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Direxion Funds has launched four three-times leveraged exchange-traded funds, expanding its existing lineup of 16 multi-directional, leveraged funds to 20.

Although the underlying credit card and auto debt assets in the TALF funds are leveraged as much as 20:1, mutual fund companies anxious to invest in them are telling the Securities and Exchange Commission that they are structured as safe, non-recourse loans, the New York Daily News reports.

The Eighth U.S. Circuit Court of Appeals has just ruled in favor of investors in a case against Ameriprise Financial over the fees of 11 of its RiverSource mutual funds. Coming on the heels of a similar case against Harris Associates that the Supreme Court will hear this fall, it could signal a new era in favor of investors.

The Eighth U.S. Circuit Court of Appeals has just ruled in favor of investors in a case against Ameriprise Financial over the fees of 11 of its RiverSource mutual funds. Coming on the heels of a similar case against Harris Associates that the Supreme Court will hear this fall, it could signal a new era in favor of investors.

Fidelity’s net profits fell only 4% last year, and they may be weak again this year, despite cost-cutting measures and laying off 3,000 workers, Fidelity President Rodger Lawson warned employees in a recent memo. As a result, the company may scale back on year-end bonuses and merit pay for those in the middle and lower earnings brackets.

Charles Schwab reported that its first quarter profits declined 29% to $218 million, or 19 cents per share, compared to a year earlier, when it earned $305 million, or 26 cents per share.

FINRA has fined Fifth Third Securities $1.75 million for a series of violations related to variable annuity sales and exchanges.

Following a three-month investigation, the state of Oregon is seeking $36.2 million in damages from OppenheimerFunds due to steep losses in one of its funds included in the state’s 529 college savings plan; the Oppenheimer Core Bond Fund fell 36% in value last year, and is down another 10% year-to-date.

Although assets are still way down from their peaks, there were two encouraging signs last month that the tide may be turning for hedge funds.

Credit Suisse has launched the Global Macro Replication Index, which aims to capture the risk and return characteristics of the Credit Suisse/Tremont Global Macro Hedge Fund Index.

FINRA ruled in favor of an NFL retiree, Jerome Woods of the Kansas City Chiefs, who lost $1.7 million in Morgan Keegan mutual funds, but awarded him only $950,000. Woods is among dozens of investors who have filed lawsuits against the firm after losing 90% of their investments.

With assets continuing to fall, mutual fund companies are looking for new ways to cut costs, and outsourcing the promotional and public relations aspects of marketing is one of them, and the movement could become permanent, according to a report from Optima Group, “Surviving the Crisis in Asset Management.”

Bill Gross, managed of the PIMCO Total Return Fund, has expanded his U.S. government debt exposure from 15% in February to 28% in March.

Talk about reversal of fortune. Up until the economic crisis took full effect in 2008, mutual fund companies were anxious to get into the hedge fund game. Now, with investors heading to the hedge fund exits, the opposite is happening.

Dreyfus is planning to launch two funds-of-funds, the Dreyfus Diversified Global Fund and the Dreyfus Satellite Alpha Fund. The diversified global fund seeks long-term capital appreciation by investing in six of Dreyfus’ other funds, including those tied to equity income, real estate, sustainability investments, worldwide growth, global alpha and global equities.

Retirement confidence has hit a record low since the Employee Benefit Research Institute began its annual survey in 1993, with only 13% saying they believe they will have enough money for a comfortable retirement, and 25% saying they believe they will have enough money for just basic expenses. Those already in retirement also have downgraded outlooks, with only 20% saying they are very confident.

LECG Expands Platform With Hiring of Vinella

Rather than stress individual fund performance or investors' malaise in its new advertisements, Fidelity is focusing on providing sound guidance and building on its trusted brand. And that is the focus of the "Guide to Personal Savings" campaign, taglined "Turn Here," Fidelity Chief Marketing Officer James D. Speros told The Boston Globe.

Half of participants in 401(k) plans would like to have the option of rolling their money into a guaranteed income solution, but that does not exist in their plan, MetLife found in a recent survey, its seventh annual Employee Benefits Trends Study. Only 21% of employers said they would consider offering guaranteed income solutions, and only 16% of employers currently offer income annuities in their 401(k) plan.

Frugality Expected to be the 'New Normal'