Deals & People July 8, 2011

Wells Fargo Acquires EDIFY

Wells Fargo Insurance Services announced the acquisition of EDIFY, LLC, an employee benefits consulting firm based in Fort Lauderdale, Florida.
Reported by

The transaction closed on July 1, buts its terms were not disclosed. EDIFY provides employee benefits programs and customized health and wellness consulting for middle-market and large employers.  

EDIFY’s CEO and principal, Howard Gruverman, and president and principal, Carlos Castesana, will join Wells Fargo with their team and continue to service their clients at their current locations.  

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“We’re excited to provide our clients with access to more resources, financial services, and products,” said Gruverman. “While we have a new name, our clients will continue to be served by the same team of dedicated professionals and receive the superior level of service they’ve enjoyed for 15 years.”

The Markets July 8, 2011

Fixed Income Funds Draw In Investors in May

Stock and bond funds experienced net inflows of $12.4 billion in May, according to Financial Research Corporation (FRC).
Reported by

The Corporate objective posted a net inflow of $14.6 billion, followed by the International/Global Fixed Income objective with $5.6 billion. International/Global Equity drew in $3.2 billion, while Equity lost $13 billion.  

By Morningstar category, Intermediate-Term Bond funds saw $5.2 billion in inflows in May, while World Bond funds posted a $3.8 billion net inflow and Multisector Bond funds posted $3.1 billion.  

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According to FRC data, Templeton Global Bond attracted $2.1 billion to lead the fund sales chart. Vanguard Total International Stock Index ($1.5 billion), Van Eck’s Market Vectors Agribusiness ($1.5 billion), PIMCO Total Return ($1.4 billion), and Vanguard Total Stock Market Index ($1.3 billion) rounded out the top five.  

More information is at http://www.frcnet.com.

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