Money Management Executive Latest News

Active traders are feeling increasingly more optimistic about the stock market and the U.S. economic recovery, Charles Schwab found in an October survey of 300 active traders.

PIMCO has hired Neel Kashkari, the head of the $700 billion Troubled Asset Relief Program up until May, as a managing director and head of new investment initiatives, in charge of developing actively managed stock funds. Before that, Kashkari was a vice president at Goldman Sachs, where he led the firm’s information technology security investment banking practice. Previously, he was an aerospace engineer at TRW Corp., where he developed technology for NASA science missions.

Generation Y, those between 22 and 33, have taken the financial crisis to heart and have become more conservative about their finances, Fidelity found in a TNS Global survey of 1,017 people in that age bracket who hold a job and earn at least $15,000 a year.

U.S. Labor Secretary Hilda Solis said that one of her top regulatory goals for 2010 is helping to ensure people don’t outlive their retirement savings by increasing public awareness of annuities. Solis also believes 401(k) plans should offer annuities.

In light of the economic crisis that exposed companies thought to be safe and well-established, but that had actually taken on far too much risk, New York Life Insurance has introduced a new stable-value offering for defined contribution plans and advisers that underscores its AAA rating.

Money Management Executive is proud to announce its 7th Annual Fund Operations Awards, presented this year in conjunction with Awards Sponsor NICSA.

The number of Securities and Exchange Commission settlements fell for the second consecutive fiscal year, according to data released Monday. But, settlements could increase in 2010 and 2011.

MFS Investment Management has promoted Michael W. Roberge to president, effective Jan. 1. He will continue to serve as chief investment officer of U.S. investments, reporting to Robert Manning. Manning, who was previously president, will himself continue to serve as chief executive officer and chief investment officer.

While the market may have recovered significantly in the second half of the year, many investors’ portfolios are back to 1999 levels, resulting in a “lost decade” of investing, AARP Financial said.

Retirees maybe overspending their retirement savings, as 48% of the $9 trillion that people aged 65 and older have saved is being used for 4% or larger annual drawdown, according to Hearts & Wallets, a research company that looks at the spending patterns of various demographic age groups.