Capital Group Cos., the third- largest manager of U.S. mutual funds, urged 800,000 customers to change account passwords and other information to protect themselves from risk caused by the Heartbleed computer bug.
Growth Fund of America has lost its status as the largest U.S. equity mutual fund, a position it held for six years, as investors are turning away from Los Angeles-based parent Capital Group Cos. and its tradition of picking stocks.
Most large U.S. banks that weathered the financial crisis by strengthening the level and quality of their capital should be able to pass future stress tests, said a researcher at the Federal Reserve Bank of San Francisco.
Capital Group Cos., the $1.3 trillion investment firm, cut its holdings of Pacific Rubiales Energy Corp. by 27 percent as the crude producer struggles to replace output before its main license expires.
Retail investors in the U.S., burned by two market crashes in a decade, have shunned stocks for the longest stretch in more than 23 years, upsetting the balance of power in the $10.5 trillion mutual-fund industry.