Money Management Executive Latest News

Financial advisers are looking forward to 2010. In fact, 68% recently surveyed define their 2010 business mindset as one of acceleration and growth. Curian Capital LLC, an indirect subsidiary of Prudential, surveyed more than 1,800 independent financial advisers in an effort to gauge how the market downturn impacted their practices during 2009, and determine how it will shape their priorities for the year ahead.

Citigroup has hired Sanjiv Sawhney as global head of fund services, a new position. He was previously head of fund services operations at JP Morgan and is returning to Citi, where he began his career and served for 15 years.

More than one in four, 28%, of wealthy Americans with at least $500,000 in investable assets and annual incomes of $150,000 or more have or plan to cut back on charitable giving due to the economic climate, PNC Financial Services found in a survey of 1,046 affluent adults. And only 13% have increased or plan to increase their giving.

While the average American family believes $1 million is the gold standard for retirement savings, a new survey by Scottrade Advisor Services finds that most independent advisers think this number is probably way off.

Being owned by a bank has handcuffed many mutual fund units. Just don’t tell that to JPMorgan Chase & Co.’s J.P. Morgan Funds.

Natixis Global Associates, in conjunction with Absolute Asia Asset Management, has launched the Absolute Asia Dynamic Equity Fund, a multi-cap fund that will invest in Asian companies, ex-Japan. It is the first fund offered in the United States by the Singapore-based Absolute Asia management team, which has been headquartered in the region for more than a decade.

Delaware Investments has launched the Delaware Diversified Floating Rate Fund, which will invest across the fixed income investments spectrum for those investors looking for exposure to floating-rate securities; at least 80% of its assets will be in floating-rate securities.

After it improved slightly in January but still remained in neutral territory, Rydex AdvisorBenchmarking’s Adviser Confidence Index fell nearly 2% in February to 107.18, with 65% of advisers saying they are concerned about unemployment, and 50% pointing to the federal budget deficit.

Transamerica Asset Management and Wellington Management have partnered to offer the Transamerica WMC Diversified Growth Fund, the first and only U.S. mutual fund based on Wellington’s diversified growth strategy, which has amassed $6.5 billion in separately managed accounts.

The law firm of Berman DeValerio has filed a class-action lawsuit against broker/dealer PrimeVest Financial Services and two of its subsidiaries for allegedly overcharging investors nearly $5,000 in sales charges on Class A mutual funds by failing to apply sales breakpoint discounts.