Asset managers

Founder Nancy Davis says her recently converted long-only product reflects the direction of travel for the broader asset management industry.

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.

Complicating socially conscious investing is the fact the SEC doesn’t regulate how the category’s labeling is applied.

“These are tracking the industries that are supporting the economy and will continue in the post-pandemic world,” an expert says.

The acquisition established a $6 trillion-giant operating as a mutual fund company, RIA custodian, bank, retail brokerage and national wealth management firm.

The Managed Funds Association urged the agency to do more analysis before moving forward.

In the first half of the year, fewer than a third of U.S. domestic equity fund managers delivered annualized returns that outpaced the S&P Composite 1500.

The fund giants voted for 99% of U.S. directors proposed by the energy, utility, banking and automotive companies reviewed by nonprofit research group Majority Action.

“Investors are going into lower, more passive mutual funds because they don't want to pay the fees,” an expert says.

Funds from the biggest three issuers account for more than 80% of the industry's total assets.

While some industry employees are eager for the normalcy of their offices, others are more reluctant as experts predict another rise in virus cases.