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BOSTON—More than $1.2 trillion has been redeemed from equity mutual funds since September 2008, and retail outflows year-to-date through September have surpassed $89 billion—on pace to be greater than all of the money that fled mutual funds in 2008, said Ron O’Hanley, president of asset management and corporate services at Fidelity Investments.

BOSTON—“Emerging markets are just a niche asset class” persistently remains as one of the five biggest myths about investing in emerging markets, said John Flint, chief executive officer of HSBC Global Asset Management.

Led by Citigroup Inc., insurance units of bank holding companies generated a record $7.9 billion in fees during the first half of this year, up 14% from the same period in 2010.

The Financial Services Authority has slapped a Dubai-based private investor a record $9.6 million – the largest fine ever for an individual – for manipulating the price of a Indian firm traded on the London Stock Exchange.

FINRA has proposed a new rule requiring carrying and clearing firms to maintain certain customer records electronically in an automated accessible location to facilitate the liquidation and transfer of customer accounts if the firm goes bust.

In this low interest rate environment, some financial planners are advising their clients to cut the middleman out entirely with intra-family loans.

Fringe Benefit Administrators will keep its name under the Lincoln Trust umbrella, and expand the Denver firm’s presence in the Southeast.

San Francisco-based Bank of the West is making a major push to beef up its wealth management services for affluent and high-net-worth individuals. The bank has opened three new office centers for the exclusive use of wealth management experts and client relationship managers.

NYSE Technologies said it extended its global trading network to a fifth Equinix data center.

A pan-African commodity and derivatives exchange said it will open in the middle of next year.