Money Management Executive Latest News

McCann Hires Merrill Vets To 'Renew' UBS Wealth

Despite the financial services industry's downsizing, New York Life Investments is building up a sales force to target the defined contribution market.

The addition of non-managed assets to a unified managed account could be the next step in the product's evolution, but some industry providers are skeptical whether the interest in stock-picking right now is enough for this enhancement to take off.

PALM BEACH, Fla. - Almost a year after new rules governing 403(b) retirement plans for educational and non-profit workers were supposed to take effect, plan sponsors, vendors and third-party administrators are still struggling to comprehend the myriad of changes.

PALM BEACH, Fla. - Most 401(k) and other defined contribution plan administrators and sponsors like the automatic enrollment feature in the retirement savings plans they manage because it gets more people saving earlier, but the involuntary nature of these plans does not diminish the burdens they place on administrators to run them.

After retreating from higher-risk instruments over the past year following the blow-up of the Reserve Funds’ Primary Fund, money market funds are again turning to longer-term, higher-yield instruments. With yields near zero and a lack of high-quality short-term securities on the market, money fund managers are willing, once again, to assume more risk.

Despite the fact hedge funds have staged a remarkable about-face this year, last year’s negative returns are dragging many hedge funds below their high water mark, according to Hedge Fund Research.

Investors made October a strong month for net inflows into open-end mutual funds, and gave exchange-traded funds another stellar period, according to Morningstar.

With the Dow Jones Industrial Average up 57% and the Standard & Poor’s 500 Index up 62% since March, there is plenty to celebrate with a market that has been on a pace not seen since the 1930s. The trouble is, while it appears the economy is on the mend, once the $1 trillion in stimulus money is spent and the Federal Reserve lifts interest rates above zero, it could put a damper on the stock market, many fund managers fear.

MetLife’s Growth and Guaranteed Income Annuity is now available exclusively through Fidelity and is now the only deferred variable annuity with a living benefit available at the firm. It provides growth potential when the market improves, downside income protection when stocks decline in value, a guaranteed withdrawal benefit for life and a death benefit.