Money Management Executive Latest News

WASHINGTON - Despite signs of renewed strength in the credit markets, the Federal Reserve Board on Tuesday unveiled a new program to provide more liquidity to money market mutual funds.

JPMorgan Investor Services, PNC and Principal Financial take top honors in Money Management Executive's 2008 Fund Operations Awards. Now in its sixth year, the program honors industry leaders in three categories: Leadership, Innovation and Efficiencies/Streamlining.

HUNTINGTON BEACH, Calif. - Despite the recent daily thousand-point swings in the Dow Jones Industrial Average and the understandable uncertainty among investors, Individual Retirement Accounts and 401(k) plans still remain American's dominant and trusted retirement vehicles.

NEW YORK — J.P. Morgan Investor Services, PNC and Principal Financial have been honored with first-place for Leadership, Innovation and Efficiencies/Streamlining, respectively, in Money Management Executive’s 2008 Fund Operations Awards.

Of the 8,000 hedge funds in existence, as many as one-third will close their doors, Emmanuel Roman, head of GLG Partners predicted at a conference on hedge funds in London, Dow Jones Reports.

Following its $50 billion acquisition of Merrill Lynch, Bank of America plans to move the major part of its wealth management from Boston to New York, The Boston Globe reports. That means that BoA’s U.S. Trust private banking unit and Columbia Management mutual funds groups will also make the move.

After several false starts, Reserve Funds announced it is planning to honor $25 billion of redemptions in its Primary Fund by the end of the month, plus cash accumulated, as well as $3 billion for its Government Fund seven to 10 days thereafter. Reserve has been trying to reimburse investors $20 billion, initially scheduled for Oct. 13, and has now increased that initial figure to $25 billion.

XBRL US is asking mutual fund companies, investors and users of prospectus filing information for feedback through Nov. 24 on how well their suggested data tags will work for mutual fund summaries on risk/returns and schedules of investments.

With the markets tumbling, a recession on the horizon and people growing increasingly fearful of losing their jobs, more parents are delaying saving for their children’s college education, Investment News reports. Sales of 529 plans fell 33% in the first six months of the year to $6.3 billion, down from $9.8 billion a year earlier.

“The market will recover. It always does. Just no one knows when,” Alan F. Skrainka, chief market strategist for Edward Jones told the Associated Press. “The important thing is to focus on the things that you can control, like the amount you’re investing and the quality of the investments that you’re buying.”