Money Management Executive Latest News

State Street Corp. has acquired Palmeri Fund Administrators, strengthening its private equity fund administration offerings. The deal comes on the heels of State Street’s acquisition of Investors Financial Services in 2002.

401(k) Advisors, a consultant to 401(k) plans, has expanded its Scorecard System to accommodate asset allocation funds, which include target-date funds.

Mergers and acquisitions among asset management firms will remain high in the second half of the year, according to Putnam Lovell. While the market turbulence won’t deter most buyers, however, it, along with a curtailed leveraged finance industry, could curtail some private equity firms.

Due to China’s entry into the World Trade Organization six years ago, its financial system will continue to undergo changes. And that will boost its mutual fund industry, as more investors participate in the market and the government seeks to cultivate institutional investors, according to Research and Markets.

David Tice, manager of the $897 million Prudent Bear Fund and also known as “Dr. Death,” believes the U.S. economy is on the verge of the most severe recession since World War II, The Australian reports.

The NestEgg Dow Jones Target Date Funds sold by American Independence have added international stocks and fixed income to each of the five funds’ portfolios, reduced the fees by as much as 53% and renamed the funds the NestEgg Dow Jones Target Date Funds. With target dates of 2010, 2015, 2020, 2030 and 2040, the funds were previously called the NestEgg Dow Jones U.S. Target Date Funds.

With the market so volatile, many investors have embraced long-short mutual funds, The Wall Street Journal reports.

Following Congress’s decision last year to authorize the Department of the Treasury to create regulations for 529 college savings plans, an association representing the plans, as well as groups representing brokers and mutual funds, have written to the Treasury, outlining potential 529 abuses, Defined Contribution and Savings Alert reports.

Fidelity Investments not only ranks second in the 403(b) market, but it trails TIAA-CREF significantly, Pensions & Investments reports.

Fidelity Investments announced Tuesday that Ellyn A. McColgan, president of distribution and operations, has resigned “in order to pursue opportunities outside of the company.”