Mutual funds

Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. LLC have been fined $1 million by the Financial Industry Regulatory Authority (FINRA) it was announced today.

Independent wealth management firm Banyan Partners is nearly doubling its assets under management to $4 billion by acquiring two firms simultaneously.

Bloomberg -- It’s a mistake for investors to be focusing on fixed income, according to Joseph L. Hooley, chief executive officer of Boston-based State Street Corp.

Mellon Capital Management, a multi-asset manager for BNY Mellon, has become a signatory to the United Nations-Backed Principles for Responsible Investment (UN PRI), emphasizing its dedication to incorporating environmental, social and governance (ESG) issues into its investment program.

The fact that clients don’t always divulge all their personal financial information to their financial advisors comes as no surprise. The questions that need to be answered, however, are: how many clients, what is being withheld and why are they so secretive?

Small business owners are feeling more confident even as the economy struggles to return to a more robust level of growth.

RIAs have a new top cop in Washington.

Approval has been given by the Board of Directors of Fairholme Funds to reopen The Fairholme Fund (FAIRX) to new investors.

Bloomberg -- Con artists are taking advantage of the legalization of medical marijuana to lure investors into buying stock in weed-related companies, regulators said.

Bloomberg -- President Barack Obama met with Federal Reserve Chairman Ben S. Bernanke and other financial regulators to urge quicker progress on implementing the Dodd-Frank law.

The estimated U.S. mutual fund asset flows for July 2013 were released by Morningstar today. Investors added $15.9 billion to long-term mutual funds in July, driven by inflows of $7.9 billion into international-equity funds.

Visium Asset Management announced the launch of the Visium Event Driven Fund (VIDVX). This is the first mutual fund offering for the alternative asset management firm, which was founded in 2005.

Bank of America has launched a campaign around socially responsible investing that is designed to enhance products and services available to a growing segment of clients concerned with value-based investing.

LPL wants its advisors to know that it has heard their complaints and is doing something about them.

Since 2008, investors have sought new investment strategies less affected by market downturns. At the same time, many hedge fund managers who survived the collapse with positive returns are looking to expand their offerings to the retail market. Adding budget cuts and new regulations to the mix creates a recipe for potential problems.

The majority of American workers accept responsibility for financing their own retirement and are relying primarily on their 401(k) to get them there, but many lack the confidence to effectively manage their retirement savings.

Raymond James has added to its Private Client Group (PCG) with a key senior management appointment.

When President Obama unveiled his budget for the upcoming fiscal year, which begins on Oct. 1, it represented a wish list.

The bank launched new proprietary ETF portfolios that it says provide exposure to global investment opportunities by leveraging the international perspective of its parent, BNP Paribas.

BLOOMBERG -- The U.S. government urged General Motors Co. (GM) to improve pensions of some Delphi Automotive Plc (DLPH) union retirees while cutting those of salaried workers to help ensure a speedy emergence from a GM bankruptcy, the watchdog of the Troubled Asset Relief Program said.