Special Program Root Tag

Citi has expanded its proprietary managed accounts connectivity hub with CitiConnect, specifically designed for separately managed accounts (SMAs). Developed by Citi's securities and fund services business, CitiConnect is the most comprehensive hub to date for straight-through processing of reconciliation, trading and allocations in the managed accounts industry.

Full Force: SEC Fills All Commissioner Positions

With consumers nervous about their financial health, banks such as Wells Fargo and Citizens Bank see this need as an opportunity. Wells Fargo is making licensed brokers available to customers to discuss risk, assets and investment strategies. The bank's goal is to reach customers who aren't high-net-worth, but still have a mix of products across a number of institutions: deposits, loans, retirement plans, mutual funds and education financing.

Clapp Accepts Sales Post With Fred Alger Mgmt.

As the stock market continues to stumble along, high-net-worth investors are becoming increasingly pessimistic about the economy and dissatisfied with the performance of their financial services providers.

Given the turbulence in financial markets, now may seem an inopportune time for financial advisers to make drastic changes to the way they interact with investors.

If you can't say anything nice about someone, don't say anything at all.

The Securities and Exchange Commission could mandate the use of eXtensible Business Reporting Language (XBRL) in mutual fund risk return summaries by as early as the first quarter of next year, according to industry experts, putting many fund companies on the data-tagging fast track.

A Florida-based law team is working to help investors of the failed Charles Schwab YieldPlus Fund recuperate some of their losses.

Total money market mutual fund assets rose $32.09 billion to $3.56 trillion for the week ending Aug. 6, according to the Investment Company Institute.

Nationwide Mutual Insurance Co. of Columbus, Ohio, said it has agreed to buy all of the outstanding publicly held class A common stock of Nationwide Financial Services Inc.

Fulton Financial Corp. in Lancaster, Pa., is preparing to offer a fee-based advisory service for its retail investment customers, the head of its wealth management and trust businesses said.

The days of 401(k) plans being managed by human resources executives inexperienced in orchestrating investment decisions may soon be over. Ninety-four percent of senior executives at 125 companies surveyed by Cowden Associates said they are involved in selecting and monitoring fund companies, administrators and options in their company’s 401(k) plan, and scrutinizing fees. That’s up significantly from only 30% in 2007.

The Blackstone Group reported a $165.6 million profit for the second quarter, thanks to huge gains in its hedge fund businesses, according to the International Herald Tribune. The private equity firm’s hedge funds reported $225.2 million in revenue, offsetting other gains and large losses, including a pretax loss of $185.5 million.

Asset manager Threadneedle International Limited has launched two new mutual funds in the U.S., reaffirming its commitment to the U.S. marketplace.

In spite of their strong records, two Vanguard funds that have been suffering steep redemptions will now be reopened to investors—and industry observers say this is an indication of investors’ skittishness in this weak economy.

Whereas the S&P 500 declined 0.99%, the Dow Jones Industrial Average rose 0.25% and the Nasdaq Composite Index gained 1.42% in July, the Hennesee Hedge Fund Index fell 1.95%.

Annual contribution limits on health savings accounts are preventing investors from accumulating enough money in them to help them gain traction, according to a report from the Employee Benefit Research Institute. For an individual, the annual contribution is currently $2,900, and for families, it’s $5,800.

Vanguard is now permitting its largest international fund, the Vanguard Total International Stock Index Fund, to purchase foreign stock directly, rather than through other Vanguard index funds.

Given the turbulence in financial markets, now may seem an inopportune time for financial advisers to make drastic changes to the way they interact with investors.