Money Management Executive Latest News

Fidelity Investments manages four of the nation’s 10 mutual funds to be hit with the largest redemptions year-to-date through October, Bloomberg reports.

Citibank has launched 11 new mutual funds in China, in partnership with BlackRock Merrill Lynch, including one called the Merrill Lynch International Investment Funds Series that will give Chinese investors exposure to international investments, as permitted under the QDII program, Global Banking News reports. To date, Citibank is offering the largest number of international mutual funds in China.

The Bank of New York Mellon has entered into an agreement with Western Securities of China to establish an asset management joint venture, of which BNY Mellon will own 49%.

Bank of America will begin promoting its retirement products and services on its automatic teller machines in January, expanding on its print and Internet advertising campaign launched earlier this month, sister publication ATM&Debit News reports.

Let's hope Social Security remains a fixture on the American scene. There are too many senior citizens dependent on it, and with $1 million seeming to be the magic retirement savings goal, a vast majority are going to fall far short of that. In fact, some experts have said that even wealthy investors will be at least partially dependent on Social Security.

Having been hit by bad calls on subprime investments, State Street Global Advisors and Bank of America’s Columbia Funds division are shaking up the ranks of their investment teams, The Wall Street Journal reports.

While target-date funds adjust a portfolio’s level of risk as an investor gets closer to their target retirement date, they fail to address the various risk tolerances of different investors. Thus, fund companies have begun working on offering tailored target-date funds to 401(k) plan sponsors, The Wall Street Journal reports.

In a surprise twist in the trial of Michael Mendelson, one of the two managers of the collapsed hedge fund Portus Alternative Asset Management, he reached a plea agreement by pleading guilty and testifying against his former partner, Boaz Manor, the Edmonton Journal reports. Still, Mendelson was sentenced to two years in prison.

Much as target-date funds are gaining traction in 401(k) plans, parents investing in 529 college savings plans are overwhelmingly preferring age-based funds that become more conservative as a child’s first year of college approaches, Investment News reports, citing speakers at the recent 529 Technical Conference.

Employers and employees at small businesses don't see eye to eye when it comes to 401(k)s, according to a Harris Interactive survey commissioned by ShareBuilder Advisors, a 401(k) administrator that specializes in serving small companies.