Portfolio

Citigroup posted a huge second-quarter loss Friday, battered by a big write-down in its investment banking business, but the overall results weren’t as bad as feared and the shares moved sharply higher.

After a sharp fall in the market, assets under management (AUM) within the French mutual fund industry fell 6% last month.

Prudential Financial recently honored five plan sponsors that redesigned their defined contribution retirement programs, helping members to better attain their retirement goals.

Fred Alger & Company Inc. has selected Access Data Corp.'s SalesVision sales reporting and AccessDiscovery data service applications to distribute its mutual funds.

NAVA has teamed with IBM to launch a tool establishing an automated standardized process that streamlines the sale of annuities.

Supporters of pension funds argued before Congress that the plans play a critical role in ensuring retirement security and stimulating the economy.

Bruce R. Bent, founder and chairman of Reserve Management Corp., defended his company’s debit cards linked to 401(k) plans Thursday by saying that they encourage employees to sign up for the retirement accounts and that they reduce the dollar amount of loans taken out against them.

Hedge funds topped mutual funds in equity trading volume last year and are now second only to asset management shops, according to a new study by Greenwich Associates.

Money market mutual funds added $13.90 billion in assets for the week ending July 15, bringing total net assets to $3.468 trillion, according to iMoneyNet Inc.’s Money Fund Report.

If elected, Democratic presidential candidate Barack Obama plans to increase the capital gains tax between five and 10 percentage points, from its current rate of 15%. The effect of Obama’s possible candidacy, along with his tax program, has already sent concern throughout the financial world, the Newark Star-Ledger reports. Some financial planners are advising investors to take advantage of the current lower rates and to drop some mutual funds and stocks.