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ClearBridge Advisors the largest manager of equity funds at parent company Legg Mason, apparently wants to cut the apron strings, announcing it would drop the “Legg Mason” name from all its U.S. funds over the next few months.

Asset managers spend more than 80 percent of their technology dollars simply maintaining existing operations. With regulatory changes and trading spanning more types of assets, “the buy side has a situation of underinvestment which is unsustainable,’’ research firm Celent said.

JPMorgan Chase & Co., the biggest U.S. bank by assets, posted a record third-quarter profit that beat analysts’ estimates as mortgage revenue soared 72

Bruce Bent Sr. took the stand Thursday afternoon in a New York City courtroom, defending his actions during the 2008 financial crisis as his $62 billion Reserve Primary Fund—the world’s first money market mutual fund—imploded after making an unfortunate bet on the debt of Lehman Brothers Holdings, the Wall Street Journal reports.

Boston-based Eastern Bank has named Michael Tyler chief investment officer of its wealth management division.

Wells Fargo & Co., the most valuable U.S. bank and largest mortgage lender, dropped 4% in New York trading after reporting a record third-quarter profit that was marred by narrower profit margins.

Capital Guardian LLC, a Charlotte, N.C., based boutique wealth manager, announced Tuesday it added a former LPL Financial team to its independent channel.

Most people, not just those earning more than $200,000 a year, probably will be paying more in taxes next year, says Lancaster, Penn.-based planner and retirement specialist Rick Rodgers. The good news is clients still have time to take advantage of 2012 tax rates, which may turn out to be the lowest available for some time. Rodgers offers three strategies that can be implemented before the end of the year:

Lord, Abbett & Co. has added nine new partners to its executive team.

Total money market mutual fund assets decreased by $1.38 billion to $2.562 trillion for the week ended Wednesday, October 10, according to the Investment Company Institute.

The past week may have been an otherwise lackluster one for the tax-exempt market, but municipal bond mutual funds saw heavy demand in the form of inflows. Funds that report their flows weekly recorded inflows of $915 million for the week ended Oct. 10.

Republican presidential nominee Mitt Romney was wrong to say Dodd-Frank offers the "biggest kiss" to large banks, according to Sheila Bair.

Goldman Sachs President Gary Cohn told Bloomberg Television's that he will "probably read" Greg Smith's tell-all book, "Why I Left Goldman Sachs," which comes out Oct. 22.

John Hancock Funds has unveiled a new 'Insights & Commentary' section on its website featuring commentary and thought leadership on topics ranging from alternative asset classes to the Eurozone debt crisis.

The Investment Company Institute has named former journalist Mike McNamee its chief public communications officer, responsible for all media and public relations, public policy writing, editorial, website, and design activities.

A report by the National Center for Policy Analysis, a conservative think thank, investigated how much Baby Boomers are spending on things like education and clothing and how that’s changed over the past 20 years.

Old Mutual Asset Management, the US-based global asset management business of Old Mutual plc, has agreed to sell five of its US affiliates to their current senior management teams.

Total money market mutual fund assets decreased by $1.38 billion to $2.562 trillion for the week ended Wednesday, October 10, according to the Investment Company Institute.

While beauty is in the eye of the beholder, there just seems to be a lot of noise “out there” as people in general and financial advisors in particular grapple with Twitter etiquette, Facebook do’s, and LinkedIn don’ts. Marketing Maven Marie Swift demystifies the art to using social media to build relationships and to amplify your voice.

UMB Financial Corp., a Kansas financial service holding company, has launched the UMB Business Partner Portal, an online tool to help business partners better serve their employer clients.