Money Management Executive Latest News

Fidelity asked local, county and state governments in Covington, Ohio for more time to create an additional 350 jobs at its campus there. Fidelity moved to the location in 2005 and agreed to create an additional 1,500 jobs in exchange for a number of incentives, including a $17.5 million, 1.7-mile road leading to its complex.

Resource and metal mutual funds both rose an impressive 11% in September and are among the best-performing sectors year-to-date, potentially signaling an economic rebound, The Globe & Mail reports.

Invesco is in the running to acquire the fund business of Van Kampen, which has $550 billion of assets under management, and the deal could be valued anywhere between $1 billion and $2 billion, The Wall Street Journal reports.

Invesco and TCW Group have raised more than $1.13 billion from private investors to buy toxic assets from the government as part of the Public-Private Investment Program, the Department of the Treasury indicated.

Robert McCann has settled his lawsuit with his former employer Bank of America/Merrill Lynch today, clearing the way for him to possibly head up the U.S. brokerage arm of UBS.

Standard & Poor’s has launched four securities lending indexes based on intermediary prices for stocks in its top three benchmark indexes, the S&P 500, S&P MidCap 400 and S&P SmallCap 600, as well as the sector sub-indexes for the three indexes.

Jefferies Asset Management has introduced what it believes is the first commodities exchange-traded fund tied to an equities rather than a futures index, and it is planning other equities-based commodities ETFs in the near future.

“Move past the crisis,” Barclays Wealth urges investors in its latest monthly strategy update. It would be wise to position for the economic recovery since most economists are revising their growth forecasts for 2010 upwards.

After acquiring more than $1 trillion in asset-backed paper from money market funds, the Federal Reserve is considering borrowing that money back from the funds through reverse repos to ease the stimulus plan and avoid inflation, and most funds think that is a good idea.

Investors continued to pour money into long-term mutual funds, with the latest week ended Sept. 23 taking in $16.03 billion, bringing the 28-straight-week sales streak to a total of $300 billion, the Investment Company Institute said.