Portfolio

Tiger 21, a networking group for high-net-worth and ultra-high-net-worth investors, reports that these investors reduced hedge fund weightings in their portfolios from 11% in 2007 to 2.8% in 2008.

Sens. Tom Harkin (D-Iowa) and Herb Kohl (D-Wis.) have reintroduced legislation, the Harkin/Kohl Defined Contribution Fee Disclosure Act of 2009, that would require 401(k) plan providers to clearly disclose all of the fees they charge. The senators cite AARP research that shows if a 35-year-old invested $20,000 in a 401(k) plan over 30 years that yielded 6.5% a year and cost 0.5% in fees, their remaining balance would be $132,287, but if the fees were 1.5%, they would have only $99,679, or 25% less.

Van Kampen has hired Elizabeth Hughes Eginton as managing director, head of product and marketing. In this new position at the firm, Eginton will report to President and CEO Jerry Miller.

Debra Ryan, the longtime girlfriend of Samuel Israel III, who was found guilty of swindling Bayou Management hedge fund investors out of more than $400 million, pled guilty Tuesday to aiding and abetting the Israel when he was a fugitive.

The economic turmoil has prompted smaller employers who previously hadn’t considered setting up a 401(k) plan to do so in light of the beaten down values, The Wall Street Journal reports.

Fidelity Investments is shaking up its stable of portfolio managers who delivered disappointing returns in 2008, The Wall Street Journal reports. In recent weeks, one manager has left the company, two were demoted to analyst and Fidelity is currently trying to reassign two others.

Great-West Appoints Two Regional Sales Directors

Mutual fund prospectus provider NewRiver is suing Morningstar for using Internet espionage to steal information from its patent-protected system.

Schapiro Expected to Beef Up Enforcement

Financial planners are spending a lot of time these days trying to allay their clients' fears. Anyone who works with a financial adviser most likely has money in the stock market and, therefore, has experienced steep losses in the past year.