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SAN FRANCISCO-Mutual funds had no idea in 2008 of what to do in a major bear market, according to W.H.C. Bassetti.

If much of human nature comes down to a struggle between greed and fear, then the mutual fund industry is proving itself very human, at least in regards to creating exchange-traded funds.

Fund administrator Gemini Fund Services has new leadership in place, new headquarters in New York, and is making strides in the alternative mutual fund and exchange-traded fund arenas.

When 2008 began, a record $12.0 trillion was held in mutual funds by individuals and institutions.

RBC's American wealth management unit is pushing ahead with a stronger emphasis on fee-based business, an increased focus on ultra-wealthy clients and a more aggressive campaign for its brand, according to George Lewis, group head of RBC Global Wealth Management.

Two firms—Legg Mason (LM) and American Century Investments—both reported assets under management that showed assets growing, and in one case, reaching an all-time high.

A group of family trusts has lost a $7.56 million arbitration claim that highlights the difficulties of winning individual claims tied to various Morgan Keegan funds that have fallen under regulatory scrutiny.

Investment advisory firm Segal Rogerscasey has hired David Pappalardo as head of the firm's Advisors Solutions Group, a unit that provides access to Segal Rogerscasey’s institutional-quality research through financial intermediaries.

Equity mutual fund investors pulled $1.3 billion from their accounts (their fifth straight week of outflows), while equity ETF investors made a U-turn from the previous week’s withdrawal numbers and added a $12.1 billion to their accounts for the week ended Sept. 12.

A new "Going Independent" solution package, introduced this week, combines compliance and practice aid to help advisors who want to own their own wealth management shop.