Special Program Root Tag

Fidelity Investments is expanding its wealth management service offerings to high-net-worth clients with a new program ,Wealth Advisor Solutions. The program offers Fidelity’s customers the ability to establish relationships with qualified, independent registered investment advisor clients of Fidelity.Customers will receive personalized services offered by fee-based advisors, as well as investment advice and access to a broad range of investment products and services. These might include separately managed accounts, discretionary management using individual securities, wealth preservation, legacy planning and wealth transfer strategies.

Hedge-fund advisors are withdrawing from registration with the Securities and Exchange Commission in droves, adding to the effect of a June court decision that tossed out an SEC rule requiring registration, according to The Wall Street Journal.Around 275 hedge-fund advisors have withdrawn from registration with the SEC since than appeals court said the rule was arbitrary and couldn’t stand, according to the SEC statistics gathered as of Dec. 7. The number is up sharply from 106 that had withdrawn as of Sept. 14.

Claymore Securities launched four exchange-traded-funds with unique approaches to investing last week.

Donor-advised funds, which allow investors to deposit assets for an upfront tax deduction and then make donations to charities of their choice, are becoming a popular option for investors, according to Fortune.The funds start out like a typical investment account. An investor deposits cash, securities, or in some cases, real estate in a fund that invests in stocks and bonds. The minimum is usually $10,000.

Assets in separately managed accounts have grown 4.1% over the past three months, from $32 billion to reach over $805.8 billion in the third quarter, according to the Money Management Institute. Industry assets grew 24.8% over the last year.

A slowdown in the U.S. economy may drag on global growth next year, but Asia and Europe will remain fairly resilient due to healthy consumer demand, according to the Associated Press.“While the world’s other major economies will be affected by slower U.S. growth, their own domestic demand should continue to drive global growth,” UBS investment bank said in its year-end outlook for the global economy.

Monetta Mutual Funds has launched a new fund targeted at children and teens.

At first glance, it might seem that the Investment Company Institute’s selection of a 30-year Democratic veteran of the Hill was in response to the mid-term elections. But, in fact, the ICI says the members of its government affairs office are bi-partisan: three Democrats and three Republicans, the Washington Post reports.

Four workers at Deere & Co. have sued Fidelity Investments for what they say are “unreasonable” 401(k) fees, Reuters reports.

At its Wednesday meeting, the Securities and Exchange Commission voted to allow companies to deliver mutual fund materials, corporate annual reports and proxy materials to investors or their brokers over the Internet, Dow Jones reports.

At its end-of-the-year meeting Wednesday, the Securities and Exchange Commission decided to reopen the controversial independent governance rule. Once the SEC issues an economics analysis paper of its own as well as a second that summarizes others opinions, the Commission will seek public comment on the rule for 60 days.

The owner of a business in Tulsa, Okla., got five years’ probation for raiding $24,000 meant for the 401(k) accounts of 18 of his employees, Tulsa World reports.

Paul Hondros, who founded Gartmore Global Investments, renamed NWD Investment Group in the last week, is leaving the firm as of Friday, the Philadelphia Inquirer reports. John Grady, who joined the firm only two months ago, will replace him as interim chief executive.

The first wave of Baby Boomers who retire will shift $8.4 trillion from 401(k)s and other qualified accounts to individual retirement accounts—but only the most innovative asset management firms will capture that money. That’s according to a new study from Boston Consulting Group, Reuters reports.

The Fidelity Research Institute has created the annual “Pyramid Prize,” a $50,000 reward that will go to the authors of research on how to prepare for retirement. Specifically, the institute will be looking for innovative, practical retirement income and healthcare approaches.

The NASD announced Wednesday that it is fining four brokerage firms $850,000 for failing to waive front-end sales charges for customers buying Class A shares by not having adequate supervisory systems and procedures in place. In addition, the companies must repay $43.8 million to the overcharged customers.

A survey that Barclays Capital took of its clients found that they intend to increase their commodities holdings over the next few years, Bloomberg reports.

Confidence among wealthy investors declined last month for the first time in three months, according to an index compiled by Spectrem Group.

Nuveen Investments, long known for its closed-end mutual funds, which appeal to high-net-worth investors, has launched seven open-end funds to appeal to middle-market retail investors, MarketWatch reports.

JPMorgan has hired Steven Cutler to join the firm in February as general counsel. Recently the director of the division of enforcement at the Securities and Exchange Commission—where he led the SEC’s crackdown on mutual fund trading abuses and corporate fraud—Cutler is currently a partner and co-chair of the securities department at WilmerHale.