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Mutual funds are looking to Greece to find troubled companies "Normally, it does take some type of crisis ... to create opportunities to buy companies at good values," said Cindy Sweeting, director of portfolio management at Templeton Global Equity. (The Wall Street Journal)
Neuberger Berman named William Arnold chief financial officer effective in early March. Arnold was previously CFO of the global asset management and alternative investment businesses at Citigroup. He will report to George Walker. (plansponsor)
Emerging Global Shares has launched an exchange-traded fund to track the INDXX Brazil Infrastructure Index. The Brazil Infrastructure Index Exchange-Traded Fund invests in 30 large public companies. (planadviser)
Great-West Retirement Services named Todd Thompson regional sales director for Wisconsin and surrounding territories. He was previously with The Hartford. (planadviser)
The $112 billion Florida Retirement System is set to decide next week if it will make its first investment in hedge funds. The system, which has a 7% benefit-payments deficit, has been considering the move since 2007. (Bloomberg)
Fidelity International has fired two Hong Kong-based fund managers over breaches of its internal code of ethics. “Our routine checks discovered a pattern of behavior that breached our internal policies,” Fidelity said. “The managers were also found to have put their personal interests ahead of those of the company.” (Bloomberg)
Canadian pension-fund manager Caisse de Depot et Placement du Quebec said it returned 10% on investments last year on gains in equities and fixed-income. “In 2009, we put the train back on the tracks," said Michael Sabia, ceo. "In 2010, we have to get the train up to cruising speed.” (Bloomberg)
The new financial reform legislation to be introduced next by Senate Banking Committee Chairman Chris Dodd (D-Conn) is expected to avoid a provision that would have applied a fiduciary standard to brokers who offer investment advice. (InvestmentNews)
LPL Investment Holdings reported net income of $47.5 million for 2009, an increase of 4.4% over 2008. The company said it had a particularly strong fourth quarter and had lowered costs through integrating its affiliated broker-dealers. (InvestmentNews)
Allianz SE, the parent of bond giant PIMCO, reported earnings of $1.5 billion for the fourth quarter, bouncing back after reporting a loss of nearly twice that a year ago. CEO Michael Deikmann said a precise outlook was impossible due to market volatility. (The Associated Press)
Back when the 1970 amendments to the Investment Company Act were written, a divided Congress said investors could sue funds over fees but didn't say much that made sense about adequate grounds for bringing suit. The Securities and Exchange Commission wanted the right to sue to be in the bill. Industry people wanted to make it as hard as possible to do so--and they succeeded. Supreme Court justices, as they listened to oral arguments in the case of Jones v. Harris Associates, tried to figure out what to do about section 36b of the ICA, which creates a fiduciary duty on the part of fund advisors “with respect to the receipt of compensation for services.” After the oral arguments, Nov. 2, the guessing was that, rather than plunge 8,000 fund firms into litigation, the high court would go 6-3 for continuing the Gartenberg standard. But some lawyers thought the Court could come up with a change to add to Gartenberg, directing that district courts must, in the future, make a determination as to whether or not it is valid to compare the fees an advisor charges to funds under its control to the amounts it charges independent clients.
For a full transcript from the Jones v. Harris Supreme Court oral arguments, click here.