Money Management Executive Latest News

American Century has launched the American Century Global Real Estate Fund, managed by Steven Brown. He will be supported by analysts Steven Rodriguez and Vishal Govil.

The Defined Contribution Institutional Investment Association has issued a report calling on employers to limit leakage from 401(k) plans, “Plug the Drain: 401(k) Leakage and the Impact on Retirement.”

Columbia Management has launched the Columbia Flexible Capital Income Fund, which seeks to provide income generation and capital appreciation.

Fidelity Investments has promoted Derek L. Young from chief investment officer to president of the asset allocation division. He succeeds Boyce L. Greer, who recently became head of institutional investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors. Young now reports to Greer.

Despite arguments that retirees should be exposed to equities in order to bring enough growth in their portfolios to last throughout their retirement, Morningstar’s president of the investment management division, Peng Chen, argues in a new article that retirement portfolios must include a conservative bent that includes longevity-insurance products.

Private equity firm Warburg Pincus has acquired a majority stake in The Mutual Fund Store as well as a minority stake in Summit Partners, which invested in The Mutual Fund Store in 2006.

Janus has launched the Janus Asia Equity Fund, which aims to deliver long-term growth by investing in both developed and emerging markets in Asia, ex-Japan.

The Securities and Exchange Commission is considering requiring money market funds to set aside 1% to 3% of their assets and lifting the $1 net asset value, sources with knowledge of the discussions told Bloomberg News. The SEC may require any fund that did not set aside the capital buffer to revert to a floating NAV within 60 days.

The Securities and Exchange Commission voted unanimously Tuesday to require large traders to register and to share more information. The rule, yet another measure in response to the Flash Crash of May 2010, will take effect in 60 days, with traders given an additional two months to begin registering.

No one wants the kind of panic that nearly ensued when the Reserve Primary Fund broke the buck on Sept. 15, 2008. In the three days following, there was a near-run on money market funds, with $169 billion in redemptions.