Portfolio

The U.S. could see a 70% decline in the number of mutual fund families over the next five years unless regulations are changed to put them on a more equal footing with hedge funds, according to a new report by the Boston research firm Celent, titled: “The Global Credit Crisis: Implications for North American Wealth Management.”

In a final year-end push, the Securities and Exchange Commission voted 4-1 Wednesday to require mutual funds and the top 500 largest public companies to begin filing financial reports using eXtensible Business Reporting Language (XBRL).

Eight Nuveen Investments closed-end funds have called for redemption of $700 million in auction-rate preferred securities at par.

Harris Associates has promoted Rob Taylor from associate portfolio manager on the Oakmark International Fund to co-portfolio manager, along with David Herro, who is also the firm’s chief investment officer of international equities.

Most executives wouldn't consider themselves "fortunate" if they took over one of the largest fund companies weeks before an historic market collapse.

Direxion Shares has launched six new exchange-traded funds that offer 300% leverage to the markets.

Reserve Funds has informed investors that due to a potential accounting error on Sept. 15, the Reserve Yield Plus Fund might have broken the buck at 99 cents.

Calvert has launched three new funds, the Calvert Large Cap Value Fund, Calvert High Yield Bond Fund and Calvert Short-Term Government Fund.

The majority of money managers feel that the U.S. markets are undervalued, according to the Russell Investments “Investment Manager Outlook” for December 2008. The survey polled 206 asset managers on their expectations for the U.S. equity markets for 2009.

Nonprofit organizations are increasingly eyeing global investments as a way to hedge against the market's current volatility, according to the results of a quick poll released by SEI.