Asset managers

The top 20 to debut last year by total assets include only three products from BlackRock and none from Vanguard or State Street.

The bank allegedly made “hundreds of millions of dollars” by investing client assets in underperforming proprietary and affiliated funds without disclosing conflicts to clients.

Steady inflows showcase the buy-and-hold ethos of the typical Vanguard investor — financial advisors and wealth managers, an expert says.

The firm, which has more than $3 trillion under management, runs dozens of mutual funds and was a pioneer in index investing.

Waddell & Reed had been working in recent years to transform its “proprietary broker-dealer into a fully competitive independent wealth manager.”

Potential customers include hedge funds, crypto miners and over-the-counter trading desks

The scale of the withdrawal indicates that the ETF is both being used by large institutions and a favorite with retail investors, an expert says.

As part of a two-step deal involving Australian investment bank Macquarie Group, LPL will pick up 900 advisors and $63 billion in assets.

Two women employees at the firm’s Newport Beach, California office say they were demoted after reporting instances of bias and harassment.

A 50% allocation to equities for someone in their 60s still leaves someone with a lot of risk right before retirement, writes Jared Dillian.