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Hedge funds were dogged by steep, albeit somewhat smaller, redemptions in January, HedgeFund.net reported. At positive 0.2%, performance also improved somewhat. Meanwhile, the Standard & Poors 500 Index dropped 8% in January.
February 12 -
Fidelity Investments continues to do a smart job of marketing in this tough economy with the recommendations in the February edition of its Investors Quarterly magazine.
February 12 -
FINRA has fined two Wachovia units $4.5 million for failing to pass along breakpoint and rollover discounts for mutual fund and unit investment trust purchases, as well as for suitability violations and inadequate supervisory procedures.
February 12 -
PIMCO has launched the PIMCO Unconstrainted Tax Managed Bond Fund, an actively managed fixed income fund that will invest across all investment classes.
February 12 -
Genworth Financial Wealth Management has selected State Street Global Advisors to run six of its tactical asset allocation portfolios using exchange-traded funds.
February 12 -
ProFunds Group has hired Joanne M. Hill as head of investment strategy. In this new role at the exchange-traded fund shop, Hill is responsible for research, development and execution of investment strategies.
February 12 -
Putnam Investments announced Wednesday it will lay off 260 people, or about 10% of its staff, on Thursday, Dow Jones reports. Most of the people being let go work in distribution or operations, but a few are in sales.
February 11 -
Due to the tremendous amount of money that high-net-worth and 401(k) investors have that needs to be put to work, the asset management industry will survive and thrive, despite the current gravitation to conservative investments amid the market turmoil.
February 11 -
More states are offering conservative options in their 529 plans, some, such as Utah, even now including FDIC-insured savings accounts. Unlike other states bank-deposit products, Utah doesnt require a minimum contribution.
February 11 -
Tiger 21, a networking group for high-net-worth and ultra-high-net-worth investors, reports that these investors reduced hedge fund weightings in their portfolios from 11% in 2007 to 2.8% in 2008.
February 11 -
Sens. Tom Harkin (D-Iowa) and Herb Kohl (D-Wis.) have reintroduced legislation, the Harkin/Kohl Defined Contribution Fee Disclosure Act of 2009, that would require 401(k) plan providers to clearly disclose all of the fees they charge. The senators cite AARP research that shows if a 35-year-old invested $20,000 in a 401(k) plan over 30 years that yielded 6.5% a year and cost 0.5% in fees, their remaining balance would be $132,287, but if the fees were 1.5%, they would have only $99,679, or 25% less.
February 11 -
Van Kampen has hired Elizabeth Hughes Eginton as managing director, head of product and marketing. In this new position at the firm, Eginton will report to President and CEO Jerry Miller.
February 11 -
Debra Ryan, the longtime girlfriend of Samuel Israel III, who was found guilty of swindling Bayou Management hedge fund investors out of more than $400 million, pled guilty Tuesday to aiding and abetting the Israel when he was a fugitive.
February 10 -
The economic turmoil has prompted smaller employers who previously hadnt considered setting up a 401(k) plan to do so in light of the beaten down values, The Wall Street Journal reports.
February 10 -
Fidelity Investments is shaking up its stable of portfolio managers who delivered disappointing returns in 2008, The Wall Street Journal reports. In recent weeks, one manager has left the company, two were demoted to analyst and Fidelity is currently trying to reassign two others.
February 9 -
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Mutual fund prospectus provider NewRiver is suing Morningstar for using Internet espionage to steal information from its patent-protected system.
February 9 -
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Financial planners are spending a lot of time these days trying to allay their clients' fears. Anyone who works with a financial adviser most likely has money in the stock market and, therefore, has experienced steep losses in the past year.
February 9 -
Infrastructure funds may have been building interest ever since President Barack Obama announced his commitment to rebuilding America's infrastructure, but the managers of the First American Global Infrastructure fund have been laying the groundwork for years.
February 9