Asset managers

Rather than forming a consortium of peers to investigate blockchain technology, as many banks have done, one of the world's largest asset managers is acting on its own.

The authority of the Financial Stability Oversight Council to label a firm a “systemically important financial institution” triggers duplicative regulation even if banklike rules are not appropriate to the company.

The term "shadow banking" is a pejorative, implying insufficient regulatory oversight, said Treasury in a report issued Thursday on asset management.

Murphy Capital Management in Gladstone, N.J., focuses on high-net-worth individuals, businesses and nonprofits.

Plimoth Investment Advisors, a firm owned by two mutuals in Massachusetts, is buying the business.