News Feed

The Dow Jones Industrial Average chopped off 33.30 points Monday to close at 13,124.67. The S&P 500 trimmed 0.69 points to end at 1,410.44 but the Nasdaq moved up 3.40 points to finish at 3,073.19.

Rydex is nixing its Long Short Equity Strategy Fund because of “unfavorable market conditions,” according to a Securities and Exchange Commission filing.

GoldenTree Asset Management LP, a money manager overseeing $15.9 billion in assets, hired Daniel Ornstein from Morgan Stanley to co-head its trading business.

Janney Montgomery Scott continues to flex its recruitment muscles, drawing another high producing team from wirehouse competitor UBS.

Forward has hired a new marketing chief in light of the defection of former president Jeff Cusack to Nuveen Investments.

T. Rowe. Price has opened a newly relocated investor center in downtown Washington, D.C., the Washington Business Journal reports.

Manning and Napier have rolled out the Strategic Income Conservative Series and Strategic Income Moderate Series that will target income-producing securities.

John Hancock Financial, the U.S. division of Manulife Financial Corp., has named Kevin Cloherty Senior Vice President and Global Compliance Chief.

Eighty-three percent employers made 401(k) advice available to plan participants, up from 42% in 2005, according to new data from Charles Schwab.

The appeal and practicality of guaranteed income investments is rising and your clients are willing to pay significant fees for the peace of mind, according to NFP Advisor Services Group President James Poer.