Money Management Executive Latest News

Despite a more than 40% decline in Chinese funds last year, Toronto-based Manulife Financial is determined to launch a mutual fund business in China before the end of the year.

Forward Management LLC is offering investors exposure to frontier markets with the launch of its new Accessor Frontier Markets Fund.

Money market mutual fund assets ended their record climb, falling $28.95 billion to settle at $3.893 trillion for the week ending Jan. 21, according to the Investment Company Institute.

Hedge fund Duff Capital Advisors has laid off approximately 80% of its staff, mostly form its investment teams, Dow Jones reports.

Investment research analyst Ian Jacobs, who has worked at Warren Buffett's Berkshire Hathaway Inc. since 2003, is reportedly planning to launch his own fund on March 1.

Sixty percent of Americans surveyed by TD Ameritrade said their No. 1 resolution for 2009 was saving more money, not losing weight or eating better. Forty-three percent said there are more likely to have personal finance-related resolutions for 2009 than they were two years ago.

The Department of Labor has ruled that financial advisers affiliated with the mutual fund companies administering 401(k) plans can offer advice. However, they must reveal the source of their fees, which will remain constant, regardless of their recommendations. If they use computer models, they must also disclose that.

BlackRock, the world’s largest publicly traded asset manager, reported a 84% decline in fourth-quarter income, to $53 million, for full-year 2008 net income of $786 million, a 21% decline.

Janus reported fourth-quarter net income of $7.8 million, or $0.05 per diluted share, down 85% from $51.6 million net income, or $0.30 per diluted share, in the fourth quarter of 2007. For the full year, net income was $138.4 million, or $0.86 per diluted share, down 28% from $192 million, or $1.07 per diluted share, for 2007.

In a survey of 1,445 finance executives online, Deloitte found that 58.4% expect the recession could last until 2011. Yet two-thirds are not in support of any additional bailouts beyond what has been done to prop up the finance and automotive industries.