Money Management Executive Latest News

Prudential Retirement has entered into an agreement with Hewitt Associates to offer Prudential’s IncomeFlex Target to Hewitt’s retirement plan clients.

Affiliated Managers Group reported that its first quarter profits plunged 80% to $6.1 million, or 15 cents a share, from $31.2 million, or 81 cents a share, in the first quarter of 2008.

Only 18% of individuals between the ages of 28 to 53 seek out financial advice, even though they are in the prime savings and asset accumulation of life, according to a survey of 800 investors conducted by Sway Research and Mast Hill Consulting. Most of this group—younger Boomers between the ages of 43 and 53, and Generation X, aged 28 to 42—turn to family and friends for advice on key investing decisions.

The Securities and Exchange Commission is holding its annual regional CCOutreach seminars between May and July.

Standard & Poor’s has downgraded Fidelity Investments’ parent FMR Corp. one level from AA-/A-+ to A+/A-1, citing a 22% decline in assets in 2008 to $1.25 trillion and trailing performance of some of its equity funds.

Nationwide Mutual Funds has selected Federated Investors to sub-advise three of its money market funds with $5.6 billion in combined assets. They are the Nationwide Money Market Fund, the NVIT Money Market Fund and the NVIT Money Market Fund II.

The mutual fund industry will bounce back to historic inflow levels on the low to medium side, according to Financial Research Corp., attracting between $130 billion and $180 billion a year.

The Conference Board Consumer Confidence Index rose 12 points in April to 39.2 (1985=100), up from 26.9 in March., and the Expectations Index rose considerably to 49.5 from 30.2 the previous month.

Morningstar estimates that the top 25 mutual fund companies took in $12.4 billion in net inflows in the first quarter, with the research firm’s Director of Personal Finance Christine Benz telling Reuters, “I would imagine that the worst is over for a lot of these firms. It’s hard to imagine a scenario that’s worse than the fourth quarter was.”

Waddell & Reed reported first quarter profits of $15.5 million, down 45.2% from $28.3 million in the first quarter of 2008.