Mutual funds

Following the sharp market downturn last year and steep investor redemption, Legg Mason is about to overhaul its entire mutual fund lineup of 142 funds, Matthew Schiffman, head of product and marketing at Legg Mason told The Baltimore Sun. And it’s no wonder, since Schiffman accepted the new position at Legg Mason in November, with the goal of creating a product innovation team.

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BlackRock reported an 84% decline in fourth-quarter income, to $53 million, and full-year 2008 net income of $786 million, a 21% decline. Assets under management only declined negligibly, however, by 3.7% to $1.3 trillion.

Fidelity, Franklin, Legg Mason Suffer Largest Redemptions in 2008

If money managers want to invest in this highly volatile, largely negative financial environment, they must change the way they invest.

Mistakes, bad luck and unexpected events can happen to any firm during good times and bad, but tackling misfortune in a forthright, brutally honest manner rather than trying to sidestep unpleasant truths can mean the difference between a small crisis and a full-blown public relations nightmare.

Fair value reporting seemed anything but fair last October when prices fell off a cliff.

In light of the recent market downturn and the difficult position that has left millions of near-retirees, Charles Schwab has launched a new suite of advice and tools specifically geared to investors within 10 years of retirement, called Real Life Retirement Services. Built as a type of social network, the accompanying website gives investors a place to ask questions and share their own experiences, including a survey that shows them how their retirement expectations compare with their peers.

Despite a more than 40% decline in Chinese funds last year, Toronto-based Manulife Financial is determined to launch a mutual fund business in China before the end of the year.

Forward Management LLC is offering investors exposure to frontier markets with the launch of its new Accessor Frontier Markets Fund.

Money market mutual fund assets ended their record climb, falling $28.95 billion to settle at $3.893 trillion for the week ending Jan. 21, according to the Investment Company Institute.

Investment research analyst Ian Jacobs, who has worked at Warren Buffett's Berkshire Hathaway Inc. since 2003, is reportedly planning to launch his own fund on March 1.

Sixty percent of Americans surveyed by TD Ameritrade said their No. 1 resolution for 2009 was saving more money, not losing weight or eating better. Forty-three percent said there are more likely to have personal finance-related resolutions for 2009 than they were two years ago.

The Department of Labor has ruled that financial advisers affiliated with the mutual fund companies administering 401(k) plans can offer advice. However, they must reveal the source of their fees, which will remain constant, regardless of their recommendations. If they use computer models, they must also disclose that.

Janus reported fourth-quarter net income of $7.8 million, or $0.05 per diluted share, down 85% from $51.6 million net income, or $0.30 per diluted share, in the fourth quarter of 2007. For the full year, net income was $138.4 million, or $0.86 per diluted share, down 28% from $192 million, or $1.07 per diluted share, for 2007.

State Street Global Markets’ Global Investor Confidence Index rose from 48.2 to 60.3 in January.

Banks may have seen the worst of the financial crisis, but the economy will slog through more difficult times. That was the assessment that Pimco Manager Bill Gross gave to Reuters.

Fidelity Investments, Franklin Resources and Legg Mason were hit with the biggest redemptions in 2008, losing $40 billion, $21.5 billion and $21 billion, respectively. Collectively, the three companies were hit with 43% of the $194 billion in total withdrawal requests during the year.

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