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The Dow Jones Industrial Average moved up 103.16 points Wednesday to finish at 12,908.70 while the Nasdaq and S&P 500 tacked on 32.56 points and 9.11 points, respectively.

Bank of America Corp., shaking off some of the drag caused by faulty mortgages, swung to a second- quarter profit as losses in real estate narrowed and the company set aside less for bad loans.

For the week ended July 11, bond funds took in $6.39 billion, the most of any fund category. Long-term equity funds, meanwhile, lost $1.47 billion in outflows.

On July 18, 2012, PIMCO has filed with the Securities and Exchange Commission to launch the PIMCO Mortgage Opportunities Fund.

BlackRock Inc.’s Laurence D. Fink, who heads the world’s largest asset manager, said his firm needs to capture a larger share of the deposits that are going into U.S. equity exchange-traded funds.

The world’s largest international wealth management firms performed better than lower-tier firms on many fronts, including net new money and pre-tax profit growth.

Following a difficult second quarter, the financial services firm will push to expand its lending operations.

Two financial advisors, Matt Browning and Monica Bacon-Proctor, have been added to independent broker-dealer Securities America’s base of registered representatives.

A new portfolio management strategy steers away from bonds and seeks to grow capital in non-traditional areas.

If a potential breakaway broker of a larger firm were to sit down and think of all the negative considerations in starting his own RIA firm, it would be hard to imagine that any sensible person would venture into that type of quagmire. However, with all these potential risks facing a prospective breakaway broker, there exists an opportunity for the established RIA firm.

OppenheimerFunds has signed an agreement to buy SteelPath Capital Management and SteelPath Fund Advisors, an energy infrastructure investments company focused on the Master Limited Partnership sector.

Want exposure to managed futures? Think multi-manager funds, according to a new white paper penned by William Marr and Alexander Rudin, principals of Ramius Trading Strategies.

Interactive Brokers says it now provides a tool that allows financial advisors to create ‘virtual’ mutual funds.

Franklin Templeton Investments has named Andrew Ashton and Dennis Rothe to new roles overseeing consultant/gatekeeper relations and investment research for the company’s International Advisory Services and North America Advisory Services divisions, respectively.

Jim McMahon may have been a master at the Super Bowl Shuffle dance, but the former Chicago Bears quarterback apparently was less skilled as a bank director.

Provident New York Bancorp in Montebello, N.Y., has established a wealth management services division that will be led by of its top executives.

On July 18, 2012, Franklin Templeton Investments has named Andrew Ashton and Dennis Rothe to new roles overseeing consultant/gatekeeper relations and investment research for the company’s International Advisory Services and North America Advisory Services divisions, respectively.

On July 18, 2012, Charles Schwab Corp. is beefing up its exchange-traded fund business with a new hire from Guggenheim Investments, Reuters reports.

On July 18, 2012, Dimensional Fund Advisors wants to bring its academic-based research investment management approach to the Asian markets.

On July 18, 2012, Interactive Brokers says it now provides a tool that lets financial advisors create ‘virtual’ mutual funds.