A record $74 billion flowed into taxable bond funds in May and was the primary force behind the second straight month of positive flows into mutual funds and exchange-traded funds. According to Morningstar, long-term mutual funds and ETFs, which excludes money market funds, experienced $33 billion in net inflows last month, in stark contrast to March’s record $326 billion in net outflows. The reduced market volatility in May also reduced flows into money market funds. But money market funds have still taken in $1.1 trillion so far this year.
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UBS Financial Services, Santander Securities, Popular Securities and Oriental Financial Services are financial services companies that enjoy a strong presence in major markets throughout the world. These firms allegedly encouraged clients to take concentrated positions in Puerto Rican bonds closed-end municipal bond funds.
Churning occurs when a stockbroker attempts to generate large commissions by engaging in excessive selling and buying of securities in a client’s account. Churning is illegal and unethical, but not always easy to spot. If you suspect your broker is churning your account, the stock fraud attorneys at Colling Gilbert Wright & Carter can help.