Low-cost portfolio managers that sell prepackaged portfolios such as MarketRiders and Folio Investing are being eyed as the new wave of investing, as such products have attracted more than $3 billion in assets over the last three years, according to Businessweek .
These services are designed to tap the market of attract smaller, self-directed investors with monthly fees as low as $10 -- an underserved group, as traditional brokerages are focusing more on high-net-worth individuals. The article quotes the head of one such firm: "We're trying to deliver institutional-class asset management to the masses."
Other news:
JPMorgan Chase paid its CEO Jamie Dimon $20.8 million last year, up from $1.3 million in 2009 and marks his first bonus since 2007. [DealBook]
Goldman bought a 12% stake in China's Taikang Life Insurance. [Reuters],?p>
Cerberus and Centerbridge are among the five firms bidding for Citigroup's U.S. consumer-lending unit. [Reuters]
Private equity firms are turning to deep-pocketed LPs as they chase bigger deals and seek to avoid conflict with rivals. [Reuters]
California Institute of Technology ranked No. 1 in Bloomberg's ranking of colleges for return on investment, with a 30-year ROI of more than $1.8 million. [Bloomberg]
Royal Bank of Canada is seeking buyers for its money-losing consumer bank in the U.S. [Bloomberg]
UBS's wealth management division added a net of 7 advisers and $4 billion in assets, the most of any firm. [Investment News]
