Portfolio

John Hancock Retirement Plan Services launched an enhanced website for financial representatives to help them support clients and grow their business. The site has improved navigation, updated materials and tools for creating reports for prospects and clients. The site also makes it easy for advisers to compare and contract Hancock investment options.

Five Canadian investors have filed a class-action lawsuit in Ontario Superior Court against five mutual fund companies that settled over market-timing, claiming they are owed hundreds of millions of dollars in additional damages. The five investment firms—IG Investment Management, CI Investments, Franklin Templeton, AGF Investments and AIC—settled with regulators for a total of $205.6 million in restitution.

The Spectrem Millionaire Investor Confidence Index rose five points in November to minus 10, putting it in neutral territory for the first time in nearly two years. Likewise, the Spectrem Affluent Investor Confidence Index, measuring the investment confidence of households with $500,000 or more investable assets, advanced three points to minus four, also bringing it back into neutral territory for the first time in two years.

Between the market rally and 401(k) investors’ steady contributions, balances are higher than what they were before the financial crisis hit, according to a Vanguard report, “Recovery in 401(k) Balances,” based on an analysis of the 1.7 million investors that Vanguard serves. What’s more, despite the intense scrutiny on target-date funds, some of which dramatically lagged their benchmarks in 2008, portfolios invested solely in target-date funds did better than others.

Americans are becoming more realistic about retirement, with 40% of older Baby Boomers currently eligible for Social Security now planning to work a few more years to increase their savings and reach higher Social Security payout thresholds, Charles Schwab’s quarterly retirement pulse survey found.

The Eighth Circuit Court of Appeals has reversed the dismissal of Jeremy Braden v. Wal-Mart Stores by the District Court for the Western District of Missouri.

Fidelity Investments has promoted Jacques Perold from chief operating officer of its asset management unit to chief of the $1.4 trillion division. Meanwhile, Michael Wilens, the former head, has moved over to the retirement unit as head of client management, reporting to Abigail Johnson, head.

Fidelity Investments is planning to launch a mutual fund focused on companies that will benefit from strong Chinese consumer growth, and famed portfolio manager Anthony Bolton is returning to the company after two years in retirement to run it.

State Street has signed an agreement to acquire Mourant International Finance Administration for an undisclosed amount of cash. Based in Jersey in the Channel Islands, Mourant specializes in fund administration for alternative investments. The deal marks a continued expansion into alternative servicing for State Street. Mourant has $170 billion in assets under administration and 650 employees in locations including Dublin, Singapore and New York.

Bank Investment Consultant Top 50 Bank Reps 2009