Money Management Executive Latest News

T. Rowe Price has launched the Global Infrastructure Fund, a long-term growth fund that will invest in infrastructure-related companies around the world, including the U.S. It is available as a no-load mutual fund or through adviser class shares.

Hartford Financial Services Group Inc. reported fourth-quarter net income of $557 million, or $1.19 per share, compared with a loss of $806 million, or $2.71 per share, a year earlier. For the full year, the Connecticut company posted a loss of $887 million, compared with a $2.7 billion loss in 2008.

UBS Wealth Management Americas reported net asset outflows of $11.2 billion in the fourth quarter as the division struggled to regain its footing in the competitive U.S. market. UBS blamed the outflows on advisers leaving the firm and taking clients with them as well as limited recruiting of experienced advisers.

Bruce Berkowitz isn't the kind of manager whose moves make headlines, but they've paid off remarkably well for his investors.

Prudential Financial reported 2009 year-end earnings of $3.411 billion, or $7.63 per common share, a sharp improvement from the $1.14 billion loss, or $2.53 per common share, in 2008.

ProFunds Group has launched eight exchange-traded funds that are three times long or three times short five of the most traded broad U.S. market indexes: the Nasdaq 100, Dow Jones Industrial Average, S&P MidCap 400 and Russell 2000. Last year, ProShares Advisors, advisor to the funds, launched plus and minus 3x exposure to the S&P 500.

Commodities, particularly precious metals funds, have been big sellers in recent months, but their good fortune reversed in January, when seven of the worst-performing mutual funds turned out to be concentrated on mining stocks.

Investors poured money into long-term mutual funds for the 47th straight week, taking in $7.07 billion in the week ended Feb. 3, the Investment Company Institute said. Sales in the period, now nearing a year, now total $470 billion.

Bank of America Corp. expects “significant” growth in 401(k) assets this year, but analysts are skeptical about where and how the banking company can expect to generate new business.

Total assets in the U.S. exchange-traded funds fell 5.8%, or $45 billion in January from a month earlier, according to monthly data from State Street Corp.