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As Boston-based Fidelity saw its news brokerage assets slip, San Francisco-based Charles Schwab saw assets swell during the second quarter, according to Reuters. Between proprietary and non-proprietary funds, new client assets to Fidelity’s brokerage division during the second quarter were $30.9 billion, a 26% drop from the same three-month span a year prior. The start of the third quarter, however, seems “very positive,” said Timothy Moran, chief financial officer and vice president at Fidelity Brokerage. “Year-over-year, the available flows in the industry in total are down a little bit, and that’s what you are seeing in numbers,” he said. But cross-country, discount brokerage rival Charles Schwab is seeing a surge in second quarter new assets raising to $26.4 billion, or by 41%, compared to the period a year prior. Fidelity suffered sagging new assets in other areas, too. New retail brokerage assets during the second quarter were $11.8 billion, or 17% less than the $14.2 billion in inflows. Institutional clearing plummeted 77%, from $19.1 billion to $4.3 billion, although Moran attributed $9 billion of the 2006 gains to new broker/dealer clients brought in that quarter. One bright spot for the quarter was a 75% jump in Fidelity institutional advisor assets. Moran attributed the $14.8 billion in assets to a new business partnership. Fidelity’s major on-line competitors include Schwab, TD Ameritrade, and E*Trade. As of May, Fidelity controlled a 20.6% market share, according to Moran. To date in July, the brokerage division’s retail daily average trading volume is up 4%, compared to second quarter. Overall client assets at the end of June were up 24% or $354 billion compared to the same time last year. Moran said that $194 million of that sum was market increase, while $160 million was new client assets. The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

Although Barclays Global Investors runs $301 billion in exchange-traded fund money through 137 funds- commanding a 60% share of the $500 billion ETF market-Vanguard and State Street are launching new products and marketing campaigns to catch up, Reuters reports.

Despite a recent survey that found 83% of executives believe that the Sarbanes-Oxley Act has had a positive impact on their company, industry experts do not agree.

The first of a new wave of 130/30 long/short mutual funds are hitting the mainstream investment landscape. They are taking their cue from the institutional arena where 130/30 strategies have been a scorching hot commodity and are rolling out to clients at a record pace.

CAMBRIDGE, Mass.-In the race to capture rollover retirement assets, retail banks have been somewhat of a sleeping giant.

We've got to hand it to the board of directors at AIM Investments for acting responsibly and in direct response to a profound change in public sentiment.

Securities America Fined For Directed Brokerage

Fidelity Selects Lawson As FMR Corp. President

CAMBRIDGE, Mass.-Retirees and their broker/dealers have one thing in common: they both want advice.

As firms increasingly start to focus on mass-affluent investors, they need to understand their behavior to effectively capture their assets, and this group is highly independent, unlikely to rely on a financial adviser and dependent on the Web, according to a survey by Aite Group of Boston.