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Top discount brokerage Charles Schwab on Tuesday said customer stock trading dropped 7% in May from April, as low market volatility dissuaded clients from trading.

The mutual fund industry outsourcing experts BISYS Group indicated yesterday that it has received a "consent and waiver" from its lenders, which essentially gives the New York-based firm a little breathing room on a credit default.

Amerindo Investment Advisors founder Alberto Vilar has pleaded not guilty to charges of misusing an investor's money, but as of yesterday afternoon the high-profile industry executive and philanthropist remained jailed because he's unable to raise bail.

NASD said on Monday that it has charged Scott W. Ryan and his firm, Ryan & Company, with engaging in an impermissible short-selling scheme on behalf of three hedge fund clients.

Morgan Stanley Chief Executive Philip Purcell announced his retirement on Monday, answering to repeated calls for his ouster from investors who have become disenchanted with the firm following a mass departure of key staff and an eroding share price, Reuters reports.

If the latest shakeup at MassMutual reveals anything about the corporate power game, it's that it still pays to sit in the C-Suite.

Fidelity Investments, the nation's third-largest mutual fund complex, has embarked on a hiring initiative that would create career stock-analyst posts to oversee its research department, The Wall Street Journal reports.

Insurance giant Marsh & McLennan has quieted rumors that it was planning to spin off one of its major business units, including fund manager Putnam Investments.

Newly launched gold-based exchange traded funds have spurred demand for the yellow metal and kept prices high, the head of the world's fifth largest gold miner said on Thursday, Reuters reports.

Newly launched gold-based exchange traded funds have spurred demand for the yellow metal and kept prices high, the head of the world's fifth largest gold miner said on Thursday, Reuters reports.

Electronic brokerage firm Instinet on Thursday turned down a bid by Third Avenue Management to buy Instinet's institutional brokerage arm, citing the more attractive prospect of its pending merger with the Nasdaq Stock Market, Reuters reports.

The Vanguard Group said on Friday that is making a new equity "fund of funds" available to investors and that its Admiral share class is now available for its $9 billion Inflation-Protected Securities Fund.

Schroders will establish a fund management joint venture in China with two mainland partners, the British asset manager said on Friday.

Munder Capital Management has been appointed to manage the $100 million Amerindo Technology D Fund, whose previous managers were jailed on charges they misappropriated a client's funds, Munder Capital said in a regulatory filing last Monday.

The NASD announced last Wednesday it has fined 15 broker/dealers more than $34 million in total for directing brokerage in exchange for preferential treatment for certain mutual fund companies.

While President Bush's nominee to replace outgoing SEC Chairman William Donaldson is likely to bring a free-market, libertarian spirit to the post, don't expect him to charge in like a bull in a china shop.

Former Bank of America broker Theodore C. Sihpol III was acquitted last Thursday of 29 criminal charges, including seven counts of grand larceny, for allegedly helping a hedge fund make illegal late trades after the closing bell.

Despite heading into the usually slower summer months, the separately managed account industry is buzzing with activity.

As if the American International Group (AIG) case was not complicated enough, a deal cut with Joseph H. Umansky may further complicate cases being brought forth by the Justice Department and the Securities and Exchange Commission, The New York Times reports.

Karen Fang, Thomas Bruch Join AIG Financial Products