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A new lawsuit filed by Citigroup Global Markets Inc. this week against a set of Saudi family investors with a $383 million claim against the firm will determine whether that case can proceed to arbitration.

State Street on Friday confirmed that it has reimbursed a United Kingdom pension fund for costs related to transitioning from one fund manager to another.

ProShares has launched the ProShares Ultra DJ-UBS Natural Gas and ProShares UltraShort DJ-UBS Natural Gas exchange-traded funds. The two funds are tied to the Dow Jones-UBS Natural Gas Subindex.

BlackRock has launched three mutual funds that invest in alternative investments, the BlackRock Commodity Strategies, BlackRock Emerging Markets Long/Short and BlackRock Global Long/Short Credit funds.

NYSE Euronext said activity on its U.S. stock exchanges fell 19.8% in September from August.

While the Standard & Poor’s 500 Index fell 14.3% in the third quarter, many mutual fund categories performed worse, according to Lipper.

The Investment Company Institute has named Gregory Johnson, president and chief executive officer of Franklin Resources as chairman for a one-year term. As chairman, Johnson will oversee ICI’s board of governors, which sets policies and oversees the institute.

Litman Gregory Fund Advisors has launched the Litman Gregory Masters Alternative Strategies Fund, a multi-manager, multi-strategy fund that offers investors diversified exposure to absolute return-oriented strategies.

An overly disillusioned Generation Y, the exploding middle class in emerging market nations and the bravery and the foresight to embrace new ways to reach investors will provide opportunities to the asset management industry in the years ahead, said Penny Alexander, senior vice president of Franklin Templeton Investments.

In July, forward-thinking fund managers were trying to figure out what might happen to their holdings if -- heaven forbid -- the unimaginable might occur. In this case, the unimaginable was whether a major ratings agency might downgrade U.S. debt, given the fractiousness of American political decision-making.