- Money Management Executive
Few parents are using 529 college savings plans to plan for their children's education, according to a recent survey by Aegon Institutional Markets of The Hague. With a majority of the 500 respondents in the survey saying that principle preservation is very important, it appears that many parents are turning to conservative savings vehicles instead.
June 24 - Money Management Executive
While there has been a lot of emphasis on the predictions of billions of dollars flowing into 529 college savings plans, little has been said about the difficulties in operating these plans on a day-to-day basis.
June 24 - Money Management Executive
Mutual funds experienced net inflows of $27 billion in May, according to estimates released last week by Lipper. All three major fund categories experienced inflows. Equity funds had net flows of $10.2 billion, fixed income funds had flows of $9.8 billion and money market funds had flows of $7 billion.
June 24 - Money Management Executive
T. Rowe Price has included a college investment calculator on its Web site to help families figure out how much they will need to invest in a 529 plan. The calculator examines the probability of various portfolios in 500 scenarios.
June 24 - Money Management Executive
Fidelity Investments and Monster will create a co-branded Web site accessible directly from Monster.com to help people changing jobs assess their options for managing their 401(k), 403(b) or 457 retirement savings plans. The site will also contain step-by-step instructions for consolidating workplace retirement savings plans or rolling them over to an IRA.
June 24 - Money Management Executive
The number of high-net-worth investors making financial decisions on their own has decreased to 45% from 51% in 2001 and 53% in 2000, according to a survey commissioned by Phoenix Investments. Harris Interactive conducted the survey in March by interviewing 1,649 adults with a net worth of $1 million or more.
June 24 - Money Management Executive
MFS Investment Management has won a mandate to sponsor a 529 college savings plan in the state of Oregon, according to John Reilly, a spokesman for MFS. The firm and the state have yet to finalize and sign a contract, but barring anything unforeseen, one should be signed by early July, Reilly said.
June 24 - Money Management Executive
The American Stock Exchange has selected Iverson Financial Systems to provide ETF portfolio composition information, or information on shares that have to be created or redeemed, to Amex member firms. Amex previously handled this function internally.
June 24 - Money Management Executive
Fund administrator BISYS has entered the 529 college savings market with its first contract with One Group Administrative Services, a subsidiary of Bank One Corp. BISYS will provide accounting services for Bank One's One Group of Mutual Funds CollegeChoice 529 Investment Plan in the state of Indiana. The plan has 8,000 participants with $47 million in assets.
June 24 - Money Management Executive
More than 500 credit unions have signed on to FOLIOfn's Member Folio Investing program since it was first offered a year ago.
June 24