Portfolio

SunGard has created a Cost Basis Reporting Engine for mutual fund and other financial services companies. Compatible with any back-office system, it enables companies to meet the new cost-basis reporting requirements in the Emergency Economic Stabilization Act passed on Oct. 10, 2008.

A group of Democratic lawmakers has introduced legislation that would impose a tax on Wall Street securities transactions.

Despite the painful headlines, government bailouts and predictions of a flood of advisors going independent, wirehouses have retained both advisors and high-net-worth assets and will continue to dominate this space, according to a new report by Cerulli Associates.

Managers of 529 college-savings plans have always competed on fees, but the latest round of the bidding war promises to be the most intense.

The Securities and Exchange Commission is working on considerable 12b-1 reform for 2010 that could go beyond mere disclosure or a more appropriate name for the fees, Chairman Mary Schapiro told the Consumer Federation of America’s 21st Annual Financial Services Conference. One recent suggestion for reforming the fees was to rename them “marketing and fund promotion fees.”

Great-West Retirement Services has won New Hampshire’s 457 account, serving 5,800 state employees with more than $170 million in assets.

Morningstar has started publishing credit ratings for about 100 of the largest U.S. companies. Over the next year, it plans to produce credit ratings for up to 1,000 companies currently covered by its equity analyst team. The ratings are available for free for institutional equity research clients at its website.

Matthews International Capital Management has launched the Matthews China Dividend Fund, a mutual fund that will invest exclusively in dividend-paying stocks and convertible securities of Chinese companies that are well-positioned to grow future dividends.

OppenheimerFunds Retirement Services announced new resources Wednesday to help 401(k) plan participants, sponsors and advisers navigate difficult market cycles and a constantly evolving marketplace.

A majority of brokers and advisers support and understand key elements of the fiduciary standard, a survey of nearly 900 professionals by SEI Investments found. Eighty-six percent of advisers and 53% of brokers agree with the statement that, “All financial professionals who give investment and financial advice should be required to meet the fiduciary standard.”