Money Management Executive Latest News

Some politicians and commentators are calling for the resurrection of the Glass-Steagall Act, saying it was partially responsible for the 2008 financial crisis.

Some young investors have seen their portfolios double, even triple, since the market low on March 9.

Americans are redefining retirement, with 75% now saying they intend to work as long as they can, Bankrate found in a survey of 1,003 adults 18 or older.

While the average U.S. stock fund rose 16.6% the average international stock fund rose 17.4% in the third quarter, the two best-performing categories were Latin American funds (up 26%) and global real estate funds (up 23.2%), according to data from Morningstar.

U.S. Bancorp has acquired the fund administration and account division of Fiduciary Management. The unit has more than $8 billion in assets under administration, while the remaining investment management business of the company as $6 billion in assets under management.

Workers who had already been investing in their 401(k) for at least five years through 2008 saw their balances drop an average of 24% last year, compared with the S&P 500’s sharp 37% decline, the Investment Company Institute and the Employee Benefit Research Institute said.

Advisers are seeking new tools and products that will complement the strategies they now have in place for retirement income planning, instead of replacing them, according to new research from Cerulli Associates.

Edward Bernard, vice chairman of T. Rowe Price, is replacing John Murphy, chairman of Oppenheimer Funds, as chairman of the board of governors at the Investment Company Institute.

Three other fund companies have raised an additional $1.94 billion for the Public Private Investment Program: Blackrock, Wellington and AllianceBernstein.

Sallie Krawcheck, the recently installed head of wealth management at Bank of America/Merrill Lynch, said that the road ahead would not be easy for the few large brokerage firms left.