The days of mutual funds touting past performance in advertisements may be numbered.
Morgan Stanley Investment Advisors and Van Kampen Asset Management are the latest recipients of lawsuits from angry common stockholders who claim auction-rate preferred shareholders received preferential treatment by having their shares redeemed at par during the market meltdown last year, according to FA's sister publication, Fund Directions.
Religare Global Asset Management, the money management arm of Indian financial services conglomerate Religare Enterprises, has set its sights on the U.S. retail mutual fund and defined contribution markets with plans to set up a multi-boutique holding company modeled after the likes of Affiliated Managers Group.
New York Life Retirement Plan Services plans to unveil a new marketing approach in September and has hired Joseph Stabnick as director of marketing.
Which section of the financial reform bill will have the most wide-ranging impact on the retirement industry?
The Securities and Exchange Commission’s plans to revamp fund distribution fees are likely to create headaches on several fronts for compliance officers at mutual fund firms.
Principal Funds is promoting investments in certain preferred securities as a way to achieve good yield at low risk.
ALPS Advisors is planning its first actively managed global fixed-income exchange-traded fund.
Nuveen Investments’ acquisition of FAF Advisors will position subsidiary Nuveen Asset Management to grow into a “mega-boutique” with a diverse lineup of funds in a variety of asset classes, Bill Huffman, chief operating officer and co-head of Nuveen Asset Management, told FA.
Dreyfus plans to merge two of its mid-cap funds, stating in a filing with the Securities and Exchange Commission that the move will result in a larger pool of assets with similar investment goals and lower expenses.
One third of advisors upped their cash allocations in the first half of 2010 instead of putting money to work in the stock or bond markets, according to Rydex/SGI.
Vanguard Group has expanded its online offerings with a new Twitter account and upgrades to the firm’s mobile services.
New York Life Retirement Plan Services has hired Joseph Stabnick as director of marketing, effective immediately.
The staff of the Securities and Exchange Commission has agreed to let an internally-managed closed-end fund set up its own advisor subsidiary to provide advisory services to other mutual fund and non-fund clients.
IndexIQ is planning on adding five single-country small-cap exchange-traded funds and a global agribusiness small-cap ETF this fall, Adam Patti, ceo, told FA.
Wilshire Associates has hired Jamie Ohl as chief operating officer of Wilshire Funds Management.
Putnam Investments has named W. Van Harlow its director of investment retirement solutions, responsible for product and service development.
Members of the retirement industry sound off on what aspect of the financial reform bill will have the biggest impact.
A newly created database of 10 million IRA accounts showed that investors are doing little to save money for retirement through the IRA tax structure.
Sen. Charles Schumer (D-N.Y.) introduced on July 14 legislation calling for the creation of “lifetime savings accounts”—a year after the senator put out a press release “unveiling” the proposal.
The Securities and Exchange Commission last week started off at a gallop to collect public input on 31 studies on issues mandated by the Dodd-Frank Act.
The SPARK Institute has released a preliminary draft of a set of recommendations for data standards for retirement income product providers and recordkeepers who offer the products within retirement plans.
Van Eck Global launched the industry’s first local currency emerging market bond exchange-traded fund last week.
The just-signed Dodd-Frank law has turned out to have a little-noticed provision that sets up mutual fund whistleblowers for a payday.
The Office of Thrift Supervision is seeking an investment consultant for its $200 million, 1,000-life 401(k) plan even though it has been legislated out of existence by the financial reform bill.
Neuberger Berman President and Chief Investment Officer Joseph Amato is focused on adding funds where there are opportunities, broadening the distribution of the existing funds line, expanding the wholesale team and adding load shares to Neuberger's funds.
Fund firms are stepping up to fill the needs of yield-starved investors by offering access to master limited partnerships across a variety of investment vehicles, including exchange-traded funds, exchange-traded notes, closed-end funds and open-end funds.
Rydex/SGI is currently in talks with several target-date fund providers regarding adding Rydex/SGI alternatives funds as an underlying investment inside target-date funds, Richard Goldman, ceo, told FA.
John Hancock Funds is planning a closed-end fund offering, the Boston manager's first IPO in three years.
DirexionFunds has filed for 11 new exchange-traded funds focusing on commodities, currencies and volatility, Andy O'Rourke, managing director, told FA.
Imminent fee disclosure rules have incited plan sponsors to take precautionary measures with fee transparency, according to an ongoing Mercer "Quick Study" series that tracks plan sponsors' reactions to industry conditions.
