Money Management Executive Latest News

GE Financial has borne the fruit of a 10-week Retirement Sweepstakes – and is set to give it away to its marketing partners. The company yielded 12,333 qualified leads for individuals interested in being contacted by a broker.

Nearly all categories of mutual funds posted strong performance gains in October, but analysts said the numbers don't necessarily mean that the fund industry will grow significantly before year-end.

A new mutual fund will invest in one small country that is trying to rejuvenate its ailing economy, is beset by enemies, and is rocked almost daily by terrorist attacks. More still, the product's advisor has never overseen a mutual fund.

In a clear sign that insurance companies are having to decide if they should continue to be marginal players in the mutual fund industry sandbox or take their pails and shovels and go home, yet another insurance company has chosen to shut down its U.S. retail mutual fund unit.

After suffering by association with corporate accounting scandals and stock market losses, defined contribution retirement plans are due for a serious overhaul.

With the recent stock market decline, companies and institutions that provide 401(k) benefit plans are looking for ways to help employees with their investment decisions, but concerns over managing "fiduciary" responsibility and the seemingly overwhelming task of selecting an advice provider have left many employers reluctant to make investment advice available.

Through a new business model for its reps, ING of London is now going after its 403(b) and 457 plan participants as potential financial planning clients. To financial planner Dan Candura, the 800-pound gorilla has been lifted from his back. As one of the financial advisers in ING's new Financial Horizons Advisory Program, Candura finally has more time to see clients and work on getting additional clients.

Amidst the tremendous worries and uncertainty surrounding retirement advice, Merrill Lynch of New York is offering an alternative solution with the launch of AdviceAccess, personalized investment advice for individuals in retirement plans. Mark Feuer, a first VP with Merrill Lynch Retirement Group, told reporters on a conference call that the service will "finally answer the question: How should I invest?'"

Facing mounting pressure and increased criticism, Securities and Exchange Commission Chairman Harvey Pitt resigned late last night.

Van Kampen Investments has appointed Managing Director, David Swanson, as COO, the firm said late last week. Swanson will report to Mitch Merin, president and COO of the firm’s investment management division.