Portfolio

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.”

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.