Money Management Executive Latest News

It used to be that after 40 years on the job, employees could count on two things: a gold watch and a good pension. But about 15 years ago, that began to change, as more and more employers abandoned pensions for defined contribution plans.

At least five large mutual fund groups are being cited for too often voting in favor of excessive pay packages for America's chief executive officers.

Despite the critical bearing financial advisers have on mutual fund sales, fund firms as a whole are negligent when it comes to providing their advisers with business-building and practice management resources and tools. This is according to a new report from Corporate Insight, a New York financial services market research and consulting firm, called "Practice Management: Firms Fall Short, Fail to Address Back Office Issues."

The Phoenix Cos. has decided to adopt the Turner Strategic Growth Fund in an effort to raise average ratings and generate more growth, according to the Knight Ridder Tribune.

A study conducted by State Street Corporation shows that 81% of investment boards and trustees of institutions are more comfortable with investing in hedge funds than in the past year and 52% of them spend 15% or more of their timing considering alternative investments, the company said in a press release.

As the investment landscape changes, the only mode of survival is adaptation, or in the investment world, strategic change. Staying out of index funds is a necessary step toward gaining returns, according to the National Post.

The first U.S.-listed oil exchange-traded fund is expected to appear on the American Stock Exchange next week, pending final approval by the Securities and Exchange Commission.

Federal law enforcement officials have a warrant to arrest Kirk Wright, who is accused of defrauding investors of between $150 and $180 million in assets while managing funds for International Management Associates and International Management Associates Advisory Group, according to MarketWatch.

ING is now offering the Roth 401(k) and Roth 403(b) to its clients. In addition, the firm has also created two education kits for employers and employees to ensure investors' full understanding of the Roth option.

In spite of the fact that Fidelity and Putnam defended their records of opposing large payment packages for high-level corporate executives this Tuesday, a new study has found that fund companies have become "enablers of excess," according to the Boston Herald.