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The dotcom crash and the Great Recession have taken a serious and lasting toll on the risk appetites of Generation Y, according to the latest MFS Investing Sentiment Survey. This generation, between the ages of 18 and 30, are “investing more like their parents and grandparents, many of whom grew up in the shadows of the Great Depression,” said William Finnegan, senior managing director of U.S. retail marketing for MFS.

Allianz announced it is rolling up its Allianz asset management division and PIMCO units into a new structure to be called Allianz Asset Management, effective Jan. 1.

Many of the country's largest banks received $6 billion in kickbacks from mortgage insurers over the course of a decade, according to a previously undisclosed investigation by the Inspector General of the Department of Housing and Urban Development.

Bank of America changed its wealth management leadership in one fell swoop Tuesday evening when it announced the departure of top wealth management executive Sallie Krawcheck, a move that may actually point to a deeper commitment to the Merrill Lynch business.

Sallie Krawcheck is leaving Bank of America, three years after leaving Citigroup.

Investors have flocked to exchange-traded funds and exchange-traded notes through the first eight months of the year. Year-to-date through August, net cash inflows were $73.2 billion, a 54% increase over the same period in 2010, according to data from National Stock Exchange, Inc.

Bank of America Corp. ousted prominent executives Sallie Krawcheck and Joe Price on Tuesday as part of Chief Executive Brian Moynihan's efforts to reorganize the struggling company.

Carson Wealth Management Group, an independent investment and wealth management firm based in Omaha, Neb., has named Brett Carson as its new director of research and brought on Aaron Foster as a financial analyst.

The Securities and Exchange Commission said it will seek public comment on a plan to conduct retrospective reviews of its existing regulations.

Fidessa said on Tuesday that Ruffer LLP, a London-based investment management company, has gone live with its Buy-side Workstation to execute trades in global markets through 50 broker-dealers.