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U.S. Bancorp has acquired the fund administration and account division of Fiduciary Management. The unit has more than $8 billion in assets under administration, while the remaining investment management business of the company as $6 billion in assets under management.
October 6 -
Workers who had already been investing in their 401(k) for at least five years through 2008 saw their balances drop an average of 24% last year, compared with the S&P 500’s sharp 37% decline, the Investment Company Institute and the Employee Benefit Research Institute said.
October 6 -
Advisers are seeking new tools and products that will complement the strategies they now have in place for retirement income planning, instead of replacing them, according to new research from Cerulli Associates.
October 5 -
Edward Bernard, vice chairman of T. Rowe Price, is replacing John Murphy, chairman of Oppenheimer Funds, as chairman of the board of governors at the Investment Company Institute.
October 5 -
Sallie Krawcheck, the recently installed head of wealth management at Bank of America/Merrill Lynch, said that the road ahead would not be easy for the few large brokerage firms left.
October 5 -
In an open letter to investors on its website, ProFunds says that investors “should fully understand how they work before investing.”
October 5 -
Bank of America plans to sell its long-term asset management business, Columbia Management, to Ameriprise Financial for as much as $1.2 billion in an all-cash deal.
October 5 -
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Analysts Bullish on Asset Managers' Earnings, Margins for Third Quarter
October 5 -
NEW YORK - Regulatory officials are pondering significant changes to the way the U.S. oversees financial markets in the wake of last year's credit crisis and the failure to prevent Bernard Madoff's massive Ponzi scheme, but lawmakers will have to make some hard choices before any real changes can happen.
October 5