Money Management Executive Latest News

Henry H. Hopkins, chief legal counsel at T. Rowe Price for the past 20 years and an employee of the firm for the past 35 years, will be retiring in the spring and replaced by Associate Legal Counsel David Oestreicher.

The Stowers Institute for Medical Research has opened a commercial arm, BioMed Valley Discoveries, whose goal is to produce cures or biomedical advancements that can be used for new drugs, research or startup companies, the Kansas City Star reports.

Hewitt Associates has formed a defined contribution consulting practice to address the full spectrum of concerns of 401(k) plan sponsors, including: plan design, cost and risk management, investment consulting, behavioral finance, administration, communication and legal and compliance consulting.

Standard Life Investments, when reporting a 59% increase in investment sales figures on Tuesday, indicated that it expects demand for absolute-return funds to increase, Reuters reports.

BenefitStreet has launched a new 401(k) platform that can support both mutual funds and exchange-traded funds. It’s a big advancement for 401(k) platforms since traditional 401(k) recordkeeping systems were designed to allow investments in mutual funds, not ETFs or other products that trade whole shares on an exchange. Previously, BenefitStreet offered a separate, ETF-only 401(k) platform.

The Securities and Exchange Commission has contacted the 25 largest mutual fund companies in the nation to inquire about their holdings of mortgage-backed securities, according to Douglas Scheidt, associate director in the SEC investment management division, Bloomberg reports.

Nuveen Investments plans to double its mutual fund assets to $40 billion in the next three to five years, a departure from its previous concentration on institutional and high-net-worth investors, Reuters reports.

Employers are increasingly replacing index funds with more expensive, actively managed funds in their 401(k) plans, The Wall Street Journal reports, citing a study by the University of Illinois and the Federal Reserve Board.

The Securities and Exchange Commission has sent hedge funds a list of questions they should pose to employees and clients who are privy to information that would constitute insider trading if they were to share it with portfolio managers, the Associated Press reports.

U.S. households’ net wealth reached $57.86 trillion in the second quarter of this year, up 2.12% from $56.65 trillion in the first quarter, Reuters reports, citing data from the Federal Reserve.