Money Management Executive Latest News

Indicating that it is the first of at least two job cut waves to come, Fidelity Investments announced Thursday it will eliminate 2.9% of its 44,400 workforce, or 1,300 positions, by the end of the month. A second layoff, the size of which has yet to be determined, will occur in the first quarter of next year, Fidelity said.

PALM BEACH, Fla. - Insurance companies and mutual fund firms are jumping on the bandwagon to provide guaranteed retirement income solutions, but experts say these types of investment options won't see wide adoption rates among the general public until they become a qualified default investment alternative (QDIA) in 401(k) plans.

Spurred by Americans' investment losses this year, Rep. George Miller (D-Calif.) is calling for a re-examination of 401(k) plans that could lead to a radical overhaul of the popular tax-deferred savings vehicles, Pensions & Investments magazine reported last week.

Volatile markets are shaking up the idea of what makes a star manager, and previous giants are falling to the wayside as new talent with new ideas moves in to fill their place.

Total money market mutual fund assets have increased $21.79 billion to reach $3.608 trillion for the week ending Nov. 5, according to the Investment Company Institute.

Exchange-traded funds continued attracting new investors in October, though most of the month’s $7.3 billion in net inflows came from three big names, according to the National Stock Exchange.

Goldman Sachs Asset Management LP plans to launch a new municipal closed-end fund as part of its existing lineup of tax-exempt mutual funds, according to an Oct. 24 registration with the Securities and Exchange Commission. The addition, which is to be called the Goldman Sachs Municipal Opportunity Fund, will bring the firm's number of tax-free mutual funds to six.

Indicating that it is only the first of at least two immediate job cut waves, Fidelity Investments announced Thursday it will eliminate 2.9% of its 44,400 workforce, or 1,300 positions, by the end of the month. A second layoff, the size of which has yet to be determined, will occur in the first quarter of next year, Fidelity said.

Even as U.S. corporations continue to announce layoffs, investors are beginning to regain faith in the stock markets, according to a poll of 500 investors by MoneyShow.com. Fifty-one percent are bullish on economic conditions, up from 43% in August. In kind, 29% characterize themselves as bearish, down from a steady 39% from July through September.

Man Group’s assets as of the end of the third quarter stood at $67.6 billion a 9% decline since the end of March. Its pretax profit declined 24% to $622 million, as a result of lower fees.