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Buoyed by strong performance in the first half of the year averaging 9%, hedge funds’ assets under management rose by $142.5 billion, for a total of $1.43 trillion under management, Hedge Fund Research reported Tuesday.
July 21 -
Legg Mason reported earnings of $50.1 million, or 35 cents a share, for the quarter ended June 30, its first fiscal quarter for 2010, compared with a loss of $36.1 million, or 26 cents a share, in the comparable period of 2008. The company handily beat the consensus of earnings of 21 cents a share.
July 21 -
Fixed annuity sales jumped 74% to a record $35.6 billion in the first quarter, according to LIMRA.
July 21 -
Second quarter earnings of companies in the S&P 500 may be down 35.2%, but the results are not as bad as analysts had predicted, Investor’s Business Daily reports. Thus, many fund managers and analysts are expecting growth to return in the fourth quarter and continue into the first half of 2010.
July 21 -
Genworth Life and Annuity Insurance has launched RetireReady One, a streamlined variable annuity aimed at helping advisers more easily personalize a guaranteed income strategy for clients.
July 20 -
Eighty-four percent of financial advisers have had a client who either themselves or whose family member has suffered from Alzheimer’s, and they are looking for resources to help those clients, Fidelity Investments found in a survey of 350 advisers.
July 20 -
Employers are increasingly looking to add index funds, exchange-traded funds or other low-cost selections to their 401(k) plans, according to a survey by Hewitt Associates. Seventeen percent said they are likely to replace at least one of their actively managed funds with an index fund this year, up from 8% who said so a year ago.
July 20 -
The Committee on Capital Markets Regulation released a report by Harvard Law School Professor John C. Coates recommending that mutual fund investors who hold less than 2% of a fund’s shares not be taxed on capital gains until they sell those shares. The current tax scheme puts U.S. funds at a competitive disadvantage, Coates says.
July 20 -
Massachusetts Secretary of the Commonwealth William F. Galvin is investigating the sales materials of fund companies that sell leveraged exchange-traded funds.
July 20 -