Money Management Executive Latest News

Despite difficult market conditions, Americans continued to save more for retirement last year, according to the Investment Company Institute.

State Street Global Advisors, the Boston investment management arm of State Street Corp., has launched 10 international sector exchange-traded funds.

In his last public appearance as a member of the Securities and Exchange Commission, Commissioner Paul Atkins said that, with regards to shareholder rights, the agency “would be wise to continue to respect the principles of federalism and avoid the temptation to exceed the limitations on its authority delegated by the Congress.”

According to the data in the Northern Trust Universe, the majority of U.S. institutional investors posted negative returns for the quarter ending June 30 - the third negative quarter in a row for participating plans in the study.

eSecLending, an administrator and provider of customized securities lending programs, recently announced its creation of Securities Financial Global Advisors (SFGA), a registered investment advisor (RIA), to further carry securities lending for mutual fund cash collateral in the U.S.

To show workers the long-term impact of cashing out their 401(k) savings when they change jobs or retire, a firm that provides rollover services for plan sponsors now offers a free “Cash-Out Calculator.”

The Royal Bank of Canada (RBC) recently announced its acquisition of 10% interest in the O’Shaughnessy Asset Management (OSAM) firm.

The Department of Labor on Tuesday proposed requiring 401(k) plan fiduciaries to supply investors with standard account summaries that will clearly state fees, expenses and any administrative costs such as legal, accounting and recordkeeping charges—in actual dollars; performance and comparable benchmark returns; investment options; and how to obtain more detailed information, including education and/or advice.

After AARP pared down its more than 33 funds at one point during its 21-year relationship with Scudder Investments to a mere five in 2005, sub-advised by State Street Global Advisors, the new chief of its funds unit now wants to expand those offerings, with a new focus on retirement income.

IndexIQ has launched a mutual fund-of-fund that will mimic hedging strategies, invest in exchange-traded funds and leverage up to 100% of its assets.