News Feed

According to statistics released today by the Investment Company Institute, investors pulled $484 million from stock funds over the past week, a reversal from the previous week when investors sent $1.42 billion their way.

James Boyle, president of John Hancock Financial Services, announced that Brian Heapps, CLU, ChFC, was named president of John Hancock Financial Network (JHFN).

AdvisorShares Investments announced that the AdvisorShares Accuvest Global Opportunities ETF will begin trading tomorrow, January 26. ACCU is managed by Accuvest Global Advisors, an investment adviser that manages over $300 million in global portfolio assets.

Guggenheim Investments announced a new open-end mutual fund offering: Guggenheim Municipal Income Fund. The fund is the latest addition to its recently expanded suite of fixed-income mutual funds..

Known as the Citi RAFI Bond Index Series, the series will include sovereign and corporate bond indices and use fundamental measures to weight the index components.

Merrill Lynch agreed to pay a $1 million fine for failing to arbitrate disputes with employees about retention bonuses related to its 2009 merger with Bank of America Corp., the Financial Industry Regulatory Authority said.

Independent brokerage LPL Financial has hired eight new advisors who manage about $200 million in client assets in Massachusetts.

They may have different expectations on the pace, but a variety of factors will mean aggressive consolidation in the industry, planning executives said at this week's Financial Services Institute’s annual OneVoice conference in Orlando.

Affluent investors looking for market cues to invest more toward their retirement this year are most watching stock market volatility and improvement in the job market, according to preliminary results from a Merrill Lynch semiannual survey.

Harold C. Brown & Co., a small broker-dealer that became an RIA during its 80-year-old history, has lost four major partners.