Money Management Executive Latest News

Although the wealthiest Americans are able to use alternative investments, they have been increasingly turning to mutual funds, according to a recent study from Spectrem Group. The research revealed that mutual fund usage has doubled from 6% of investable assets in 2003 to 12% in 2005.

Within weeks of the impending release of a Notice to Members (NTM) by the NASD on the treatment of equity index annuities (EIAs), the Securities and Exchange Commission has sent a request to numerous insurance companies for information about their EIA products. The inquiry follows up on an early look into the products in the late 1990s.

The Nasdaq Stock Market has created an enhanced index platform that will allow the firm to "calculate and disseminate an unlimited number of indexes on a real-time basis."

It hopes to double the number of banks, trusts, and advisory firms it assists in meeting the investment needs of the very wealthy.

Most Baby Boomers and the elder generation, those 65 and over, agree that they feel confident discussing key issues surrounding inheritance and legacy planning. However, fewer than half have actually done so with their own families, according to a survey conducted on behalf of Allianz Life and market consultant Age Wave.

U.S. Representative Christopher Cox, nominated to succeed William Donaldson as chairman of the Securities and Exchange Commission, said he would pursue "vigorous enforcement" of securities laws, Bloomberg reports.

While many banks are jettisoning their fund business and using the open-architecture approach to investment products, Commerce Wealth has other ideas.

The new head of Commerce Bancorp Inc.'s wealth management unit said that despite industrywide consolidation and tepid markets, he expects his unit will grow at a faster pace than the parent company.

Pershing, Bank of New York's clearing services arm, says it hopes to develop assets by cross-selling fee-based services from several bank units through the advisory channel.

Assets of exchange-traded funds (ETFs) rose in June by $4.27 billion, or 1.8%, according to data released yesterday by the Washington-based Investment Company Institute.