Special Program Root Tag

The unstable economic, political and investing climate dominated the sessions at this year's Investment Company Institute Tax and Accounting Conference.

Schroders has hired David Jodka as national sales manager of U.S. intermediary distribution, overseeing a team of 11 sales professionals, seven of whom are external wholesalers. Jodka reports to Carter Sims, head of U.S. intermediary distribution.

Stock exchanges in the United States are open, when those in Asia and Europe are closed.

PALM DESERT, CALIF.-As investors have fled equity funds, the industry's move into alternative investments has become one of the biggest concerns of directors of the board.

PALM DESERT, CALIF.-"The past 60, 90 days have been the craziest that risk managers have ever faced in their careers, in terms of the national debate over the U.S. debt ceiling, market volatility and a host of other key risks asset managers are now facing," said Joseph A. Carrier, chief risk officer at Legg Mason.

Vanguard has announced it will pursue the small 401(k) market, i.e. plans with less than $20 million in assets and fewer than 1,000 employees, with low-cost, bundled plans administered by Ascensus.

Sub-advised mutual fund assets will grow 29% over the next five years, rising from $1.7 trillion to $2.2 trillion in 2016, Financial Research Corp. predicts. This will result in an 11% compound annual growth rate.

Investors yanked $33.6 billion out of U.S. mutual funds in August, one of the biggest months on record with redemptions, according to Strategic Insight. Year-to-date, redemptions have totaled $21.2 billion, according to the research firm.

SAN DIEGO--The FPA Experience 2011 annual conference here this week had one of the most colorful Americans in recent history as its first keynote speaker: Frank Abagnale Jr., the notorious imposter and check counterfeiter featured in the hit film, "Catch Me If You Can."

How UBS could not prevent 31-year-old trader Kweku Adoboli from blowing $2 billion of its capital remains the question of the day. Here’s what’s been gleaned in the past 24 hours.

PALM DESERT, CALIF.—As investors have fled equity funds, the industry’s move into alternative investments has become one of the biggest concerns of directors of the board.

After underperforming its benchmark and losing two-thirds of its assets under the watch of Harry Lange, the Fidelity Magellan Fund has a new manager. Jeffrey S. Feingold is now running the $17.4 billion fund.

While both hedge funds and equities lost value in August, hedge funds outperformed equities by more than five percentage points. The Dow Jones Credit Suisse Hedge Fund Index fell 2.3% last month, but the Dow Jones Global Index of equities declined 7.69%.

UBS said it estimated it had lost $2 billion from unauthorized trading, by one trader. In connection with the case, London Police arrested a 31-year-old man, in the middle of the night.

Morgan Stanley has announced that John J. Mack will step down as chairman of the firm and leave the board of directors at the end of this year, and James Gorman will take over that position.

Mortgage real-estate investment trusts have been exempt from the Investment Act of 1940, which regulates the fees that can be charged to investors and limits the amount of leverage a fund can use. But the Securities and Exchange Commission said last month that it had initiated a review of that exemption, as mortgage REITs are beginning to look more like mutual funds.

Although many financial firms are still facing budgetary constraints, there appears to be at least one area in which spending could grow: buying the necessary data to value the securities institutions trade and hold.

While 52% of registered investment advisors say a double-dip recession in the next six month is unlikely, their clients are nonetheless looking to reduce expense, cut back on discretionary spending and making more conservative investment choices, according to Charles Schwab’s 10th semi-annual Independent Outlook Study released Wednesday.

A recent survey of 3,300 working Americans conducted by Putnam Investments disclosed that American households are on track to replace only about 64% of their current income in retirement -- significantly less than the 75% of income that most financial professionals recommend.