Special Program Root Tag

John Hancock on Monday unveiled a new leadership development program for new and existing financial agents interested in pursuing a career in management.

Waddell & Reed Financial said on Monday it has appointed Terry L. Lister chief regulatory officer of its two broker/dealerf subsidiaries, Waddell & Reed and Ivy Funds Distributor.

Federal prosecutors have been investigating one of the nation's prolific class-action law firms, Milberg Weiss Bershad & Schulman, for alleged fraud, conspiracy and kickbacks involving a slew of securities lawsuits, and may seek criminal charges against the firm and its senior partners, The Wall Street Journal reports.

The mutual fund industry's most powerful lobbying group is urging securities regulators to re-open the comment period and collect additional data on the controversial governance rule requiring funds to have an independent chairman, just ahead of a scheduled vote on the matter.

Fairview Capital Investment Management said late last week that it plans to vote against the sale of sneaker company Saucony to Stride Rite, according to apparel Web site just-style.com. Fairview, which owns a 2.6% stake in Saucony's outstanding shares, said the $23-per-share sale price is inadequate.

Van Kampen Investments last Thursday launched a new equity mutual fund, marking its first new fund offering in four years.

CI Mutual Funds, Canada's third-largest fund company, on Thursday announced that it plans to establish a fixed administration fee for its mutual funds that would result in lower costs and greater transparency for investors.

Eight Republican Senators have asked outgoing Securities and Exchange Commission Chairman William Donaldson to defer final action on a controversial governance rule, leaving the issue for his successor to resolve, Dow Jones Newswires reports.

Citigroup, the world's largest financial holding company, has announced a $3.4 billion deal with Legg Mason, under which it will swap its asset management wing for the Baltimore-based investment firm's broker-dealer unit.

So much for riding off into the sunset.

Fidelity Invsetments, the nation's third-largest mutual fund company, last Tuesday named William C. Carey president of its brokerage arm Fidelity Registered Investment Advisor Group.

In an effort to clear up confusion over a new breed of separately managed accounts, the Money Management Institute held a media briefing last week to unveil a narrower definition of the product and discuss its prospects for growth among the nation's high-net-worth.

Banks, private banks, and trust companies are well positioned to gain market share in an environment that, for the first time in four years, is dominated by pessimism among the wealthiest investors, says an executive of U.S. Trust Corp., the private banking arm of Charles Schwab Corp.

The heat is on this summer, but the temperature of the registered hedge fund of funds marketplace is anything but sizzling. In fact, it is getting a downright chilly reception.

Back-office financial services giant SunGard plans to launch a new product that will combine its Synapse and BrokerAudit services.

Barclays Global Investors, the largest provider of exchange-traded funds (ETFs), said in a recent regulatory filing with the Securities and Exchange Commission that it seeks approval for a new ETF tracking silver, it was reported last week.

OppenheimerFunds announced last Monday its 529 business has reached $1 billion in assets under management, citing its customization features, competitive expense ratios and solid investment performance.

Two weeks after being hired as the new CEO of MassMutual Financial, Stuart "Stu" Reese is rolling up his sleeves to bring back positive publicity for the insurance giant, MassMutual announced last Thursday, in a press release.

The investment pros at MFS Investment Management, the nation's oldest mutual fund firm, aren't seeing any signs of the type of slowdown in the U.S. economy that Wall Street has been predicting. In fact, the Boston-based fund shop believes vital signs are pointing toward a very strong second half with the economy benefiting from having the wind at its back.

Everywhere we look it seems financial services firms are focused on catering to high-net-worth customers by promoting their wealth management services. While these customers maintain high balances, those balances are usually spread among many different types of accounts and the assets are diverse. Therefore, the ability to provide clients with a total view of their financial position is becoming more important and more complex.