Portfolio

Ameriprise Financial finalized a $440 million deal to purchase J&W Seligman in the fourth quarter. The addition of Seligman will provide Ameriprise with additional outlets to sell its mutual funds and further improve its hedge fund business. "This transaction reinforces our growth strategy, and in particular our efforts to grow our higher-margin businesses," Chief Executive Officer James Cracchiolo said in a statement.

State Street Corp. believes market conditions will make it difficult for his Boston company to maintain its strong second-quarter growth, but he hopes to weather the second half by focusing on core businesses, cutting expenses and attracting new customers.

The European Union proposed a new set of rules Thursday to make Undertakings for Collective Investment in Transferable Securities (UCITS) even more efficient by eliminating additional regulatory hurdles. Most notably, the rules- which will replace 10 directives with just one and go into effect in 2011-will allow cross-border mergers of funds, making Europe's mutual fund industry more efficient. They will also permit master-feeder structures and eliminate much of the administrative paperwork currently required to market funds to other markets in the European Union of 27 member states.

Callan Joins Credit Suisse As Head of Hedge Funds

The small group of money mangers who possess the ability to outperform the market has virtually disappeared, according to a new study, "False Discoveries in Mutual Fund Performance: Measuring Luck in Estimating Alphas," in which the researchers used a statistical test called the "False Discovery Rate" to measure money managers' capabilities in reading the market.

The growing popularity of fee-based advice is prompting mutual fund companies and other investment platform providers to upgrade the capabilities they offer advisers. Fidelity Investments is rolling out a product that allows registered investment advisors and broker/dealers to gain access to account information through a single entry point. National Planning Holdings, a broker/dealer network affiliated with Jackson National Life Insurance, is overhauling its fee-based platform as well.

Don't just retire. "Reengage, reinvigorate, redefine, rejuvenate."

The Depository Trust & Clearing Corp. (DTCC) and the Society for Worldwide Interbank Financial Telecommunication (Swift) are working together to introduce 12 interoperable XML-based message formats to the alternative investment community.

Bad news for the mutual fund industry. The volatile market has stymied the "long haul" game; an increasing number of financial advisers are moving larger portions of their clients' assets into cash positions.

Federal regulators are cracking down on the potential spread of false and misleading rumors that could potentially affect market conditions.