- Money Management Executive
Power Financial will acquire Putnam Investments from Marsh & McLennan for $3.9 billion, the companies announced Thursday. The deal includes MMC’s 25% stake in private equity firm Thomas H. Lee Partners.
February 1 - Money Management Executive
Teri W. Anderholm has joined Pioneer Investments as chief compliance officer, reporting to Dorothy Bourassa, senior vice president and general counsel.
January 31 - Money Management Executive
Pershing, a division of The Bank of New York, has added Putnam Investments to FundVest, its no-transaction-fee mutual platform of more than 1,800 funds from 160 providers.
January 31 - Money Management Executive
To strengthen its presence in Japan, Citigroup will be establishing a holding company there that will serve as the overarching firm for all of its local business units and make it easier for it to acquire other companies so that it can build a retail distribution network, The Wall Street Journal reports.
January 31 - Money Management Executive
Fidelity Investments plans to vote against a $18.7 billion buyout of Clear Channel Communications by two private equity firms, the Associated Press reports.
January 31 - Money Management Executive
Nearly half, 45%, of workers leaving a job are cashing out their 401(k)s, The Wall Street Journal reports, citing a Hewitt Associates study. The rest roll it over to another qualified retirement account or leave it in the former employer’s plan.
January 31 - Money Management Executive
The Pension Protection Act will dramatically change how employers automatically enroll employees in 401(k) plans, a new report from Watson Wyatt Worldwide indicates.
January 31 - Money Management Executive
Marsh & McLennan, parent company of Putnam Investments, hopes to announce a decision on the sale of that company, an MMC spokeswoman told Dow Jones.
January 30 - Money Management Executive
The Securities and Exchange Commission has found that some mutual fund companies have not been adhering to securities lending regulations and has sent them deficiency letters, The Wall Street Journal reports.
January 30 - Money Management Executive
As part of a new push to attract institutional money for pension funds and endowments, Fidelity Investments will launch a dozen new products aimed at this market over the next 18 months and expand its research analysts supporting these products, the Financial Times reports. Fees will be structured much like those of hedge funds, said Peter Smail, CEO of Fidelity’s institutional division, Pyramis.
January 30