Banco Popular de Puerto Rico

The Wall Street executive founded three companies, including private-equity firm Lightyear Capital.

Jeff Smith's dismissal was first announced in a memo by CEO Larry Fink and President Rob Kapito, who only said the executive had violated corporate policy.

The fund will track an index that divides the industry into five categories: pharmaceuticals, testing and analytics, cultivators, hemp and ancillary business.

The four new types of funds use a so-called proxy basket and will publish some information about their portfolios every day.

The advisors had won $1.6 million in back pay and fees in a case decided last month.

The Chase Wealth Management and J.P. Morgan Securities operations will become one unit with $400 billion in assets.

Money clients don’t currently have in stocks will automatically go into a separate account paying 1.8% interest.

In a business increasingly dominated by inexpensive index funds, the young juggernaut succeeded by actually picking good investments.

A major driver of growth has been the “increased awareness” of advantages like tax efficiency, liquidity and transparency, according to Bank of America.

Funds that track custom-built indexes often seek exposure to securities based on factors like ESG and strategies that would typically be actively managed.