Money Management Executive Latest News

The new low hit by the dollar has prompted international fund managers to shift from U.S.-based bond funds to those within the eurozone in May, Reuters reports. The data come from a monthy Reuters poll of 40 fund managers, which showed that the euro’s rise encouraged the 40 fund managers polled to favor most euro zone assets, particularly fixed income.

Putnam Investments is estimated to have seen $642 million of cash pulled from its stock and bond mutual funds in April, the biggest cash outflow of the top 25 U.S. fund firms of that month, Reuters reports.

According to TrimTabs.com Investment Research, investors took $1.48 billion out of stock-based mutual funds Tuesday through Thursday, Dow Jones Newswires reports.

Prudential Financial is now offering 12 separately managed account portfolios that offer multi-manager strategies in its Managed Accounts Consulting Services Program (MACS). Each offers either an equity or balanced strategy that is overseen by a lead portfolio manager who works within pre-determined criteria.

Fidelity Investments plans to establish a fund that tracks the entire Nasdaq Composite Index in the second half of the year, The Wall Street Journal reports, citing the fund firm’s Securities and Exchange Commission filing.

Vanguard Group has slated a third annuity product for the fall, the Lifetime Income Program. The new product, in development in conjunction with AIG Life Insurance Co., is an immediate annuity that will allow investors to opt for fixed or variable payments for life.

WASHINGTON – Paul Roye, the Securities and Exchange Commission’s director of the division of investment management, issued a wakeup call for the mutual fund industry, telling attendees that the industry’s place in the market is not assured, during remarks at the Investment Company Institute’s annual convention here Friday.

Sun Life Assurance Group of Canada, a member of Sun Life Financial, has added a principal protection rider to its variable annuity lineup.

Prudential Financial and Prudential Insurance Co. of America have entered into three separate transactions to sell their property and casualty business. The sales represent a combined after-tax loss of $262 million below book value, according to Moody’s Investors Service.

Victory Capital Management, the asset management division of KeyCorp, announced Tuesday it will acquire NewBridge Partners, a growth equity investment management firm with $2 billion in assets.