Money Management Executive Latest News

Vanguard Groupdoes not avoid head-to-head competition. In fact, it encourages it.

The Build America Bond program is likely to be extended for one year at something less than its current 35% federal interest cost subsidy level, due to the dynamics shaping up around the tax-cut extension Congress will consider when it returns after Thanksgiving.

Janus said Tuesday it has been subpoenaed in the federal investigation into insider trading by “executive networks,” hedge funds and mutual funds. A day earlier, the FBI raided the offices of three hedge funds in Connecticut and Massachusetts.

Cutler Capital Management has launched the Cutler Absolute Return Fund, which aims to provide institutional investors with positive returns, regardless of the market direction.

As it readies for a massive pruning of its mutual fund family, Columbia Management Investment Advisers is promising a stronger, more affordable lineup.

Broadridge Financial Solutions agreed to acquire Matrix Financial Solutions, a provider of retirement products and services for investment administrators, financial advisoers, banks and wealth management professionals.

Prudential Retirement has added the stable value Prudential Protection Account to its suite of institutional 401(k) retirement solutions. The account guarantees up to $250,000 of principal and accrued interest through the Federal Deposit Insurance Corp.

Legg Mason announced Tuesday it has formed the Legg Mason Retirement Advisory Council, comprised of 14 industry leaders who will meet quarterly to discuss major challenges facing retirement products, service provides and best practices.

A survey of affluent investors by research firm TNS shows that the TNS Investor Confidence Index rose to 116 in October, its highest level since hitting 129 in 2007. Its lowest point was 81 in October 2008.

Fidelity Investments announced Tuesday that since it introduced its Fidelity Rewards Card in 2003, which gives back 2% of purchases in cash for investment accounts, customers have earned $300 million. Customers may apply this money to 529 college savings plans, brokerage or retirement accounts.