Investments

On the first day of June, the Dow Jones Industrial Average dropped 1.95%, the Standard & Poor's Index 2.18% and the and Nasdaq Composite Index 2.5%. In effect, stock market gains for the year were wiped out. The reason: Jobs.

Tax-exempt money market funds gave up the inflows they accumulated last week — and then some — when they lost $1.45 billion and total net assets dropped to $272.20 billion in the week ended June 11, according to the Money Fund Report, a service of iMoneyNet.com.

Municipal bond mutual funds continued their hot streak. As the market saw modest firming on the week, muni bond funds saw inflows for a ninth consecutive week.

The Dow Jones Industrial Average stormed up 155.53 points Thursday to close at 12,651.91 while the Nasdaq and S&P 500 added 17.72 points and 14.22 points, respectively.

Royal Bank of Canada hired Gregory Steele to trade high-yield bonds in the United States.

On June 14, 2012, Los Angeles-based TCW Group said the combined TCW and MetWest mutual fund complex has experienced $4.7 billion in net inflows in 2012.

On June 14, 2012, SunGard today its SunGard Global Network, an automated trade-routing service connecting investors to fund families, has surpassed $400 billion in total fund assets, including mutual funds and money market funds.

On June 14, 2012, Teaneck, NJ-based Cognizant Technology Solutions Corp, a financial services shop, today issued a press release about a new partnership with ING U.S. “to offer a comprehensive array of insurance business process services.”

The new annuity products, which are being offered by wealth managers in the firm’s Advisor Asset Program, come in response to a growing demand among investors for a more guaranteed form of tax-deferred retirement income.

On June 14, 2012, if you think alternative mutual funds are just a fad, then maybe you haven’t seen the latest offering from PIMCO.

Martin Capital Management, LLC, has launched the Martin Focused Value Fund, which will bet undervalued shares of publicly traded U.S. companies.

Although they can’t see customers’ held-away investments, three quarters of financial advisors give advice about these assets anyway.

Ever since the merger between alternative investment shop Ramius and investment bank Cowen Group in November 2009, the two firms have been looking at ways to integrate and grow Ramius' hedge funds, fund of funds, real estate and cash management businesses.

The Dow Jones Industrial Average shed 77.42 points to close at 12,496.38 Wednesday while the Nasdaq and S&P 500 lopped off 24.46 points and 9.30 points, respectively.

On June 13, 2012, MainStay Investments, a New York Life company, added the MainStay New York Tax Free Opportunities Fund, the firm's first state-specific municipal bond strategy, to its portfolio.

Mutual Funds Lose $1.37 Billion Week Ending June 6, 2012. Stock Funds Lose $3.08 Billion.

On June 13, 2012, New York-based Advent Capital Management, an investment advisor specializing in convertible, high yield and equity strategies offered through long only, hedge fund and NYSE closed-end mutual fund products, has hired Osbert Hood, chief executive officer at Pioneer Investments USA’s, as its chief operating officer.

For the week ended June 6, investors withdrew an estimated $1.37 billion from long-term mutual funds of all types, the third largest outflow this year.

On June 13, 2012, Hartford, Conn.-based multi-manager shop Virtus Investment Partners, Inc. revealed that it has filed with the Securities and Exchange Commission for five new open-end mutual funds.

On June 13, 2012, Elkhart, Indiana-based Martin Capital Management, LLC, launched the Martin Focused Value Fund (MFVRX/MFVIX), which will bet undervalued shares of publicly traded U.S. companies.