Portfolio

TD Asset Management has launched the TD AM Global Sustainability Fund, which is available only to institutional investors.

Commenting on the House Savings Recovery Act introduced this week, Rep. Ed Royce (R-Calif.) said, “Along with our struggling economy, over the past 16 months, millions of Americans have seen their personal savings and retirement accounts hit hard. Americans should be given every opportunity to help rebuild their savings. “

The “Sixty Minutes” segment on 401(k)s that slammed them as being mediocre offerings with hidden fees is not the only shot being taken at the defined contribution model—not by a long shot.

Amazingly enough, Generation Y tops any other age group in saving: 44% versus 36% of the general population, Money Management International found in its Financial Literacy Survey.

State Street Corp. reported first quarter earnings of $2.002 billion, or $1.02 per common share, down 22.3% from $2.577 billion, or $1.35 per share, in the first quarter of 2008. Total assets under management fell 29% to $1.395 trillion, down from $1.955 trillion, and total assets under custody fell 24% to $11.337 trillion, from $14.9 trillion.

T. Rowe Price’s first-quarter earnings fell 68% to $48.2 million, or 19 cents a share, from $151.5 million, or 55 cents a share, in the first quarter of 2008. Revenue fell 31% to $384.5 million, down from $559.1 million.

The Depository Trust & Clearing Corp. is allowing non-U.S. financial firms to take advantage of the access, low costs and risk-management protection of its Mutual Fund Services, including Fund/SERV. It is the first time that DTCC has opened up these services to non-U.S. firms.

Although the number of Americans pessimistic about the economy in April was 49%, according to a Harris Interactive poll, it was slightly improved from the 54% who were pessimistic in April 2008.

The Morningstar 1000 Hedge Fund Index fell 0.1% in the first quarter, and the Morningstar MSCI Asset-Weighted Hedge Fund Composite Index rose 0.5%.

The House Education & Labor Committee has introduced the Fair Disclosure for Retirement Security Act of 2009, which would require 401(k) plans to clearly state all fees with the aim of helping workers shop around for the best retirement options.