Mutual funds

Despite the earth-shaking, “extraordinary” events in September, and the stock market declines “of historic proportions,” financial advisers are still telling investors to stay the course and predicting the financial crisis will continue as a recession through next year—but won’t worsen into a Depression, Money magazine and the Orlando Sentinel report.

While reports have surfaced in recent weeks of incredibly wide discounts on closed-end funds that signal undue risk, rather than buying opportunities, some financial advisers say that with a little homework, there are, actually, some wise buys to be had on closed-end funds, Dow Jones reports. Further, with most closed-end funds paying dividends, that is yet another strong case for considering such funds.

For many of the same reasons exchange-traded funds are so popular in bull runs, ETFs are appealing to investors in the market downturn; investors awaiting a turnaround in the economy, but not knowing which pockets will come out first ahead, are seeking broad market exposure, The Wall Street Journal reports.

OppenheimerFunds Retirement Services has produced a white paper to publicize its retirement assistance program designed to help 401(k) plan participants take advantage of their plans' benefits. The white paper focuses on the value of OppenheimerFunds' Tru(k)ourse, an enhancement to the firm's Pinnacle and Record(k)eeper Pro platforms. Tru(k)ourse is designed to help plan sponsors by combining automatic enrollment, automatic deferral increases and a Qualified Default Investment Alternative (QDIA).

Needles Now President at Touchstone Investments

Paulson Outlines Recapitalization For Banks, Thrifts

Few people know as much about mutual funds as Matthew P. Fink. For more than 40 years, Fink dedicated his career to serving the industry and its 88 million shareholders through his work for the Investment Company Institute, serving as its president from 1991 to 2004.

WASHINGTON - Despite signs of renewed strength in the credit markets, the Federal Reserve Board on Tuesday unveiled a new program to provide more liquidity to money market mutual funds.

JPMorgan Investor Services, PNC and Principal Financial take top honors in Money Management Executive's 2008 Fund Operations Awards. Now in its sixth year, the program honors industry leaders in three categories: Leadership, Innovation and Efficiencies/Streamlining.

HUNTINGTON BEACH, Calif. - Despite the recent daily thousand-point swings in the Dow Jones Industrial Average and the understandable uncertainty among investors, Individual Retirement Accounts and 401(k) plans still remain American's dominant and trusted retirement vehicles.

NEW YORK — J.P. Morgan Investor Services, PNC and Principal Financial have been honored with first-place for Leadership, Innovation and Efficiencies/Streamlining, respectively, in Money Management Executive’s 2008 Fund Operations Awards.

Following its $50 billion acquisition of Merrill Lynch, Bank of America plans to move the major part of its wealth management from Boston to New York, The Boston Globe reports. That means that BoA’s U.S. Trust private banking unit and Columbia Management mutual funds groups will also make the move.

After several false starts, Reserve Funds announced it is planning to honor $25 billion of redemptions in its Primary Fund by the end of the month, plus cash accumulated, as well as $3 billion for its Government Fund seven to 10 days thereafter. Reserve has been trying to reimburse investors $20 billion, initially scheduled for Oct. 13, and has now increased that initial figure to $25 billion.

XBRL US is asking mutual fund companies, investors and users of prospectus filing information for feedback through Nov. 24 on how well their suggested data tags will work for mutual fund summaries on risk/returns and schedules of investments.

With the markets tumbling, a recession on the horizon and people growing increasingly fearful of losing their jobs, more parents are delaying saving for their children’s college education, Investment News reports. Sales of 529 plans fell 33% in the first six months of the year to $6.3 billion, down from $9.8 billion a year earlier.

“The market will recover. It always does. Just no one knows when,” Alan F. Skrainka, chief market strategist for Edward Jones told the Associated Press. “The important thing is to focus on the things that you can control, like the amount you’re investing and the quality of the investments that you’re buying.”

The Depository Trust and Clearing Corporation (DTCC), the largest financial clearinghouse in the U.S., is in talks to merge with its European rival LCH.Clearnet in a deal worth approximately $950 million.

With losses mounting—the average hedge fund is down 10% this year—hedge fund investors are increasingly looking to head for the exits, and hedge funds are putting up barriers, Dow Jones reports.

Ameriprise Financial is expanding its discretionary mutual fund wrap program through its new Active Diversified Portfolio series, by adding to its line-up of investment managers.

Mutual of Omaha is now offering retirement advice in its 401(k) Toolbox, a service called Manage It For Me.