Money Management Executive Latest News

While many fund managers are celebrating the Dow Jones Industrial Average topping the 12,000 mark, David Tice, manager of the $682 million Prudent Bear Fund is sounding alarms, Forbes.com reports.

While automatically enrolling workers in a 401(k) plan typically results in 90% participation, up from 68%, workers tend to keep contribution rates at the default level—and as a result will be ill-prepared for retirement. This is according to an analysis of 2.6 million 401(k) participants by Hewitt Associates.

Nearly eight out of 10 Latinos have less than $5,000 saved for retirement and 60% work at companies that do not offer 401(k)s, a poll released by the Americans for Secure Retirement and the Latino Coalition shows.Sixty-four percent polled said they are not confident that Social Security and pensions will provide adequate coverage for their retirement.

Waddell & Reed Financial’s third quarter net income remained virtually flat, rising only $100,000, or 0.2%, to $24.6 million from $24.5 million a year earlier.

DST Systems announced its third-quarter profits fell to $54.7 million from $154.3 million in the third quarter of 2005.

Legg Mason Tuesday announced its earnings during the fiscal second quarter ended Sept. 30 rose 19% to $143.7 million from $121 million during the same period a year earlier. This earned shareholders $1 per share, versus 99 cents per share from a year ago, slightly below analysts’ average estimates of $1.02 a share.

A number of investment managers have filed with the Securities and Exchange Commission to offer exchange-traded funds based on enhanced indexes to beat these benchmarks, The Wall Street Journal reports.

Mutual fund assets surpassed the $10 trillion mark for the first time, reaching $10.32 billion, Bloomberg reports, citing data from Bobroff Consulting and Lipper.

Columbia Management, the investment management arm of Bank of America, named the co-president of Robeco Investment Management its head of distribution.

Envision Financial has promoted Tim Kan from chief technology officer to president, a position in which he will focus on legal, financial and administrative issues. Satnam Gambhir, formerly president and chief executive officer, will retain the title of CEO. Kan and Gambhir founded the company in 1994.