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The Department of Labor has ruled that financial advisers affiliated with the mutual fund companies administering 401(k) plans can offer advice. However, they must reveal the source of their fees, which will remain constant, regardless of their recommendations. If they use computer models, they must also disclose that.
January 22 -
BlackRock, the worlds largest publicly traded asset manager, reported a 84% decline in fourth-quarter income, to $53 million, for full-year 2008 net income of $786 million, a 21% decline.
January 22 -
Janus reported fourth-quarter net income of $7.8 million, or $0.05 per diluted share, down 85% from $51.6 million net income, or $0.30 per diluted share, in the fourth quarter of 2007. For the full year, net income was $138.4 million, or $0.86 per diluted share, down 28% from $192 million, or $1.07 per diluted share, for 2007.
January 22 -
In a survey of 1,445 finance executives online, Deloitte found that 58.4% expect the recession could last until 2011. Yet two-thirds are not in support of any additional bailouts beyond what has been done to prop up the finance and automotive industries.
January 21 -
Investors withdrew $399 billion from hedge funds, or about 20% of assets, in 2008, according to data from Hennessee Group. On top of an average 18.3% market decline, or $382 billion in investment losses, the total $781 billion hit that hedge funds took was severe.
January 21 -
RAB Capital reported its assets under management were $1.9 billion as of Dec. 31, down 76% from $7.2 billion a year earlier. This includes $570 million in lock-ups.
January 21 -
State Street Global Markets Global Investor Confidence Index rose from 48.2 to 60.3 in January.
January 20 -
Banks may have seen the worst of the financial crisis, but the economy will slog through more difficult times. That was the assessment that Pimco Manager Bill Gross gave to Reuters.
January 20 -
Fidelity Investments, Franklin Resources and Legg Mason were hit with the biggest redemptions in 2008, losing $40 billion, $21.5 billion and $21 billion, respectively. Collectively, the three companies were hit with 43% of the $194 billion in total withdrawal requests during the year.
January 20 -