Money Management Executive Latest News

Standish Becomes Director At Fisher Wealth Mgmt.

Asset Management Firms Hiring More Aggressively

NEW YORK-Millions of Baby Boomers in their 50s are woefully unprepared for retirement, but it's not too late to convince them to start planning.

Women who have gone through major life events, typically widows and divorcees, are often better prepared to deal with their own finances and retirement plans because they have been forced to sit down with an adviser, according to a recent study by OppenheimerFunds.

Charles Schwab is successfully selling off $8 billion in potentially risky structured investment vehicles (SIVs) that it held in six money market funds, according to a research report from Sanford C. Bernstein, Reuters reports. Thus, Bernstein doesn’t believe the funds will suffer any adverse effects from the subprime crisis.

Fidelity Investments has hired Marvin Adams as president of Fidelity Shared Services, which has 12,000 employees and itself runs Fidelity Technology Group, Fidelity Enterprise Operations and Fidelity Real Estate Company. The technology group runs both internal and customer technology, while the operations unit handles pricing, cash management and outsourced services in India. The real estate division provides real estate planning.

Prudential Financial has entered into a partnership with real estate development company DLF of India to create a joint venture there, with Prudential owning 61% of the venture, The Wall Street Journal reports. The new company will offer local and international mutual funds.

The number of exchange-traded funds traded on the London Stock Exchange has doubled this year to 100, up from 46 at the end of 2006, Fund Strategy reports.

AIM Investments has created a tool that financial advisers can use to work with 401(k) sponsors in a product-neutral way to select and monitor retirement savings plans. Called AIM PlanForward Module 6—Understanding Retirement Plan Fees and Expenses, the software program is said to be product-neutral and gives advisers an additional tools to demonstrate their merit to sponsors.

Fidelity Investments released the results of its first annual College Savings Indicator on Wednesday, which tracks how well prepared parents are to meet future college costs, which are currently projected to top an average of $100,000 nationwide for today’s high school seniors.