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Wachovia Corp. and Prudential Financial have completed the merger of their brokerage units into Wachovia Securities. The resulting organization is owned 62% by Wachovia and 38% by Prudential.

Fidelity Investments said Monday it has completed the acquisition of Correspondent Services Corporation from UBS Financial Services.

MSCI, provider of equity, fixed income and hedge fund indices and Lyxor Asset Management have teamed up to bring the MSCI Hedge Fund Index to the marketplace this summer.

Industry experts say the recent push for increased transparency and disclosure in funds may actually have to opposite result, with investors receiving less or vague information in their shareholders letters, Reuters reports.

Now that the bear market has taken its toll on all Americans, including the wealthy, those with deeper pockets than most are looking to take a pragmatic approach to recovering losses and building for the future.

Integrity Mutual Funds said it has agreed to acquire the management rights to the Maine and New Hampshire Tax Save Bond Funds from the Forum Financial Group of Portland, Maine.

The popularity of junk bonds in the U.S. is as high as it has been since the high flying days of the 1990s, according to a recent Financial Times report.

Battered mutual fund giant Janus Capital Group said in a filing with the Securities and Exchange Commission Monday that it has reopened its Janus Overseas fund.

SG Corporate and Investment Banking said it has signed a purchase agreement to buy proprietary technology from Constellation Financial Management and the assets of FEP Holdings, the company said. A new company called SG Constellation LLC will be formed, taking certain employees from Constellation.

While one of the most vehement arguments against index annuities is the high commission charged, the rates are coming down dramatically.

Lockwood Woos Advisers With Menu Beyond SMAs

Freddie Mac continues to be put through the wringer after a high-profile accounting scandal forced the company to restate earnings for the last three years and led to the ousting of three top-level executives.

While customization remains one of the key selling points for increasingly popular separately managed accounts, the usage of this feature remains low due to technology issues, complacency of certain providers and level of investor need.

William M. Ennis, the president and CEO of Evergreen Investments, has flown the firm's Charlotte, N.C., coop and headed north to lead the investment management sales, distribution and operations charge at the investment management unit of Morgan Stanley of New York. Evergreen is the $235 billion investment management arm of Wachovia Corp.

The bullish case for the asset management business is stronger than ever, as long-term mutual fund assets have risen over $600 billion in the first half of 2003.

SMA players predict that the altered dividend and capital gains tax rates may result in some minor tweaking of investment strategies, but they don't expect any dramatic changes.

Fidelity Investments eliminated the 3% sales load on five of its biggest diversified equity funds last week, including the Fidelity Magellan Fund. The four other funds that now have no sales load are the Fidelity Contrafund, the Fidelity Contrafund II, the Fidelity Low-Priced Stock and the Fidelity New Millennium funds.

American Express Financial Corp. has introduced three new mutual funds within its fixed-income line. The funds will be distributed by American Express financial advisers, American Express's brokerage division and select American Express retirement plans.

The NASD has advised its members that they must save all instant message communications for at least three years and ensure that those messages follow guidelines for sales literature and correspondence. Similar rules already apply to the use of e-mails.

Waddell & Reed Financial has announced the appointment of J. Bradley Ross as executive vice president and national sales manager of Ivy Funds Distributor , the broker/dealer for the Ivy Funds.