Citigroup lost $2.5 billion in the second quarter while Merrill Lynch was down $4.65 billion.
In a recent survey, 321 advisers were asked to identify their three biggest areas of difficulty out of 10 system areas.
The ex-Stamford, Conn.-based hedge fund managed by Samuel Israel defrauded investors out of $300 million.
Clients would have to have a net worth of at least $1.5 million for investment advisers to charge them performance fees.
The funds employ long-term capital growth strategies by investing primarily in equity securities of U.S. issuers.
Wilmington Trust reported a second-quarter loss of $19.5 million on impairment charges and a securities loss.
The $12.5 billion allocated to hedge funds during the quarter marked the lowest level of new capital since 2005.
Sen. Carl Levin today called for legislation that would make it easier to tax U.S. citizens who transfer assets to shelters.
Housing starts rose 9.1% to 1,066,000 units in June from May, but down 26.9% from a year ago.
Regulators raided the St. Louis headquarters of Wachovia seeking records related to the sale of auction rate securities.
