Portfolio

Older Baby Boomers appear to be doing a better job of preparing for retirement than younger Boomers, though both groups are sorely underprepared for their golden years, MetLife found in a survey.

Closed-end fund shops like Eaton Vance could historically count on steady asset-based fees and additional profits from issuing auction-rate preferred shares. But due to the problems in that market, the company’s first quarter revenue and fees have fallen sharply, dragging down its net income 57%.

Amid all of the gloom, some stalwart financial planners are telling their customers that there are unheard of bargains in the stock market, the National Post reports.

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.

The average account balance of 401(k) investors that MassMutual administers fell 25% in 2008, but, nonetheless, participants are sticking with the plans.

Connecticut lawmakers have proposed hedge fund regulations, including obtaining a license, annual audit, disclosure of fees and significant changes in management or investment strategy, as well as a higher minimum investment threshold of $2.5 million for individuals and $5 million for institutions.

Fidelity reported Tuesday that assets under management fell 22% in 2008 to $1.25 trillion.

Morningstar is changing the way it looks at mutual funds by using new tools that consider the underlying stocks and asset allocations in a fund's portfolio.

Since the onset of the credit crisis in August 2007, the financial services industry has lost 325,000 jobs around the world, according to the International Labor Organization.

Mutual funds' 2009 sales outlook is modest, according to Keefe, Bruyette & Woods.