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Following the financial crisis, advisers are most likely to recommend financial services companies they perceive as ethical and trustworthy, Phoenix Marketing International research shows. Conducted this past November, the Phoenix study shows that American Funds, Vanguard, John Hancock, Franklin Templeton and Fidelity command the most favorable impression among firms well known to advisers. In terms of brand recognition, advisers cited Hancock, Prudential, Vanguard and MetLife as leaders.
February 2 - Money Management Executive
Assets raised by hedge fund startups in 2009 fell 36% to $14.89 billion from $23.17 billion the previous year, marking the second year in a row that new fund assets declined significantly, according to AbsoluteReturn-Alpha.com’s AR magazine. The amount was less than half of the $31.5 billion new hedge funds raised in 2007, and is the lowest on record.
February 2 -
BNY Mellon has signed a definitive agreement to buy PNC’s Global Investment Servicing business for $2.31 billion in cash. The unit provides custody, fund accounting, transfer agency and outsourcing.
February 2 -
Based on the strong performance Putnam Investments’ funds delivered across a wide variety of asset types in 2008, the annual Lipper/Barron’s Fund Families Survey has selected Putnam as the No. 1 mutual fund family of 61 offerings.
February 1 -
Advisor confidence in the economy and the stock market rose in January, according to Rydex SGI AdvisorBenchmarking.
February 1 - Money Management Executive
Ten struggling exchange-traded funds that have attracted less than $18 million, or 3% of WisdomTree’s $6 billion in assets under management, will be shut down on March 24.
February 1 -
Macquarie Group has launched the Macquarie Mexican Infrastructure Fund, with approximately $5.2 billion in initial commitments from Mexican pension funds, Macquarie and Mexico’s National Infrastructure Fund, the latter of which, as a cornerstone investor in the fund, has made an initial commitment of $1.04 billion to $3 billion.
February 1 -
Waddell & Reed earned $33.3 million, or 39 cents a share, in the fourth quarter, an impressive turnaround from the $730,000, or 1 cent a share, it lost in the last quarter of 2008.
February 1 -
After plummeting 46.63% in 2008, real estate mutual funds outpaced the S&P 500 by seven percentage points in 2009, delivering an average of 30.34%. This year, however, managers of these funds expect only modest, single-digit gains.
February 1 -
To help the middle-class save for retirement, President Obama may have also given a boost to the annuities sector.
February 1