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Independent financial advisers are somewhat optimistic about the economy, with 44% saying they believe the recession will end this year, and another 41% pointing to next year, Charles Schwab found in a survey of 1,200 advisers.
March 4 -
Equity mutual funds suffered redemptions in 2008, only the third time in their history that they have had outflows. Actively managed funds lost $221.08 billion, while index funds took in $17.6 billion.
March 4 -
Will Danoff, manager of the Fidelity Contrafund, admits he was too bullish on technology and retail stocks, but says he was right to pass on low-priced financial services stocks.
March 3 -
Between a mixture of its conservative, low-cost fund offerings that appeal to investors in this time of market stress, and a performance-based compensation plan, Vanguard has been able to retain enough assets and keep costs down to avoid mass layoffs.
March 3 -
Gamco has elected founder Mario Gabellis daughter, Elisa M. Wilson, to the board. She is a shareholder of Gamcos privately held parent company, GGCP, and, along with her siblings, owner of the real estate partnership that leases office space to the firm. She is also president and a trustee of the charitable trust, Gabelli Foundation. Gabellis brother, John D. Gabelli, is also on the board.
March 3 -
Allstate has decided to cancel its seven ClearTarget Retirement Funds after only 10 months, saying that it has decided to exit the target-date mutual fund business due to lackluster sales.
March 3 -
To mitigate against any future financial catastrophes, the Investment Company Institute on Tuesday called for two new regulators that would focus on systemic risk and the capital markets, bridging the functions of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
March 3 -
Index equity mutual funds saw average losses of 39.1% last year, while actively managed funds lost an average of 40.5%, according to Morningstar.
March 2 -
The chairman of the Senate Special Committee on Aging has called for more scrutiny of target-date retirement funds after several 2010 target-date funds posted huge losses in 2008.
March 2 -