Fund performance

State Street said it’s firing 600 employees globally to accelerate cost reductions after the stock market slump will probably make its goal for fee revenue growth unattainable this year.

Almost half of the $75 billion buyout loans arranged in the U.S. last year and tracked by Bloomberg in the secondary market are trading below their issue price.

Bank of New York Mellon, the world’s second- largest custody bank, reported a third-quarter profit that beat analysts’ estimates as the company cut expenses to offset the impact of lower interest rates.

Assets under management at Pimco in September experienced the smallest percentage drop since co-founder Bill Gross departed.

Bonds from California have returned 2.47% this year, about half a percentage point more than the overall muni market, according to S&P Dow Jones Indices.

Jeffrey Gundlach reached $50 billion in assets at his main mutual fund this week, the fastest an active stock or bond manager has achieved the milestone.

The median state pension last year had 70% of the assets needed to meet promised benefits, up from 69.2% in 2013.

BlackRock’s revenue increased 2.1% to $2.91 billion from the same period last year as the firm brought money into most of its products.

Investors added the most money to municipal bond mutual funds since January as state and local government bond yields fell to the lowest level in five months.

Reflecting the global ambitions of Asian asset managers, South Korean-based Mirae Asset Management this summer quietly expanded its stateside presence, hiring four wholesalers across the country.

The world’s largest issuers of ETFs are holding talks with stock exchanges and market-makers to avoid a repeat of the issues that plagued ETFs during Aug. 24’s market turmoil, according to five people with direct knowledge of the matter.

Only 10% of ETFs are in positive territory, after market selloffs in the U.S., Europe, and Asia, and a plunge in commodity prices.

CSOP Asset Management lowered the fee on its first U.S. exchange-traded fund tracking Chinese stocks and plans to start two ETFs after an equity rout wiped out $5 trillion in market value.

Angry customers have filed hundreds of arbitration claims with FINRA, seeking more than $1.1 billion in damages from UBS after huge losses in the tax-free bond funds. Three of UBS Puerto Rico's five offices have closed since 2010, and nearly 60 of the unit's 140 financial advisors have left.

The IMF warns a flood of easy money from the world’s central banks may be masking the risk that bond markets may be starved for liquidity when interest rates increase to normal levels.

Connecticut's $840 million bond sale this week is drawing interest from Conning, Eaton Vance Management and Nuveen Asset Management.

The PowerShares Dynamic Pharmaceuticals Portfolio is up 420% over the past 10 years.

TCW’s Metropolitan West Total Return Bond Fund collected more money than any other bond mutual fund in the year following Bill Gross’ sudden departure from Pimco.

The PureFunds ISE Cyber Security ETF launched in November. By July, The fund, listed as HACK, attracted $1.4 billion - one of the fastest ascents in ETF history.

The nine-year-old Morgan Stanley China A Share Fund, the first U.S. closed-end fund to invest in mainland stocks, has slumped 13% this year through Sept. 18 on a total return basis, compared with a 6.2% decline in the benchmark it tracks.