Special Program Root Tag

Fidelity Investments and Sungard have added new services to their popular Integrated Trading and Custody Platform. The new services include a directed trustee services program; a payment and reporting system for brokers serving retirement plans; and an Internet-based service to help third-party 401(k) administrators meet the retirement planning needs of their clients.

Janus Capital appears to be turning the corner, but just barely, according to Rocky Mountain News. Flows to its flagship funds are weak and earlier this year, three key executives—the chief financial officer, general counsel and institutional sales chief—left. In the past year and a half, half of the portfolio managers have left, too.

The subprime crisis is now expected to spread to bond mutual funds, as many hold securities tied to subprime debt, the Associated Press reports.

The hedge fund industry continues to be a lucrative business, as compensation for all titles and jobs across the board continues to increase, according to a report, “2008 Hedge Fund Compensation.”

When Peter Scannell appeared before Congress to testify about market timing at Putnam Investments, he hardly appeared the picture of a valiant hero. Scannell was somewhat incoherent, his written testimony riddled with misspellings, according to one of our reporters who was there.

U.S. money market funds have climbed to a record $2.73 trillion in assets, according to the Money Fund Report, published by http://www.imoney.net. According to the report, institutional investors put in $19 billion into taxable funds in July and August, while retail investors withdrew from government and prime funds. Total taxable assets grew by about $8.6 billion to about $2.3 trillion.Tax-free investments by both retail and institutional investors grew by about $1.4 billion to $425 billion, also a new high. News of the report was first published by Reuters.

Fidelity International’s managing director of retail investments in the U.K. is stepping down at the end of September, and will work on individual projects for the mutual fund giant until the end of next year, when he may leave the mutual fund giant for good.Richard Wastcoat, who has worked for Fidelity for the past 24 years, had been overseeing the firm’s £6.5 billion, flagship Special Situations fund since last year, when the fund’s portfolio manager, Anthony Bolton, was asked to step back from direct investment duties.

Goldman Sachs is raising money to launch a new hedge fund to exploit distressed-debt bargains, according to Reuters.The bank has raised more than $1.5 billion in the past few weeks for Goldman Sachs Liquidity Partners, sources said. Its reported goal was $1 billion.

Investment executives relayed to Congress last week that its proposal to raise the taxes paid by hedge fund and private equity managers could harm the economy and financial markets, according to the Los Angeles Times.“There is no justification” for changing the way managers are taxed,” said Bruce Rosenblum, chairman of the Private Equity Council and managing director of the Carlyle Group, in testimony before the House Ways and Means Committee.

Larger financial institutions will continue to purchase hedge funds, fueling industry consolidation over the next three years, according to a survey by Rothstein Kass, a CPA firm.

Senior citizen investment fraud is on the rise, and many advisors are putting seniors in inappropriate and costly investments, according to The Los Angeles Times.

Three former top executives at mutual fund advisory and broker/dealer firm Mutuals.com of Dallas, are reportedly in settlement negotiations with the United States Attorney for the Southern District of New York over criminal securities and wire fraud charges dating back three years.

Fidelity Investments has a bold, five-year plan to expand its scant 8.5% share of the 403(b) market and catch up to giant TIAA-CREF, which commands a monumental 67% share of 403(b) assets.

Investment firms are increasingly turning to multi-asset portfolio systems, as they provide an integrated solution to handle unique investment vehicles, risk management and collateral management, according to a report from Aite Group of Boston, "Multi-Asset Portfolio Systems: The Buy-Side's New Pied Piper."

When Peter Scannell appeared before Congress to testify about market timing at Putnam Investments, he hardly appeared the picture of a valiant hero. Scannell was somewhat incoherent, his written testimony riddled with misspellings, according to one of our reporters who was there.

Aberdeen Names Esposito Head of U.S. Mutual Funds

District Court Orders Market Timer to Pay $500k

Americans are starting to live a lot longer than they ever thought they would, throwing a wrench in retirement fund plans that they thought would last them the rest of their life.

The "Show Me" State of Missouri is about to show the 529 college savings plan marketplace just how innovative it can be.

The Securities and Exchange Commission settled its civil lawsuit against hedge fund Durus Capital Management and its principal, Scott R. Sacane, on fraud charges. The judgment includes injunctions against future violations of the federal securities laws.