Portfolio

Janus announced Tuesday that its chief executive officer, Gary Black, has resigned, and will be replaced with Tim Armour, a director, as acting CEO.

Automatic enrollment into 401(k) plans is having the greatest impact on younger, lower-income workers, Fidelity Investments reported Tuesday.

A full 49% of retirees are insecure about their financial future, up from only 20% who were afraid a year ago, a survey conducted by LIMRA, the Society of Actuaries and the International Foundation for Retirement Education found.

Nomura will acquire a 35% stake in LIC Mutual Fund Asset Management Co., a subsidiary of Life Insurance Corporation of India.

ProShares has introduced the nation’s first 130/30 exchange-traded fund, linked to the Credit Suisse 130/30 Large-Cap Index.

AQR Capital Management has launched three momentum indexes and mutual funds, the AQR Momentum Index, AQR Small Cap Momentum Index and AQR International Momentum Index. The three no-load mutual funds are the AQR Momentum Fund, AQR Small Cap Momentum Fund and AQR International Momentum Fund. Each requires a minimum investment of $5,000.

Financial advisers have sworn by asset allocation and diversification for years, but in the face of the market’s demise in 2008, some are rethinking that age-old wisdom, The Wall Street Journal reports.

Investors showed strong confidence in long-term mutual funds in the second quarter, boosting sales in bond and stock funds by $136 billion, Strategic Insight reported. It was the strongest quarter for sales since the first quarter of 2007, when long-term mutual funds drew nearly $150 billion.

New enhancements to Envestnet’s unified managed account (UMA), such as product expansion, systematic income withdrawals and adviser-created asset allocations, will allow advisers to customize client accounts ranging from $150,000 to multi-millions on a single platform.

Mutual funds and other institutional money managers are using seven percent less independent research than last year, Greenwich Associates found. Providers of independent research reported that institutional managers are paying 11% of commissions this year, down from 18% in 2008.