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Two former Morgan Stanley Smith Barney brokers have been ordered to pay about $4.28 million plus interest to their former employer for the breach of promissory notes and other agreements.

Lord Abbett and Wilshire Associates have partnered to launch Pro Active Income Solutions, an actively managed approach designed to deliver income for the independent advisory market. The solution combines Wilshire’s dynamic asset-allocation capabilities and Lord Abbett’s comprehensive suite of fixed income mutual funds.

Global X Funds has launched the Global X SuperDividend ETF, an exchange-traded fund that offers exposure to 100 global companies that rank among the highest dividend-yielding equity securities in the world.

Asset management firms are not fully leveraging the capabilities of their internal wholesalers, according to a new report from Kasina, “Excellence in Distribution: Internal Wholesaling 2011.”

Principal Funds has launched a website for financial professionals, preferredsecurities.com, that demonstrates how preferred securities can offer the potential for increased income, diversification and reduced volatility.

AXA Private Equity has signed an agreement to purchase a $1.7 billion portfolio of limited partnership interests in private equity buyout funds and direct stakes in companies from Citigroup.

Sentinel Investments has outsourced its transfer agency fund servicing to Boston Financial in order to focus on its core competencies. Boston Financial will support Sentinel’s transaction processing, control, broker servicing and quality control, but Sentinel will retain primary call center responsibility.

Gemini Fund Services has partnered with Charles River and TKS Solutions to expand its compliance and accounting capabilities.

Long-term mutual funds reaped $2.83 billion in inflows in the week ended June 1, the Investment Company Institute said.

TIAA-CREF has launched the TIAA-CREF Lifecycle 2055 Fund, a target-date fund aimed at those who are 18 to 22 years of age and destined to leave the workforce in or around 2055.

Giant financial institutions and wirehouses that spent fortunes attracting and retaining top-producing brokers and wealth managers over the past few years may be about to get socked with a big wave of departures this year and, especially, in 2012.

Morgan Stanley Smith Barney plans to continue to trim underperformers from its financial advisor force in addition to the 300 positions that it severed in the first quarter, a spokesperson for the firm confirmed on Tuesday.

State Street Corp. this week said it will roll out a new mobile application for executive-level portfolio and fund managers' iPads in the fall, giving clients real-time access to portfolio and risk exposure data on their beloved mobile devices.

A former employee pleaded guilty Monday in federal court to helping Bernie Madoff create false records for investors.

Credit Suisse Asset Management has re-launched the Credit Suisse Floating Rate High Income Fund, previously known as the Credit Suisse High Income Fund.

Parametric Launches Structured Commodity Strategy Fund

Fidelity’s Drake on the Five New Retirement Risks

Money Management Executive Launches 2011 NOVA Fund Operations Awards

ICI Urges DOL to Make Electronic Delivery Default for 401(k)s

BNY Mellon Asset Servicing, the asset servicing arm of Bank of New York Mellon, has signed Edward Jones as the first broker-dealer to use its subaccounting services for 529 plans, a type of tax-advantaged college savings plan.