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In light of the recent market downturn and the difficult position that has left millions of near-retirees, Charles Schwab has launched a new suite of advice and tools specifically geared to investors within 10 years of retirement, called Real Life Retirement Services. Built as a type of social network, the accompanying website gives investors a place to ask questions and share their own experiences, including a survey that shows them how their retirement expectations compare with their peers.

Despite a more than 40% decline in Chinese funds last year, Toronto-based Manulife Financial is determined to launch a mutual fund business in China before the end of the year.

Forward Management LLC is offering investors exposure to frontier markets with the launch of its new Accessor Frontier Markets Fund.

Money market mutual fund assets ended their record climb, falling $28.95 billion to settle at $3.893 trillion for the week ending Jan. 21, according to the Investment Company Institute.

Hedge fund Duff Capital Advisors has laid off approximately 80% of its staff, mostly form its investment teams, Dow Jones reports.

Investment research analyst Ian Jacobs, who has worked at Warren Buffett's Berkshire Hathaway Inc. since 2003, is reportedly planning to launch his own fund on March 1.

Sixty percent of Americans surveyed by TD Ameritrade said their No. 1 resolution for 2009 was saving more money, not losing weight or eating better. Forty-three percent said there are more likely to have personal finance-related resolutions for 2009 than they were two years ago.

The Department of Labor has ruled that financial advisers affiliated with the mutual fund companies administering 401(k) plans can offer advice. However, they must reveal the source of their fees, which will remain constant, regardless of their recommendations. If they use computer models, they must also disclose that.

BlackRock, the world’s largest publicly traded asset manager, reported a 84% decline in fourth-quarter income, to $53 million, for full-year 2008 net income of $786 million, a 21% decline.

Janus reported fourth-quarter net income of $7.8 million, or $0.05 per diluted share, down 85% from $51.6 million net income, or $0.30 per diluted share, in the fourth quarter of 2007. For the full year, net income was $138.4 million, or $0.86 per diluted share, down 28% from $192 million, or $1.07 per diluted share, for 2007.

In a survey of 1,445 finance executives online, Deloitte found that 58.4% expect the recession could last until 2011. Yet two-thirds are not in support of any additional bailouts beyond what has been done to prop up the finance and automotive industries.

Investors withdrew $399 billion from hedge funds, or about 20% of assets, in 2008, according to data from Hennessee Group. On top of an average 18.3% market decline, or $382 billion in investment losses, the total $781 billion hit that hedge funds took was severe.

RAB Capital reported its assets under management were $1.9 billion as of Dec. 31, down 76% from $7.2 billion a year earlier. This includes $570 million in lock-ups.

State Street Global Markets’ Global Investor Confidence Index rose from 48.2 to 60.3 in January.

Banks may have seen the worst of the financial crisis, but the economy will slog through more difficult times. That was the assessment that Pimco Manager Bill Gross gave to Reuters.

Fidelity Investments, Franklin Resources and Legg Mason were hit with the biggest redemptions in 2008, losing $40 billion, $21.5 billion and $21 billion, respectively. Collectively, the three companies were hit with 43% of the $194 billion in total withdrawal requests during the year.

Galvin Charges Reserve, Bent With Fraud

American Century Hires Former Lehman Veterans

Reflecting current financial turmoil, most investors are more attuned to whether a company is viable than to its performance, according to the 2009 Investor Brandscape report from Cogent Research.

If mutual fund executives needed a reason to reexamine their fund offerings, retirement calculators and the way they communicate with investors, there were a number of disturbing reports and news last week that should absolutely prod them to do so. And if fund executives aren't rethinking their entire sales and marketing strategies for 2009 and 2010, they should bet their bottom dollar that investors are painfully aware that they need to conduct reality checks on their retirement pictures.