Money Management Executive Latest News

Massachusetts on Friday subpoenaed four brokers to obtain sales, revenue and training records for leveraged exchange-traded funds: Ameriprise, UBS, LPL and Edward Jones.

The Securities and Exchange Commission’s Investor Advisory Committee, which holds its first meeting Monday, has released its agenda for upcoming months.

Milliman’s employee benefits practice has introduced a 401(k) comparison tool for sponsors and participants called Power to Know.

As the International Monetary Fund and The World Bank respectively predict world GDP growth of 2.5% and 2% next year and stock markets around the globe are expected to surge ahead of this growth, mutual fund analysts are beginning to weigh in on which sectors could lead the way out of the recession.

Morgan Stanley Smith Barney is examining how it sells leveraged exchange-traded funds, and Charles Schwab has posted a warning on its website that the products could exacerbate losses for investors who hold them for more than a day.

Asset International has acquired Strategic Insight for an undisclosed sum.

Mutual funds took in $11.05 billion for the week ended July 22, up sharply from the $6.6 billion they netted the previous week, the Investment Company Institute said. The inflows were the highest since the week ended June 17, when long-term mutual funds took in $11.1 billion.

A full 66% of investors do not expect the economy to improve until next year or even later, and only 34% peg improvement for this year, online brokerage TradeKing found in a survey of 3,000 of its customers.

Morningstar has launched a directory of retirement plan service providers that lists assets overseen, fees, top clients, number of plans served and geographic concentration. The company obtains the information on 5,000 investment managers, consultants, recordkeepers and administrators from plan sponsor filings with the Department of Labor.

Morgan Stanley Smith Barney has added a fixed income annuity from Nationwide to its unified managed account platform, so that investors have the option of selecting lifetime income. The brokerage is calling the option Select Retirement.