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Fidelity Investments continues to do a smart job of marketing in this tough economy with the recommendations in the February edition of its Investors Quarterly magazine.
February 12 -
FINRA has fined two Wachovia units $4.5 million for failing to pass along breakpoint and rollover discounts for mutual fund and unit investment trust purchases, as well as for suitability violations and inadequate supervisory procedures.
February 12 -
PIMCO has launched the PIMCO Unconstrainted Tax Managed Bond Fund, an actively managed fixed income fund that will invest across all investment classes.
February 12 -
Genworth Financial Wealth Management has selected State Street Global Advisors to run six of its tactical asset allocation portfolios using exchange-traded funds.
February 12 -
ProFunds Group has hired Joanne M. Hill as head of investment strategy. In this new role at the exchange-traded fund shop, Hill is responsible for research, development and execution of investment strategies.
February 12 -
Putnam Investments announced Wednesday it will lay off 260 people, or about 10% of its staff, on Thursday, Dow Jones reports. Most of the people being let go work in distribution or operations, but a few are in sales.
February 11 -
Due to the tremendous amount of money that high-net-worth and 401(k) investors have that needs to be put to work, the asset management industry will survive and thrive, despite the current gravitation to conservative investments amid the market turmoil.
February 11 -
More states are offering conservative options in their 529 plans, some, such as Utah, even now including FDIC-insured savings accounts. Unlike other states bank-deposit products, Utah doesnt require a minimum contribution.
February 11 -
Tiger 21, a networking group for high-net-worth and ultra-high-net-worth investors, reports that these investors reduced hedge fund weightings in their portfolios from 11% in 2007 to 2.8% in 2008.
February 11 -
Sens. Tom Harkin (D-Iowa) and Herb Kohl (D-Wis.) have reintroduced legislation, the Harkin/Kohl Defined Contribution Fee Disclosure Act of 2009, that would require 401(k) plan providers to clearly disclose all of the fees they charge. The senators cite AARP research that shows if a 35-year-old invested $20,000 in a 401(k) plan over 30 years that yielded 6.5% a year and cost 0.5% in fees, their remaining balance would be $132,287, but if the fees were 1.5%, they would have only $99,679, or 25% less.
February 11