Money Management Executive Latest News

OppenheimerFunds decided to settle a lawsuit filed by the state of Oregon over its 529 plan for $20 million, payable to 45,000 investors in the plan early next year.

Transamerica has introduced a mutual fund platform for workplace retirement plans that offers target maturity choices, 300 funds from 35 companies and has no proprietary fund requirements. Sponsors and advisers also have a choice of pricing.

Three days after saying it would delay the effective date to permit 401(k) plan administrators to offer investment advice, the Department of Labor decided to scrap the rule altogether. The third extension for the effective date would have been May 17, 2010.

R.R. Donnelley has developed a financial services application compatible with iPhones, called Socrates, that investors can use to make purchases. R.R. Donnelley plans to follow up on this with additional smart phone applications.

Rather than being discouraged from saving as a result of the financial crisis, the market's 2008 decline and falling home values, these events have spurred more people into action. Seventy-five percent of 1,002 people surveyed by TDAmeritrade said one of their resolutions for 2010 will include a financial goal. Driving this figure overwhelmingly are minorities, with 56% of Hispanics and African Americans saying money-related issues will be one of their 2010 resolutions, compared with 32% of Whites.

Most financial advisers are preparing to add more financial planning services to their practices as a result of the recent recession, according to a report on practice management by Cerulli Associates.

Lord Abbett has launched a new website lordabbett.com/advisor designed to help financial advisers grow their business by focusing on three key areas: investment solutions, market insights and practice management.

ALPS Advisors has launched the ALPS/GNI Long-Short Fund, in conjunction with GNI Capital.

Long-term mutual funds enjoyed their 35th straight week of inflows, totaling $8.42 billion for the week ended Nov. 11, according to the Investment Company Institute. Year-to-date, equity, fixed income and hybrid fund sales now total $357 billion.

With the rate of breakaway brokers continuing to rise, Fidelity Investments enhanced its Transition Solutions program so that brokers considering such a move can analyze how three independent business models would impact their business: becoming an independent RIA, partnering with a third-party roll-up or acquiring a firm, or joining an independent B/D.