Portfolio

Bank of New York Mellon Promotes Kilpatrick to Pres.

For all the education the asset management industry has on the importance of saving for retirement, it doesn't appear to have gotten through to the younger crowd, many of whom have completely unrealistic expectations for their golden years.

In this brutal market, mutual funds that have kept a large stash in cash have performed best, according to Morningstar. Plus, these funds are best-positioned to take advantage of the market once it turns around. "Many of the funds that held up the best in this brutal market have one thing in common-cash," said Greg Wolper, a Morningstar analyst.

Fidelity Investments is expanding its capital markets division by 20%, or 80 positions, in trading, sales, prime brokerage and operations to serve clients trading mutual funds and hedge funds.

ICI Tells Congress 401(k) Model is Still Strong

Reports of the death of stocks and equity mutual funds have been greatly exaggerated.

NEW YORK - The Securities and Exchange Commission has given U.S. companies more time to comment on its proposal to adopt international financial reporting standards (IFRS), but this extension may be creating uncertainty among those who thought the conversion was a done deal.

Berkshire Hathaway’s profits tumbled 96% in the fourth quarter to $117 million, from $2.9 billion a year earlier.

There are only so many cuts an asset management firm can make before the very essence of its being, performance, is threatened, MarketWatch reports.

The Securities and Exchange Commission is reportedly scrutinizing asset management firms’ custodial arrangements to ensure that they are properly protecting customers’ assets.