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Vice President Joe Biden unveiled the Middle Class Task Force's new report on the middle class Friday, in which he outlined plans to offer automatic Individual Retirement Accounts to most Americans, provided clarification for giving advice to plan participants, and offered a proposal to allow plans to provide guaranteed retirement income products.
February 26 -
As if working for Bernard L. Madoff Investment Securities wasn’t stigma enough, benefits consulting firm Hooker and Holcombe is using 6% of the money in the bankrupt company’s 401(k) plan to cover the $100,000 cost of winding it down. Across the board, every account in the plan is being deducted by that percent.
February 26 -
If the U.S. mutual fund industry would like a clearer picture of what would happen to sales if fees—particularly up-front, sales load, 12b-1 or 401(k) fees—were disclosed, it need only take a look at the disastrous results in India.
February 26 -
The American Council of Life Insurers is taking issue with a proposal by the White House to tax the “non-earned” income — for advisers, this includes annuity income — of people making $200,000 or more per year at 2.9% to help pay for Medicare.
February 26 -
Privately held Fidelity Investments 2009 annual report indicated a 5% increase in operating profit to $2.51 billion, up from $2.39 billion in 2008, excluding interest expenses and taxes.
February 25 -
The International Organization of Securities Commissions, of which the U.S. Securities and Exchange Commission and the U.K. Financial Services Authority are members, starting in September will ask hedge funds to provide high-level, bi-annual snapshots of: their stock and bond holdings, geographic and underlying currency exposure, leverage levels, sales and redemptions, investor classifications, primary marketing channels, recent performance, and operations and technology details, including turnover, clearing mechanisms and risk measures.
February 25 - Money Management Executive
Retirement plans, endowments, foundations and other large investors in North America will turn over $420 billion in assets to new investment advisors, according to the “2010 Consultant Search Forecast” survey of 70 leading investment consulting firms by eVestment Alliance and Casey, Quirk & Associates.
February 25 -
AXA Equitable uncovered a dismal outlook for the economy and retirement in “Retirement in America: A Survey of Concerns and Expectations,” in which it polled both investors and economists and found a large percentage of both groups bearish on the economy and the markets.
February 25 -
Long-term mutual funds had positive sales for the 49th straight week, taking in $5.68 billion in the week ended Feb. 17, according to the Investment Company Institute. This brings sales over the last 11 months to a total of $476 billion.
February 25 -
An average 24% increase in advisory, distribution and service fees fueled a 87% surge in Eaton Vance’s first quarter profits to $46.2 million, or 37 cents per share, compared with profit of $24.7 million, or 21 cents per share in the year-ago quarter ended Jan. 31.
February 25