Managed Portfolio Advisors is targeting registered investment advisors with a new suite of five managed exchange-traded funds portfolios subadvised by Litman/Gregory Asset Management.
The average target-date fund posted its first negative return in five quarters due to heavy hits in the equity markets, according to Ibbotson Associates’ Target Maturity Report.
Aviva Investors North America will launch its first U.S. mutual fund at the end of next month, aiming to appeal to registered investment advisors seeking market participation, capital preservation and daily liquidity for clients interested in moving money out of cash, Mark Cernicky, product development manager, told FA.
Rep. Gary Ackerman (D-N.Y.) urged the Securities and Exchange Commission to “make clear investment companies can’t be sued” whatever decision they make about divesting shares of companies that invest in Iran’s energy sector.
First Trust Advisors is the latest firm to re-enter the closed-end fund market, registering with the Securities and Exchange Commission to launch the First Trust High Income Long/Short Fund.
AllianceBernstein is the latest firm to file with the Securities and Exchange Commission to offer actively managed exchange-traded funds.
Legg Mason has beefed up its retirement expertise with the addition of two senior-level sales executives, part of the Baltimore firm’s ongoing efforts to increase its profile in the defined contribution plan market.
Registered investment advisors are planning to increase the alternatives allocation in clients’ portfolios this year, according to the annual AdvisorBenchmarking Survey released by Rydex/SGI this week.
A veteran industry lawyer said the Securities and Exchange Commission’s proposed advertising rule would make target-date ads “cluttered.”
The Plainfield (N.J.) Area Regional Sewerage Authority has tapped Nationwide Retirement Solutions as the provider for its deferred compensation plan.
Autosports Advisors has filed with the Securities and Exchange Commission to launch the industry’s first mutual fund dedicated to investing in equities and debt of companies that sponsor or generate revenue from Formula 1 auto racing.
Securities and Exchange Commission staff only July 16 gave the green light to mutual funds to use the clearinghouse of the Chicago Mercantile Exchange to perform credit default swap transactions.
BlackRock’s iShares has launched the industry’s first international sector exchange-traded funds that include exposure to both developed and emerging markets.
A federal district court last week held that Edison International's $3 billion 401(k) plan is liable for "substantial" damages because it failed to consider low-cost investment options for the plan, a precedent-setting decision lawyers thought might ultimately get the issue of sponsor fiduciary duty before the Supreme Court.
AdvisorShares Investments will launch the first-ever all-short equity exchange-traded fund, attempting to appeal to investors frustrated with the complexity of inverse and leveraged index ETFs, CEO Noah Hamman told FA.
Asset managers are changing their target-date fund strategies to include commodities-linked offerings and other alternatives to hedge against eventual inflation.
Combating volatility is the top priority for financial advisors this year, but few agree on the best way to fight it.
BlackRock's iShares cut expenses last week for its gold sector exchange-traded fund in an attempt to gain market share. Do you consider pricing to be the most important factor in your decision to select an ETF?
The Hartford is reducing the fees on 36 of its mutual funds in an effort to make the funds more attractive to financial advisors and retirement plan sponsors, as the firm looks to expand its presence in defined benefit and defined contribution plans, Joseph Eck, v.p. of investment-only business, told FA.
RidgeWorth Investments launched a new marketing campaign around its Seix High Income Bond Fund as the firm looks to push bank notes as a hedge against rising interest rates, David Craig, director of marketing, told FA.
Lord Abbett published the first in a series of articles outlining fiduciary duty issues to plan sponsors on its Web site this week.
The Hartford is cutting fees on 36 of its mutual funds in a move designed to make its offerings more competitive among consultants and financial advisors.
Cerulli Associates reports that firm budgets for product development are growing, but managers should refrain from creating a product similar to competitors’ unless they can prove substantive competitive advantages.
DirexionFunds today launched two double-leveraged exchange-traded funds focused on the retail and natural gas sectors.
DirexionFunds increased its sales staff over the past several months and plans to add more wholesalers as it attempts to gain penetration for its alternative strategy mutual funds in the wirehouse channel.
BlackRock launched its first gold-related equity mutual fund in the U.S. thanks to increasing demand from customers for such a product.
Adelante Capital Management has hired Eric Thaller, former managing director and portfolio manger at Charles Schwab, as director of risk management to work with the firm’s global property strategy and manage risk.
WisdomTree is planning to launch its ninth currency-related exchange-traded fund this September, according to a filing with the Securities and Exchange Commission.
Security Global Investors has bolstered its marketing team, hiring two alternative investments professionals to oversee efforts in the broker-dealer, institutional and registered investment advisor channels.