Banco Popular de Puerto Rico

The fund’s losses stem from bearish wagers on global interest rates, according to a person familiar with the matter.

Pockets of job growth are offsetting some of the dramatic cuts at the world’s largest lenders.

In some ways, their investments are a microcosm of trends sweeping the wider market.

The underperformance is a rarity for the fund, which has beaten the benchmark for nine of the past 10 years.

The bank's performance puts it behind its largest U.S. competitors this year, signaling frustration in the market over the board’s quiet search.

If approved, the fund would be the first in the U.S. to follow a quantitative approach that allocates across asset classes based on risk.

Plus, the average employee contribution rate reached 8.8% in the second quarter, up a full percentage point from a decade ago.

Angst over the Fed’s decision to lower borrowing costs has seeped into the $3.8 trillion market for municipal bonds.

Investment banks are increasingly studying the relative positioning of funds that compete with each other to beat benchmarks.

Some cryptocurrency investors are receiving a new round of letters from the IRS telling them that their federal tax returns don’t match the information received from virtual currency exchanges, a new front in the agency’s burgeoning scrutiny of the industry.