Portfolio

The State Street Investor Confidence Index reading of the outlook of institutional investors showed a four-point decline in September to 88, down from 92 in August. In North America, the drop was more pronounced; the confidence level fell 7.3 points to 87.9 from August’s reading of 95.2.

The Basel III bank capital requirements proposed earlier this month threaten to eviscerate the supply of eligible investments for tax-free money market funds — an industry already struggling with a severe supply shortage.

Vanguard Group plans to simplify its Target Retirement Funds and certain other funds-of-funds in an effort to improve the products’ international diversification.The Valley Forge, Pa., company plans to replace the funds' three underlying international portfolios with a single broad international stock index fund. Vanguard will also increase the overall international equity exposure of these funds.

Putnam Investments announced Monday it launched a suite of multi-cap equity funds.

Experts say that the new law could push annuities forward.

Vanguard lowered fees on its Nevada 529 as Fidelity adds bank deposit option to its 529 plans.

Fidelity Investments has added a Bank Deposit Portfolio to its five direct-sold 529 college savings plans: New Hampshire’s UNIQUE College Investing Plan, California’s ScholarShare College Savings Plan, Massachusetts’ U.Fund College Investing Plan, the Delaware College Investment Plan and the Fidelity Arizona College Savings Plan.

While municipal market professionals said they do not believe there is systemic risk in state and local government debt, there are underlying issues and credit challenges.

A number of Build America Bond issuers are seeking voluntary closing agreements with the Internal Revenue Service to settle accidental violations of a de minimis premium rule, an IRS official told industry officials in Manhattan yesterday.

Temenos said late Monday that it will acquire Odyssey Financial Technologies, a supplier of front- and middle-office software for private banking, wealth management and investment management.