Money Management Executive Latest News

RBC Wealth Management this week launched a global advertising campaign titled “There’s Wealth in Our Approach” that it will be committed to for the next several years.

The combined assets of the nation’s mutual funds decreased by $398.0 billion, or 3.3%, to $11.621 trillion in August, the Investment Company Institute reported Thursday.

The Financial Industry Regulatory Authority has hit Raymond James & Associates and Raymond James Financial Services Inc. with an order to pay $1.69 million in restitution to more than 15,500 customers who were charged unfair commissions.

A significant number of advisers who serve 401(k) plans will ramp up their retirement income planning practices over the next few years, according to a new report from Principal Financial, called the “2011 Best Practices in Retirement Income Planning Study.”

Scout Investments has launched the Scout Unconstrained Bond Fund, which will invest across the entire fixed income universe—including investment grade, high-yield, governments, agencies, mortgage-backed, asset-backed and foreign markets.

State Street Global Advisors has launched three new exchange-traded funds, the SPDR S&P Aerospace & Defense ETF, SPDR S&P Health Care Services and SPDR A&P Software & Services funds.

Vanguard is lowering the fees on six funds by adding low-cost Admiral Shares to them. Vanguard’s Admiral Shares program requires a minimum account balance of $10,000.

MassMutual Retirement Services’ 2011 campaign to prompt 401(k) participants to save more has succeeded in boosting deferral rates by 4.34%. It also was aimed at getting those who were not saving into the game, and helping those with portfolios to revisit their allocations.

ConvergEx Group has launched a new division dedicated to the formation, performance and management of alternative mutual funds.

New York Life Retirement Plan Services has reorganized into four industry-focused service teams serving: Taft-Hartley, technology, finance and professional services, and manufacturing, materials and retail. Each of these teams will have its own relationship managers, communications consultants, investment specialists and ERISA consultants.