Mutual funds

Morningstar Investment Services is offering three managed account services to provide investors with retirement income at three levels of risk and time ranges.

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.

State Street Corp.’s Investor Confidence Index declined by about a quarter from 75.7 in September to 58.2 in October. Compared to the sentiment in other regions of the globe, North Americans’ confidence is markedly lower. In Europe, it stands at 79.6, and in Asia, at 86.5.

Ameriprise Financial, which has sued Reserve Funds on charges that the fund company tipped off large institutional investors its Primary Fund had broken the buck, has asked a judge to release taped phone calls to customers on the day before the fund’s NAV fell below $1, Reuters reports.

Eighty-percent of board members at financial services firms believe they need better tools to evaluate investments, PricewaterhouseCoopers’ financial services practice found in a recent survey of financial services audit committee members. They believe that by being better equipped, they could reduce the chance of future industry instability.

Ninety-percent of closed-end funds are trading at discounts, some as high as 15% to 35% of their net asset values, a marked spread from their 4.4% average since 1997, The Wall Street Journal reports. And the spreads appear not only to be lasting longer, but to be growing larger.

Following recent talk of 401(k) debit cards and tighter credit, it was bound to happen that homebuyers would turn to their 401(k) to help finance a home purchase, despite warnings against doing so from most financial advisers.

Eighty-seven percent of stock mutual funds were in the red in the third quarter, with the average diversified stock fund falling 10% in the quarter and the average stock mutual fund declining 11% in September alone, according to Lipper data, Gannett News Services reports. September was the biggest one month tumble for U.S. equity funds since 1998.

WASHINGTON — Treasury Secretary Henry Paulson on Monday outlined the process for banks and thrifts to request capital from the government.

Despite the tremendous turbulence in the stock market, few investors are planning to sell their stocks and mutual funds or to curtail or entirely cease contributions to their 401(k), according to a poll from Ipsos/McClatchy. That said, more are paying closer attention to federally insured bank deposits, now that the guarantee has been expanded from $100,000 to $250,000.

Coleman Joins Delaware as Head of Distribution

The Financial Industry Regulatory Authority has fined Banorte Securities International $1.1 million for improper sales of B shares of offshore mutual funds, as well as inadequate supervisory systems to monitor the sales.

Equity mutual funds have lost $43.3 billion in outflows already through Oct. 8, while money market mutual funds have reaped $60 billion, according to TrimTabs Investment Research. Figures from the Investment Company Institute seemed to confirm that; in the week ended Oct. 8, ICI said, money market mutual fund assets increased by $58.54 billion to $3.458 trillion.

Reserve Shuts Down Funds, Delays Primary Payout

WASHINGTON - Though the Federal Reserve Board's reputation is built on its management of monetary policy, Chairman Ben Bernanke said Wednesday that the role of banking supervision at the central bank needs to be revisited.

HUNTINGTON BEACH, Calif. - As omnibus accounts continue to grow in size and scope, it remains crucial for investment managers to keep oversight high and costs low.

HUNTINGTON BEACH, Calif. - Mutual fund industry leaders admit that years of deregulation allowed the current economic crisis to unfold, and many are anticipating a backlash of new and excessive regulations to result.

The Financial Industry Regulatory Authority has fined Banorte Securities International $1.1 million for improper sales of B shares of offshore mutual funds, as well as inadequate supervisory systems to monitor the sales.

Due to a sharp rise in the cost of living adjustment this year, the Social Security Administration is increasing benefits for Americans by 5.8%, the biggest increase since 1982. On average, that will mean an increase of $63 a month.

Whereas other leading industrialized nations have savings rates of more than 10%, notably Germany and Japan, the savings rate in the U.S. has been less than 1% for the past four years.