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Mutual funds took in net sales for the 40th week in a row, bringing the sales streak to a full 10 months totaling $400 billion, according to the Investment Company Institute.

Besides being one of the most famous and successful fund managers in the history of the mutual fund business, Bill Gross reached another historic milestone on Dec. 17, when the PIMCO Total Return Fund he runs topped $202.5 billion in assets—making it the biggest mutual fund ever.

Regardless of the fact that some of the biggest large-cap mutual funds lost an average of 40% in 2008, the asset managers running them took home hundreds of millions of dollars in fees apiece for each of the funds alone, Morningstar found through an analysis of fiscal year-end data.

Fidelity Investments has expanded the investment options on its Advisors 401(k) platform, in an effort to help its advisors boost their share of the advisor-sold market.

Carnegie Investment Bank AB, a Stockholm-based independent financial institution, has decided to let go of its asset management business and transfer ownership to investment companies Altor Equity Partners and Bure.

A former Merrill Lynch southeast regional managing director has been tapped to run JHS Capital Advisors, the brokerage arm of the firm founded by former GunnAllen chairman John Sykes.

The Securities and Exchange Commission filed securities fraud charges against an Austin, Texas investment advisor and two of his businesses alleging he conducted a “multi-million dollar scam” that used former professional football players to promote its offerings.

The Vanguard Group said it plans to introduce its first actively managed equity fund in five years, the Valley Forge, Pa., company announced Monday.

In an effort to alleviate investor anxiety, fixed-income guru Bill Gross has taken over daily responsibility of four of Pacific Investment Management Co.’s close-end bond funds.

Jay Peroni had been a financial advisor for over seven years when a client asked him a question he could not answer: “Can I expect God to bless my investments if I’m investing in things that oppose his word?”

A Financial Industry Regulatory Authority (FINRA) arbitration panel in North Carolina has rejected claim of raiding and unfair competition by Wachovia Securities LLC against broker Stifel Nicolaus & Co. Inc., and ordered Wachovia to pay $1.11 million in attorneys’ fees.

New York-based American International Group Inc. scored a victory in California Superior Court after a judge dismissed a lawsuit filed by a financial planner.

Corporate greed, moral hazard, lax oversight and foolhardy underwriting all contributed to the crisis in finance. Another factor, less useful for sloganeers but no less insidious, was the simple mispricing of risk.

Morgan Stanley has promoted Edward Keller to head of its U.S. prime brokerage business, according to an internal memo obtained by Investment Dealer's Digest.

Bank of New York Mellon Corp. has been gobbling up acquisitions throughout the recession in its quest to expand its business and extend its geographic reach.

The Securities and Exchange Commission is adjusting fees for some transactions as part of its requirement to keep collections stable.

Fidelity International has named Arne Lindman as president and CEO of its Asia Pacific operations.

Total assets of money market mutual funds continued their fall with a drop of $51.13 billion in the latest week to $3.269 trillion, according to the Investment Company Institute.

A growing number of employers are planning to incorporate annuities into their 401(k) plans as companies look for ways to provide workers with steady benefits in retirement, according to a survey by Watson Wyatt.

Regulators have agreed to delay plans to treat equity-indexed annuities like securities, but many bank-affiliated brokerages are already doing so.