the week ended Wednesday, December 26, according to data from the Investment Company Institute.