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The bank's brokerage services generated $64 million in fourth-quarter revenue, up 12% year-over-year.

The industry in 2014 saw Pimco bleed billions after the abrupt departure of Bill Gross in September, while BlackRock reaped the benefits of that disarray. BlackRock's iShares ETFs captured $102.8 billion in investments in 2014. Also, Vanguard announced it would offer its first ETF focused on the $3.6 trillion U.S. municipal bond market, and a Cerulli study detailed the state of the annuities market.

The $47 million year-over-year decline was due to foregone revenue resulting from the sale of asset management firm RidgeWorth Capital Management in the second quarter of 2014.

Acadian Asset Management, the Boston-based quant fund that says it shares its investment secrets with clients, has set up in Japan as the nation starts to embrace smart beta strategies.

BlackRock, the world’s largest money manager, attracted a record amount of new money in the fourth quarter, helped by demand for exchange traded funds and turmoil at a rival bond manager Pimco.

Citigroup plans to shed 60 branches as part of its ongoing restructuring, a number of which are said to be in California. It shopped some of the California branches last year, and it may again try to sell some of them.

Bank of America's expenses still far exceed those of JPMorgan Chase and Wells Fargo, so analysts were clearly disappointed Thursday when CEO Brian Moynihan failed to outline any specific plans for further lowering overhead.

Obamacare is about to collide with the U.S. tax-filing season, adding frustration for millions of taxpayers trying to figure out how to comply and how much they will owe the government.

While underfunded public-pensions have been in the spotlight in recent years, another problem that has not received as much notice is the nearly $1 trillion in unfunded health care liabilities.

Two advisors left Wells Fargo to join Stifel.