Practice

MFS Investment Management has formed a defined contribution investment only (DCIO) business development office, to be headed by Matt Gannon, who now assumes the title of senior vice president and director of DCIO and strategic alliances.

Few people know as much about mutual funds as Matthew P. Fink. For more than 40 years, Fink dedicated his career to serving the industry and its 88 million shareholders through his work for the Investment Company Institute, serving as its president from 1991 to 2004.

WASHINGTON - Despite signs of renewed strength in the credit markets, the Federal Reserve Board on Tuesday unveiled a new program to provide more liquidity to money market mutual funds.

HUNTINGTON BEACH, Calif. - Despite the recent daily thousand-point swings in the Dow Jones Industrial Average and the understandable uncertainty among investors, Individual Retirement Accounts and 401(k) plans still remain American's dominant and trusted retirement vehicles.

XBRL US is asking mutual fund companies, investors and users of prospectus filing information for feedback through Nov. 24 on how well their suggested data tags will work for mutual fund summaries on risk/returns and schedules of investments.

With the markets tumbling, a recession on the horizon and people growing increasingly fearful of losing their jobs, more parents are delaying saving for their children’s college education, Investment News reports. Sales of 529 plans fell 33% in the first six months of the year to $6.3 billion, down from $9.8 billion a year earlier.

Mutual of Omaha is now offering retirement advice in its 401(k) Toolbox, a service called Manage It For Me.

WASHINGTON – Despite signs of renewed strength in the credit markets, the Federal Reserve Board on Tuesday unveiled a new program to provide more liquidity to money market mutual funds.

Ameriprise Financial, which has sued Reserve Funds on charges that the fund company tipped off large institutional investors its Primary Fund had broken the buck, has asked a judge to release taped phone calls to customers on the day before the fund’s NAV fell below $1, Reuters reports.

Eighty-percent of board members at financial services firms believe they need better tools to evaluate investments, PricewaterhouseCoopers’ financial services practice found in a recent survey of financial services audit committee members. They believe that by being better equipped, they could reduce the chance of future industry instability.