Money Management Executive Latest News

Investor confidence among millionaires rose to its highest level in more than two years as optimism about the economy increased.

Retirement and uninsured medical expenses are the most pressing financial concerns for Americans, according to a survey conducted for the American Institute of CPAs by Harris Interactive.

The SPARK Institute filed a comment letter Thursday on the Employee Benefits Security Administration’s proposed guidance on 401(k) investment advice. SPARK’s concern is Department of Labor’s attempt to define acceptable investment practices and theory, instead of leaving the decision on what type of advice to offer, be it computer- or adviser-based, to plan sponsors and administrators.

WASHINGTON—Although some of the “most profound” proposals in regulatory reform made during the wake of the economic collapse are now not likely to happen, Richard Ketchum, chairman and CEO of the Financial Industry Regulatory Authority said Thursday that the financial services industry still has a responsibility to act aggressively at detecting fraud before it’s cleaning up the mess at the end.

The Department of Labor announced that beginning in August, it will require asset management firms to provide further information on the risks and benefits of investing in target-date funds, including details on their glidepaths, to employers and employees.

Seven of 10 employed individuals have given up on the idea of retirement, according to the 2010 EBRI Retirement Confidence Survey.

Fidelity Investments has hired William J. Henderson as chief executive officer of Fidelity Clearing Canada., reporting to National Financial President Sanjiv Mirchandani.

WASHINGTON—The Treasury Department released interim guidance yesterday instructing municipal issuers how to issue four tax-credit bonds as direct-subsidy bonds, as was authorized by a jobs law enacted in March.

WASHINGTON — Republicans, as promised, banded together to block Senate debate on financial regulatory reform legislation Monday, picking up opposition from one Democrat, Sen. Ben Nelson of Nebraska.

Armed with its first full period of earnings since buying Barclays Global Investors, BlackRock announced its profits quintupled in the first quarter.