Special Program Root Tag

UBS AG announced that CEO Oswald Gruebel has resigned and that Sergio Ermotti will assume the top spot at the Swiss bank on an interim basis.

Managers of U.S mutual funds, separately managed accounts and other asset pools are pretty concerned about whether they calculate their risk exposure and performance results correctly and report correctly to regulators and clients.

Investors reaching or in retirement are much more likely to stay in the stock market if they’re invested in financial products that provide guaranteed income. That was one of the major findings this week from an online survey Prudential conducted in May of this year.

The Department of Labor announced Monday that it has pulled its current proposal for the definition of a fiduciary off the table. The agency will take up the issue in early 2012 and re-propose a fiduciary definition after more industry input.

TORONTO-The movement of credit-default and other forms of complex financial swaps into electronically managed and centrally cleared markets may be increasing rather than lowering risk, said Michael Bodson, chief operating officer of Depository Trust and Clearing Corporation, Tuesday here at the SIBOS 2011 conference for the Society of Worldwide Interbank Financial Telecommunication.

TORONTO-Citigroup has begun sending information about dividend payments of American Depositary Receipts using interactive tags, bank officials said here Wednesday at the annual SIBOS 2011 conference here for the Society of Worldwide Interbank Financial Telecommunication.

When Neeraj Sahai become the head of transaction services in India, it wasn't derivatives like interest-rate or credit-default swaps that were traded over the counter.

Atlantic Fund Services has hired Marianne K. Smythe, former director of the division of investment management at the Securities and Exchange Commission, as an analyst of mutual fund products and other pooled investments. Smythe also worked at the SEC's division of market regulation, was deputy director of the Commodity Futures Trading Commission, taught law and was assistant provost at the University of North Carolina at Chapel Hill and was a partner and head of the investment management practice group at Wilmer Cutler Pickering Hale and Dorr. Smythe will continue as an independent trustee for The Rohatyn Group of Funds.

NEW YORK-"We are not in a death spiral, like we were in 2008 with Lehman Brothers," maintained Scott Migliori, U.S. chief investment officer of RCM, an asset management firm that is a member of Allianz Global Investors.

Managers of U.S mutual funds, separately managed accounts and other asset pools are pretty concerned about whether they calculate their risk exposure and performance results correctly and report correctly to regulators and clients.

The latest entrant into the wealth management arena comes not from Wall Street but from just outside Silicon Valley, and is taking dead aim at the Internet brokerage space for higher-end investors with a slick Web-based dashboard, holistic account monitoring and a stable of financial advisers to complement the technology with a human touch.

As UBS AG continues to grapple with the fallout of its rogue trading scandal, UBS Wealth Management Americas Chief Executive Robert McCann has moved to reassure the firm’s U.S.-based financial advisers that its wealth business is “stronger than ever.”

Fidelity Charitable has created an array of seven investment options offering diversification across asset classes and risk. In addition, Fidelity Charitable has created an online tool to help investors make investment decisions.

Credit Suisse has launched the Credit Suisse Global Equity Market Neutral ETN, its fifth alternative exchange-traded note.

Putnam Investments has developed a new website for financial advisers featuring sophisticated, open-architecture portfolio modeling tools (www.putnam.com/advisor). The site builds upon a series of practice management recommendations, links to Putnam’s social media sites, articles and videos of the company’s investment professionals discussing their investment outlook and the firm’s analytical tool FundVisualizer, which can model a portfolio from a universe of more than 11,000 mutual funds and ETFs.

Morningstar will begin ranking and researching managed ETF portfolios by the end of the year, the research firm announced at its second annual ETF Invest Conference in Chicago Thursday.

The Conference Board Leading Economic Index rose 0.3% in August, following a 0.6% gain in July and a 0.3% increase in June.

Bank of America Merrill Lynch wealth management executive John Thiel unveiled a new plan that restructures the firm’s U.S. wealth management business in a memo to employees on Wednesday.

RCM has selected Northern Trust to handle its middle-office functions in Asia-Pacific, Europe and North America on Northern Trust’s global operations platform. Services to be provided include post-trade execution support, trade processing and settlement, data management, reconciliations, portfolio accounting, client valuations and administration.

State Street Corp. has entered into an agreement to acquire Pulse Trading in the fourth quarter. Pulse Trading is a full-service agency brokerage firm that offers a range of electronic trading capabilities that include block trading and blotter scraping technology.