The fund will invest in a mutual fund, which in turn, acting as the master fund to the underlying feeder fund, will buy investment securities. With a goal of maximizing income and preserving capital, the fund will put at least 80% of its assets in bonds, with at least 65% of its assets in investment-grade debt and up to 35% of its assets in junk bonds.
The four managers of the master fund are Abner D. Goldstine, John H. Smet, David C. Barclay and Mark H. Dalzell.
An industry recruiter said the Bank of America subsidiary has become almost "unhinged" with the amount of money it's willing to offer advisors it's recruiting.
After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas.
During first-quarter earnings calls, top executives of mega firms like Goldman Sachs, Morgan Stanley and Citigroup talked about how they're testing AI and high-tech tools.
Experts from the Fed, Intuit and the Urban-Brookings Tax Policy Center explored ideas for more effective ways to advance the goals of the mortgage interest deduction.
Romantic partners usually agree on their broad retirement goals, a new Ameriprise study shows. But the consensus breaks down over smaller questions.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
