Money Management Executive Latest News

Charles Schwab Investment Management announced Friday that trading has begun in two new exchange-traded funds, with no online trading commissions for Schwab clients and low operating expense ratios.

Total assets of money market mutual funds fell by $360 million to end at $3.320 trillion for the week ending Dec. 9, according to the Investment Company Institute.

Charles Schwab and UBS join IBM, Lockheed Martin, Chevron and Southwest Airlines as the 30 companies offering the best 401(k) plans of 2009, according to a ranking by Brightscope.

The majority of high-net-worth investors have stuck with their financial advisers despite heavy losses to their portfolios as a result of the financial crisis that have left them “highly distrustful and disillusioned."

The economy may not have bounced back, but consumer confidence is on the upswing.

Disenchanted with mutual funds, some investors are turning to a pair of online registered investment advisory firms to create managed accounts that mimic the investments of preselected managers.

Long-term mutual funds took in $7.11 billion in the week ended Dec. 2, marking the 38th straight week of sales, which now total $384 billion for the period, the Investment Company Institute said.

T. Rowe Price is developing a family of actively managed exchange-traded funds, which would mark the old-line asset management firm’s first foray into the space, The Wall Street Journal reports.

PIMCO co-CIO Bill Gross told the Reuters Investment Outlook Summit he sees only faint economic growth in 2010, forcing the Federal Reserve to keep short-term interest rates low until it is certain the country is returning to “stable and substantial growth.”

Effective Jan. 1, Vanguard President and Chief Executive Officer F. William McNabb III will succeed John J. Brennan as chairman of the $1.3 trillion investment company. McNabb will continue to also hold the titles of president and CEO.