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Total U.S. mutual fund assets increased by $161.5 billion to $12.338 trillion in July, according to the Investment Company Institute’s official survey of the mutual fund industry.

For bank reps looking to advance their careers, there's no better news than a promotion or a job offer that's too good to refuse. Here's a sampling of bank reps who were recently promoted or moved to new organizations to assume roles of greater responsibility.

Thrivent Asset Management has launched the Thrivent Partner Emerging Markets Equity Fund, which will be subadvised by DuPont Capital Management Corporation.

New York-based Drexel Hamilton Investment Partners, the investment adviser for each of Drexel Hamilton 8IP Asia Pacific Equity Fund and the Drexel Hamilton FOUR European Equity Fund, this week decided to liquidate the two mutual funds.

Despite record income for the whole company, RBC's wealth management division reported a significant drop in revenue and net income.

Investment advisory shop Arnerich Massena has promoted Scott Dunbar to managing director of advisory services.

Securities America has hired Denise Morrison as its new chief compliance officer.

Michael Mortensen, the former president and CEO of PNC Investments, will oversee Union Bank's brokerage operation and all the registered representatives.

Participation in 529 college savings plans has leveled off after years of growth, according to a Fidelity survey. Perhaps not coincidentally, the study found that most advisors do not "proactively suggest the 529 plan" to parents with youngsters.

The former CFO and Treasurer of Legg Mason's fixed income funds has been barred from the securities industry for altering books and records of one of the funds.

Loomis, Sayles & Company is closing its Loomis Sayles Small Cap Growth Fund to new investors on Sept. 14.

The tax-exempt market ended flat to slightly stronger Wednesday continuing a week-long trend of muni yields following Treasury yields lower.

The agency's order initiating administrative proceedings alleges that Noah Myers, president of MiddleCove Capital, netted "ill-gotten gains" of about $460,000, while his clients lost more than $2 million from around October 2008 through February 2011, when an employee threatened to report the activity to the SEC.

Three former Morgan Stanley Smith Barney advisors have taken their business to Stifel Nicolaus to start an office in Madison, Connecticut.

A computer application deployed by the Charles Schwab Corporation that supported day trading online has flagged “cherry picking” of profitable trades by a Connecticut financial advisor

For the week ended August 22, investors pulled an estimated $4.48 billion from U.S. mutual funds, substantially more than the $2.72 billion they withdrew the week before.

Loomis, Sayles & Company is closing its Loomis Sayles Small Cap Growth Fund (LCGRX) to new investors on September 14.

For the week ended August 22, investors pulled an estimated $4.48 billion from U.S. mutual funds, substantially more than the $2.72 billion they withdrew the week before.

On the heels of hiring a new chief marketer, Forward is embarking on a marketing campaign this fall to spread the word about its alternative mutual fund products

John Cartolano and his Scottsdale, Ariz., based team at NetVest Financial have joined Ameriprise from LPL, bringing with them $200 million in assets under management.