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WASHINGTON - Mutual funds may be an undisputable mainstay in investors' portfolios - but investment advisors should carefully consider whether they want to also offer complementary or competing products such as separately managed accounts (SMAs), exchange traded funds (ETFs), commingled trusts and/or hedge funds.

Democratic National Committee Chairman and former presidential candidate Howard Dean said his party won't come to the table to discuss Social Security reform unless President Bush removes his controversial private accounts from debate.

Nearly nine out of 10 major financial firms has made serving the upcoming Baby Boomer retirement boon their No. 1 priority, according to a new report from Financial Research Corp.

Wilmington Trust Taps Sanford as President

Prosecutors in the criminal trial of former Bank of America broker Theodore C. Sihpol III rested their case last Monday after calling a human resources executive as their final witness, who testified that Sihpol's compensation rose sharply in the years he allegedly helped New Jersey hedge fund Canary Capital make improper trades.

The findings of an 18-month Securities and Exchange Commission investigation into possible conflicts of interest in the investment consulting industry may have finally confirmed the suspicions of industry watchers; the pension investment consultant industry may indeed be "corrupt."

Transamerica Investment Management, a member of the AEGON Group, said last week it would acquire Westcap Investors, a Los Angeles-based money manager. The financial terms of the deal, which is expected to close this summer, were not disclosed.

American Express Financial Advisors (AEFA) has rebranded as Ameriprise, as part of its spin-off from American Express. Starting August 1, Ameriprise will be operating as an independent, publicly traded financial planning and financial services business, with the transaction is expected to be completed by the third quarter of 2005.

Federal and state programs instituted to educate the public about investing wisely are fighting over money allotted to them in the aftermath of the stock research scandals that surfaced in 2003, the Wall Street Journal reports.

Morningstar has again made headlines, this time due to a subpoena issued by the Labor Department scrutinizing the company's consulting unit. This is the third investigation into Morningstar Associates, which provides investment advice to 401(k) plans, and is related to investigations mounted by New York Attorney General Eliot Spitzer and the Securities and Exchange Commission, the Associated Press reports.

Waddell & Reed Financial said on Thursday that Keith A. Tucker has stepped down from the positions of chairman of the board and chief executive officer.

Dover Corporate Responsibility Management LLC on Wednesday launched three new classes of a mutual fund for retail and institutional investors.

Rydex Investments on Wednesday launched three new mutual funds: the Rydex Commodities Fund, the Rydex Strengthening Dollar Fund and the Rydex Weakening Dollar Fund.

Barclays Global Investors said on Wednesday that the board of directors of iShares Inc. and the board of trustees of iShares Trust have authorized a three-for-one, or two-for-one split, of 12 iShares Funds for shareholders of record on June 6 and payable on June 8.

Perhaps the only thing that people can agree on is that mutual fund disclosures need to change, and that's just what the Securities and Exchange Commission is hoping to accomplish. During this crucial time, many within the industry argue that investors are being bombarded with too much information, while others say that it is too risky to pare down the documents, Dow Jones Newswires reports.

The most recent rally is ephemeral at best and the economy is likely to take another sharp downturn before really picking up steam, according to Federated Investors fund manager Steve Lehman, Investor's Business Daily reports.

Seven counts of fraud were dismissed in the criminal case against former Bank of America broker Theodore Sihpol Wednesday after the defense successfully contested charges of destroying and falsifying records.

The Vanguard Group has decided to adopt a multi-manager advisory structure for the $2.9 billion Vanguard Selected Value Fund.

Prosecutors in the criminal trial of former Bank of America broker Theodore Sihpol rested their case on Monday after calling human resources executive as their final witness, who testified that Sihpol's compensation rose sharply in the years he allegedly helped Canary Capital make improper trades, The Wall Street Journal reports.

Back-office service provider BISYS announced Monday it has been awarded an outsourcing contract with portfolio manager Icon Advisers, under which BISYS will provide fund accounting, financial administration, legal, compliance and regulatory services.