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A MassMutual survey of 1,000 of its retirement plan participants found that 75.8% believe the stock market will improve over the next 12 months. Only 7.6% think it will decline.
February 25 -
A New York federal judge ruled Wednesday that the Securities and Exchange Commission’s lawsuit against Reserve Management, its founder, Bruce Bent, Sr., and his son, Bruce Bent II, can proceed since the SEC adequately proved they committed fraud through misstatements and omissions of facts about the flagship Primary Fund.
February 25 -
The Securities and Exchange Commission has received just over 200 comment letters since it posted its proposed roadmap for transitioning to International Financial Reporting Standards on its website in 2008, and it’s now receiving some extra suggestions ahead of its deliberations on the roadmap on Wednesday.
February 24 -
Spectrem Group’s Affluent Investor Confidence Index rose three points to negative-10 in February, returning to neutral territory for the first time since November. The increase in the index, which measures the investment outlook of households with $500,000 or more in investable assets, follows a two-point advance in January and brings the index to neutral from mildly bearish for only the second time since February 2008.
February 24 -
A “new frugality,” born of The Great Recession and two consecutive years of declining consumption—the first time since the Great Depression—is becoming entrenched consumer behavior that will persist for years even as the economy rebounds, inevitably reshaping marketing strategies for financial services and other leading companies, a Booz & Co. survey of 2,000 U.S. consumers shows.
February 24 - Money Management Executive
Legg Mason has begun the process of filing with the Securities and Exchange Commission to offer actively managed exchange-traded funds but has not yet decided what strategy the first offering will take. However, Legg Mason is looking at fixed income and equity strategies and is not planning on cloning any existing funds.
February 24 -
Citigroup is looking to sell a hedge fund unit with $4 billion in assets under management to SkyBridge Capital, according to The Wall Street Journal, citing people familiar with the talks.
February 24 - Money Management Executive
RR Donnelley has signed a definitive agreement to acquire shareholder and communications company Bowne & Co. for $481 million in cash in the second half of the year. The deal will be accretive to RR Donnelley’s earnings in 2011.
February 24 -
The Securities and Exchange Commission Wednesday announced a series of steps to improve education about proxy voting and increase investor participation in corporate elections in advance of the new proxy disclosure requirements, which take effect Feb. 28.
February 23 -
Fidelity Investments has introduced a brokerage trading application complete with real-time news and quotes, interactive charting and watch lists for the iPhone and iPod Touch. The program lets users trade stocks, options, exchange-traded funds and mutual funds.
February 23