Special Program Root Tag

John Hancock has created a retirement income and rollover solutions business unit.

Low yields, compounded by the market’s steep dive this week, are prompting investors—particularly Baby Boomers—to seek income beyond the traditional sources, The Wall Street Journal reports. That’s means they’re not just looking at dividend-paying stocks and long-term Treasury bonds but at exotic offerings, such as foreign real estate investment trusts, publicly traded energy partnerships and dividend-capture funds.

Justin Paperny, a 31-year-old broker with Capital Management Group admitted attempting, along with fellow broker Keith Gilabert, of attempting to defraud 40 investors of $2.5 million by misrepresenting the performance the firm’s hedge fund, GLT Venture Fund, according to the Federal Bureau of Investigation, the Los Angeles Daily News reports.

Calling Tuesday’s 10% decline in China’s stock markets a long overdue correction, most fund managers maintained their faith that the market will rebound due to a number of positive factors, Reuters reports. China’s market continues to boom, regulators continue to impose reforms and investors have a great deal of cash on the sidelines that they are anxious to invest, fund managers said.

John Hancock has created a retirement income and rollover solutions business unit.

John Hancock has created a retirement income and rollover solutions business unit.

John Hancock has created a retirement income and rollover solutions business unit.

John Hancock has created a retirement income and rollover solutions business unit.

John Hancock has created a retirement income and rollover solutions business unit.

John Hancock has created a retirement income and rollover solutions business unit.

John Hancock has created a retirement income and rollover solutions business unit.

John Hancock has created a retirement income and rollover solutions business unit.

A follow-up proxy filed with regulators on Feb. 23 on behalf of Reserve Management of New York, the investment advisor to the Reserve Funds and Hallmark Funds group, reveals the true cost of the company’s error, discovered two years ago.

Only 40% of Americans have a separate emergency savings fund, but most who do (81%) believe it will be enough to cover unexpected expenses in the coming year, the Consumer Federation of America found in a national survey of 1,000 people.

In response to a survey of members of Generation X—500 people between ages 25 and 40—that indicated 24% are hesitant to open an IRA because they don’t have enough money for the minimum investment, Charles Schwab has devised a number of recommendations for how they can save money.

While other asset management firms are coming out with esoteric exchange-traded fund products “for products’ sake,” resulting in rampant “product proliferation,” Vanguard plans a more cautious approach, Chairman John Brennan told Reuters.

A federal judge has dismissed a lawsuit by the Securities and Exchange Commission against two executives at a Citigroup transfer agent who realized nearly $100 million in savings from an affiliated transfer agent but kept the profits for the company rather than to lower fund expenses, The Wall Street Journal reports.

The Federal Reserve announced Tuesday that it has ended a two-year-old enforcement action against the Bank of America.

Goldman Sachs is planning to open a mutual fund business in India, where the industry has been growing exponentially in recent years, Reuters reports.

A majority of Americans are concerned that they will not have enough money to retire, a poll by Scottrade found.