Wealth management

Bank of New York Mellon Corp. has unveiled Global Trade Finance Solutions, an online platform tailored for corporate and bank users.

BlackRock Inc., the largest publicly traded U.S. asset manager, is cutting jobs for the first time in its 20-year history.

Northern Trust Global Investments launched an exchange-traded fund based on the FTSE CNBC Global 300 Index, its 17th ETF.

Franklin Templeton Investments Corp., a unit of Frank Resources Inc., has announced the start-up of the Franklin MENA Fund for Canadian investors.

T. Rowe Price Group Inc. has announced the opening of an investor center in Paramus, N.J.

Charles Schwab Corp. has announced the establishment of a business unit, Charles Schwab Institutional Services, to serve independent investment advisers, corporate benefit plan sponsors, and third-party retirement plan record keepers.

U.S. defined benefit pension plans lost a record $120 billion last month and are now underfunded, according to the actuarial and business consulting firm Milliman Inc.

Other fund companies are cutting staff to reduce expenses, Putnam Investments' chief executive said, but he is doing so to eliminate redundancies, improve performance, and hopefully stem the heavy outflows that have plagued the Boston subsidiary of Great West Lifeco Inc. for the past five years.

River Road Asset Management LLC of Louisville said it has exercised its option to purchase the 45% of its stock held by Fortis Bank SA.

The Financial Industry Regulatory Authority said it has fined Citigroup Inc.'s global markets division $300,000 for not adequately supervising the commissions its brokers were charging on stock and option trades.

Faith-based funds are making leaps.

Hedge funds lost an average of 5.52% last month, according to data released by Hennessee Group LLC.

Rydex Investments announced that its Russian currency-based exchange-traded fund has begun trading last week on the NYSE Arca exchange.

According the Bureau for Labor Statistics, 10.1 million Americans were unemployed as of October. As reported last month, the number of long-term unemployed — those jobless for 27 weeks or more — rose by 249,000, to 2.3 million. In the New York metropolitan market, thousands lost their jobs in just the months of September and October.

Money market funds had net inflows of $21.21 billion in the week that ended Tuesday and the amount of money in the funds hit a record $3.54 trillion, according to iMoneyNet's Money Fund Report.

An executive at Fidelity Investments says the Boston company is attracting new business as brokers and financial advisers from banks, large wire houses, and regional broker-dealers consider going independent.

BNY Mellon Asset Servicing said it has been selected to provide exchange-traded fund services to Direxion Funds of Newton, Mass.

Bank of New York Mellon Corp. said it has hired Elizabeth Engel as head of private bank lending, a newly created role that gives her oversight of the asset manager's credit administration, underwriting, and portfolio risk management.

O'Shaughnessy Asset Management of Stamford, Conn., announced it has bought back a 10% equity stake from a subsidiary of JPMorgan Chase & Co. that the New York banking company acquired in its purchase of Bear Stearns.