Some investors lost faith in the metal as a store of value amid a rally in equities and an improving economy that prompted the Federal Reserve to pare its $85 billion in monthly bond purchases.
Investors are dumping gold-backed exchange-traded products at the fastest pace since the securities were created a decade ago, mirroring the steepest price drop in 32 years.
SAC Capital Advisors' landmark $1.8 billion settlement of a U.S. government insider-trading probe stretching back to 2007 was approved by a federal judge, bringing to an end the hedge fund's role as a money manager and capping a decade of insider-trading cases.
Bond mutual funds in the U.S. posted record investor redemptions of $80 billion in 2013 as investors anticipated rising interest rates
Exchange-traded and mutual funds investing in stocks took in about $162 billion this year, the most since 2000, as the S&P 500 surged 29%.
Municipal debt tied to real-estate development is set to be the best-performing part of the $3.7 trillion state and local-bond market this year.
After five years of net acquisitions, Legg Mason hired Thomas Hoops from Wells Fargo & Co. to head business development as the firm seeks to expand its products and make acquisitions.
Former SAC Capital Advisors LP portfolio manager Mathew Martoma asked a judge to force the government to turn over evidence that he says can help him beat insider trading charges as his case goes to trial next month.
Mary Mack, Wells Fargo & Co.'s new brokerage chief, plans to put more retail clients into managed accounts as the largest U.S. firms nudge advisers away from picking individual stocks.
Fidelity Investments, the world's second-biggest mutual-fund company, said Ramona Persaud on Jan. 1 will take over management of two dividend growth funds that collectively manage almost $10 billion.
