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Phillip D. Murphy, a former manager of municipal derivatives products at Banc of America Securities LLC, now Bank of America Merrill Lynch, was indicted by a federal grand jury on three counts of conspiracy and wire fraud in connection with a fraudulent scheme to rig bids for municipal-bond related investment agreements.

Poverty is the next big business in banking - but there are plenty of pitfalls before it becomes the next big success in banking.

On July 23, 2012, Paul Schott Stevens has been president and chief executive of the Investment Company Institute since 2004.

The Dow Jones Industrial Average plunged 120.79 points Friday to close at 12,822.57 while the Nasdaq and S&P 500 lost 40.60 points and 13.85 points, respectively.

EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY is closing the the PIMCO Commodity Real Return Strategy to new investors, effective today, according to a Securities and Exchange filing.

United Technologies Company last month took the plunge into providing its employees a steady stream of retirement income.

TCW Funds, Inc. is liquidating the TCW Emerging Markets Equities Fund on August 31, according to a Securities and Exchange filing.

Mutual funds get hurt each time a crisis hits capital markets.

Three days in August 2007 will live forever in algorithmic investing infamy. Numerous quantitatively driven stock funds leapt en masse off a cliff-just like lemmings.

BNP Paribas Securities Services is not well known for handling custody of fund assets in either Mongolia or the United States.

Paul Schott Stevens has been president and chief executive of the Investment Company Institute since 2004.

On July 20, 2012, Northern Trust has hired Jeff Kearny to lead new business development for asset servicing the West Coast and in the Mountain states, including corporations, public pension funds, insurance companies and not-for-profit institutions.

ON July 20, 2012, Target-date fund providers are taking two steps forward and three steps back, according to a new report by BrightScope, dubbed Popping The Hood V, 2012.

If anyone needs proof of the importance of revisiting their estate plans annually, the case of the high-net-worth Tweten family on the West Coast should supply it.

Financial services firms are broadening the scope of their retirement advice tools and planning a major push to help advisors understand them, according to a survey by Hearts & Wallets.

On July 20, 2012, Alternative mutual fund Forward is now one of the portfolio strategists on the investment platform of Genworth Financial Wealth Management, Inc., where it will introduce its new multi-asset income product to advisors.

Asset managers predict alternative mutual funds to make up 9.7% of mutual fund assets in five years, and rise further to 15.8% of assets in 10 years, according to new research by Cerulli Associates.

BlackRock has a new real estate offering in the works, dubbed the BlackRock US Real Estate Securities Strategy Fund, according to a Securities and Exchange Commission filing.

Institutional investors took $12 billion out of money market funds in the week that ended Wednesday, the Investment Company Institute reported. Since the end of 2008, assets have been cut by a third, from $3.83 trillion, to $2.54 trillion.

More and more affluent investors are looking to mobile devices to review finances and check up on their social media accounts.