Money Management Executive Latest News

Fifty-five percent of investors believe the economy will improve within the next 12 months, Scottrade found in a survey 1,143 investors in late July. Another 79% said they think the stock market is resilient and will provide long-term investment gains. In addition, 51% believe they will recoup their investments losses within the next three years.

On the eve of “401(k) Day,” Sept. 11, themed “Make Wise Choices” this year, the Profit Sharing/401(k) Council issued a statement praising the 401(k) as “an island of stability during the current economic crisis.”

JPMorgan Chase has launched the prime custody solutions group, a prime brokerage service aimed at both mutual funds and hedge funds. Mutual funds will have services for short selling and financing, and hedge funds will get custodial services and insulation for long-only positions.

The Treasury Department is unlikely to extend the temporary money market fund insurance program that is set to expire Sept. 18, due to proposed regulations. Virtually all money funds initially participated in the program after it was first offered a year ago by paying a premium, but as markets stabilized, funds that invest in U.S. government securities bowed out.

The asset management group of the Securities Industry and Financial Markets Association said it opposes a floating net asset value for money market funds but otherwise supports the Securities and Exchange Commission’s proposed enhancements to the funds, echoing the sentiments of the Investment Company Institute.

Fidelity Investments is offering a series of fee waivers and price reductions on its custodial platform for independent advisers and their customers beginning Oct. 1 that cover a wide range of services including technology, transition costs, custody and online equity trading. And rather than offer an interim, short-term discount, Fidelity says it is trying to position its platform as offering long-term value through these discounts and ongoing IT upgrades.

The AIG Advisor Group announced a back-office consolidation plan among its broker/dealers that will include cutting some of its workforce.

Commonwealth Financial Network will require advisers to earn credentials in fiduciary practices or retirement planning as part of its new Retirement Plan Consulting Program.

The Treasury Department has proposed several improvements for Section 529 college savings plans, including the use of age-based index funds and the elimination of home-state biases.

ETF Securities has launched the third gold exchange-traded fund, the ETFS Physical Swiss Gold Shares, which began trading on the New York Stock Exchange Arca Wednesday. In July, the company debuted a silver ETF.