Money Management Executive Latest News

Ninety-percent of closed-end funds are trading at discounts, some as high as 15% to 35% of their net asset values, a marked spread from their 4.4% average since 1997, The Wall Street Journal reports. And the spreads appear not only to be lasting longer, but to be growing larger.

Following recent talk of 401(k) debit cards and tighter credit, it was bound to happen that homebuyers would turn to their 401(k) to help finance a home purchase, despite warnings against doing so from most financial advisers.

Eighty-seven percent of stock mutual funds were in the red in the third quarter, with the average diversified stock fund falling 10% in the quarter and the average stock mutual fund declining 11% in September alone, according to Lipper data, Gannett News Services reports. September was the biggest one month tumble for U.S. equity funds since 1998.

WASHINGTON — Treasury Secretary Henry Paulson on Monday outlined the process for banks and thrifts to request capital from the government.

Despite the tremendous turbulence in the stock market, few investors are planning to sell their stocks and mutual funds or to curtail or entirely cease contributions to their 401(k), according to a poll from Ipsos/McClatchy. That said, more are paying closer attention to federally insured bank deposits, now that the guarantee has been expanded from $100,000 to $250,000.

Coleman Joins Delaware as Head of Distribution

The Financial Industry Regulatory Authority has fined Banorte Securities International $1.1 million for improper sales of B shares of offshore mutual funds, as well as inadequate supervisory systems to monitor the sales.

Equity mutual funds have lost $43.3 billion in outflows already through Oct. 8, while money market mutual funds have reaped $60 billion, according to TrimTabs Investment Research. Figures from the Investment Company Institute seemed to confirm that; in the week ended Oct. 8, ICI said, money market mutual fund assets increased by $58.54 billion to $3.458 trillion.

Reserve Shuts Down Funds, Delays Primary Payout

WASHINGTON - Though the Federal Reserve Board's reputation is built on its management of monetary policy, Chairman Ben Bernanke said Wednesday that the role of banking supervision at the central bank needs to be revisited.