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BOSTON - Managed accounts used to be for the wealthy, but in the last 18 to 24 months, they have become increasingly available to the mass affluent because of a reduction in costs and an increase in efficiency, said AJ Harper, managing director of Lockwood Advisors, an affiliate of Pershing, a BNY Mellon company, in an interview at the Money Management Institute annual conference here.

BOSTON - The future of the investment advisory industry depends on reducing the cost of doing business, said Mark Casady, Chairman and CEO of LPL Financial, in the opening keynote at the Money Management Institute’s 2011 annual convention, which kicked off Wednesday here.

Long-term funds took in $6.46 billion in the week ended May 4, the Investment Company Institute said.

Only 45% of affluent investors are satisfied with their employer-sponsored retirement plan provider, according to a report from Cogent Research. Forty-three percent say they are somewhat satisfied, and 12% are dissatisfied.

At time when more Americans than ever are petrified they won't have enough set aside for retirement, a new LIMRA survey suggests that peace of mind could be just a phone call away.

Financial advisers are planning to increase their clients’ exposure to domestic equities, emerging market equities and global developed market equities, a survey of 805 investment professionals by Harris Interactive on behalf of Aberdeen Asset Management found.

Putnam Investments is the inaugural recipient of the Innovation and Growth Forum’s Innovation Award for its suite of absolute return funds. The Forum was launched by Financial Advisor Magazine and Spectrem Group to help asset management firms with their post-economic crisis strategies.

The average 401(k) balance held with Fidelity Investments reached $74,500 at the end of the first quarter, a 12% increase from a year ago and a 58% increase from two years ago. This is the highest account level since Fidelity began tracking account balances in 1998.

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Global X Funds has launched the Global X Fishing Industry ETF, which it says is the first exchange-traded fund to target the fishing industry. It will invest in commercial fishing companies that capture fish from the wild and aquaculture fish farming companies.

Global X Funds has launched the Global X Mexico Small-Cap ETF, which it says is the first exchange-traded fund to focus on Mexico’s small-cap companies.

Investors stuck with their retirement savings plans in 2010, the Investment Company Institute said Tuesday, basing its findings on data from more than 23 million defined contribution accounts.

The Investment Company Institute held its annual meeting of its membership in Washington, D.C. last week. Close enough to Securities and Exchange Commission headquarters that chairman Mary L. Schapiro could swing by and let the assemblage know that existing mutual fund distribution rules "can't be left to stand."

Markit and Deutsche Bank said they are providing financial research through a single application for iPad users.

Tradar said its portfolio management software will become available as a hosted service for fund managers, through Eze Castle Integration.

Morningstar has added 10 alternative investment categories to its classification system, eight of which cover exchange-traded funds and two the broad universe of funds.

Forward Management has relaunched the Forward International Fixed Income Fund as the Forward EM Corporate Debt Fund. SW Asset Management, an asset management firm that specializes in emerging corporate debt, will sub-advise the fund. David Hinman, chief investment officer of SW Asset Management, will serve as co-portfolio manager of the fund.

Aberdeen Asset Management has launched the Aberdeen Emerging Markets Debt Local Currency Fund in response to growing interest in the asset class, as investors look to diversify their fixed income exposure.

Fidelity’s division for ultra-high-net-worth individuals and family offices, served by independent registered investment advisors, has nearly $2 billion in assets after only six months in service.