Practice

John Hancock Retirement Plan Services is expanding its team that services third party administrators and shifting personnel to strengthen this move.

Eliot Spitzer, former Wall Street crusader, New York State Attorney General and New York Governor in a first term that ended with his abrupt resignation on March 17, may be forced to release thousands of incriminating e-mails with regards to his alleged smear campaign against Senate Majority Leader Joseph L. Bruno.

Russell Investments has launched six new “strategy” funds in its LifePoints Funds, Target Date Series, including an “in retirement” portfolio

After a year of record growth, Hartford Financial Services wants to expand its 529 college savings business over the next two years by increasing sales and, perhaps, in what would be a shift in strategy, by becoming a plan sponsor in another state.

BOSTON-Asset managers will have to adapt their techniques and operations beyond their current business models to survive the shifting demands in the retirement product marketplace.

Shareholders in a number of large Fidelity mutual funds, most notably the $73 billion Contrafund, succeeded in forcing a proxy vote that will take place later today on whether the company should institute a “genocide-free” investment policy, the Associated Press reports. The unbinding measure is unlikely to pass, however.

After a year of record growth, Hartford Financial Services Inc. wants to expand its 529 college savings business over the next two years by increasing sales and perhaps by becoming a plan sponsor in another state.

Nationwide Financial, a Columbus, Ohio, investment manager, opened a website Monday to give mutual funds and other partner firms the resources to help sales agents, principally financial advisers, develop retirement plan business.

The Securities and Exchange Commission recently suspended and fined two brokers with Wachovia Securities $250,000 each for their roles in a market-timing scheme that cost mutual fund shareholders hundreds of thousands of dollars in losses, writes The Miami Herald.Thomas C. Bridge, 41, of Fort Lauderdale and James D. Edge, 46, of Lake Worth, both worked at Wachovia's Boca Raton office. Edge was Bridge's supervisor.According to Judge Brenda Murray, Bridge engaged in numerous market timing trades, prompting complaints from mutual fund companies. Instead of stopping Bridge, Edge helped him circumvent trading restrictions, including the use of multiple account numbers and broker ID numbers to hide transactions.Bridge has been suspended for a year and Edge has been suspended for 30 days, with the stipulation that he never be a supervisor again.The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

A federal judge in Pennsylvania has given final approval to a $14 million settlement against New York Life Insurance Co. by employees who said the company’s retirement plans were improperly invested into mutual funds owned by New York Life.