Money Management Executive Latest News

Despite a seeming endorsement from the Investment Company Institute, many in the mutual fund industry say the Mutual Funds Integrity and Fee Transparency Act of 2003, proposed by House Capital Markets Subcommittee Chairman Richard H. Baker (R-LA), is still severely lacking and way off the mark in many areas.

Nationwide Financial of Columbus, Ohio, has rolled out a new program that allows registered investment advisers (RIAs) and certified public accountants (CPAs) to sell its retirement plans for a fee rather than a commission, making it the first major 401(k) provider to do so. Others are likely to follow as the entire financial services industry moves towards fee-based business.

Integrity Mutual Funds announced Monday that it has inked a deal with Williamette Asset Managers to acquire management rights to its four equity mutual funds.

The global sell-off of bonds extended into the Asian markets on Friday in reaction to the smaller-than expected 25 basis point interest rate cut by the U.S. Federal Reserve earlier this week, according to Reuters.

Stock fund assets grew in May and money market fund continued to suffer outflows as the mutual fund industry’s assets increased by 3.4%, according to the industry trade group the Investment Company Institute.

Richard A. Marin has been named the new chairman of Bear Stearns Asset Management, a subsidiary of The Bear Stearns Companies.

Companies with defined-benefit pension plans for their workers and retirees may be required to disclose information about their plan’s impact on earnings much more frequently, according to a recent report from the Wall Street Journal.

Wednesday’s interest rate cut to 1% may punish investors in money market mutual funds, whose average yields are expected to plummet to 44 basis points, the Los Angeles Times reports. Just before the cut, the average yield was 64 basis points.

How much money will you need in retirement? Few people really know, according to a survey by the MetLife Mature Market Institute.

The initiative to create a model regulation governing the sale of fixed and variable annuities to seniors will come to life after the fall meeting in Chicago of the National Association of Insurance Commissioners.