Portfolio

Erin Callan, who was recently ousted from her position as Lehman Brothers’ chief financial officer, will begin a new role as head of Credit Suisse’s global hedge fund business on Sept. 2.

President and CEO of Federated Investors, Inc., J. Christopher Donahue, recently announced Federated’s acquisition of assets associated with the Prudent Bear and Prudent Global Income Funds. Federated is set to purchase these assets from David W. Tice & Associates at an initial price of $43 million with future contingent payments over the next four years of up to $100 million. These funds have an estimated net worth of $1.2 billion and $502 million, respectively.

AARP has appointed Richard Hisey as the new president of AARP Financial Inc. and AARP Funds. Formerly, Hisey served as the CIO of AARP Financial and treasurer of AARP Funds.

The Money Management Institute has selected Cheryl Nash as co-chair of its technology and operations committee. She is a SVP at CheckFree Investment Services, now a division of Fiserv, and will join Kevin Miller, SVP at Dreyfus, as co-chair.

Turning the collection of market data into a competitive business is a fatally flawed idea, said the Securities Industry and Financial Markets Association last week in response to a Securities and Exchange Commission proposal that seeks to do so.

The biggest mutual funds in the nation have lost more than an estimated $4 billion in the past week alone on their investments in Fannie Mae and Freddie Mac and related mortgage stocks, Reuters reports, based on analysts’ assessment of fund companies’ latest reports. In the past week, Fannie and Freddie declined 45.4% and 46.5%, respectively.

The small group of money mangers who possessed the ability to outperform the market has virtually disappeared, according to a new study.

Firms that focus on value stocks have been slammed recently, as financial stocks like Freddie Mac and Fannie Mae continue to struggle, reports The Wall Street Journal.

Financial experts seem to be in agreement that we are now in a bear market, but will that bad news shake investors’ traditional buy-and-hold strategy with 401(k)s – particularly older investors?

Following the rash of home equity loans that Americans regretfully took out over the past few years on their first or second mortgages – essentially turning their homes into ATM machines, as many a critic has quipped – their 401(k)s are now in danger of becoming the next get-cash-quick scheme, The Wall Street Journal reports.