Money Management Executive Latest News

Fidelity Investments Adds 10 Staffers to RIA Group

Offshoring functions save companies millions of dollars a year, and as the practice matures, financial institutions are moving to the next stage of optimizing their offshoring operations, according to Deloitte & Touche's fourth "Global Financial Services Offshoring" report, based on interviews with 36 financial institutions in eight countries.

An intended class-action lawsuit filed in Illinois in mid-May has the potential to challenge how all state Treasury offices apply tax deductions for contributions to in-state, versus out-of-state, 529 college savings plans.

Reuters has signed an agreement to acquire Feri Fund Market Information, a London-based mutual fund data, analysis and research firm.

Financial advisers will now be able to get information about Fidelity mutual fund accounts online. The Boston-based behemoth has joined the DST Vision platform, which aggregates mutual fund and variable annuity account information from intermediaries.

Rydex Investments has agreed to be acquired by Security Benefit for an undisclosed amount, bringing the combined organization to around $35 billion in assets under management and $52 billion of assets under administration

UBS has been accused of “dishonest and unethical business activities” by Massachusetts Secretary of the Commonwealth William F. Galvin for giving hedge fund managers perks in order to get their lucrative trading business, according to The Boston Globe.

The NASD has settled with four brokerages over improper mutual fund sales. Combined, they are paying fines of $1.2 million.

A survey of high-net-worth and ultra-high-net-worth investors by Advisor Perspectives found that left to their own devices, about a third will park their money in index funds, the Financial Times reports. But working with an adviser, they feel more comfortable investing in an actively managed mutual fund or separately managed account; if they are working with an adviser, only 3.8% of wealthy investors’ money is in index funds.

Inspired by the recent reports of hedge fund managers making hundreds of millions of dollars a year, in some cases, more than $1 billion, NBC News this week ran a story on these fabulously wealthy people this.