Portfolio

The fund has returned about 42% since its April 7 launch compared to an 8.9% gain for its benchmark over the same period.

The top 20 carried an average expense ratio of more than three times the broader industry.

“There is an advantage to funding the debt, especially when interest rates are very low, by issuing long-term debt," Janet Yellen said during her Senate confirmation hearing.

The new fund, expected to begin trading next quarter, will carry an expense ratio of less than half the new actively managed offering.

The ex-Morgan Stanley and Merrill Lynch advisors join the wealth manager, which has been aggressively recruiting in recent months.

Firms affiliated with the broker-dealer can access the software for free through AdviceWorks.

The pending nominations send a clear signal that the rule-cutting and lax enforcement the industry has grown accustomed to under President Trump are over.

For investors, Biden represents an attitude shift from the era of Trump, who famously made the Dow a barometer of his success.

To streamline the company, CEO Charlie Scharf has been looking to sell certain businesses since taking over in 2019.

After a waiver, required minimum distributions from certain retirement accounts — including traditional IRAs and 401(k)s —return for 2021.