Mutual funds

LAS VEGAS - Unified managed accounts (UMAs) are quickly becoming a popular and viable option for Baby Boomers looking for more diversification in retirement, but the plans still have a lot of work to do in order to overcome certain hang-ups.

Fidelity Investments' institutional wealth management arm is ratcheting up its pursuit of investment advisers and wealth managers who want to run their own shops.

Prime institutional money market fund assets rose for the first time since Sept. 9 last Thursday, by $2.96 billion to $652.6 billion, according to Crane Data.

Lazard Asset Management has launched an emerging markets fund, the Lazard Developing Markets Equity Portfolio, which will use a bottom-up stock selection process and which the company is offering to investors as an alternative to value and emerging-markets funds.

WASHINGTON—The House reversed Monday's rejection of a bill to stabilize the financial markets approving the measure on Friday with a vote of 263 to 171.

Reserve Management has shut down its U.S. Government Fund, the second fund it has liquidated, and has given no indication yet of when investors can expect their money to be returned.

Money market mutual fund assets rose $12.39 billion for the week ending Tuesday as investors regained confidence in the funds, according to the Money Fund Report, published by iMoneyNet Inc.

Total retirement assets in the U.S. fell 5.2% during the first quarter of 2008, from $18.0 trillion to $17.1 trillion, according to the Investment Company Institute.

Morningstar announced Thursday is has acquired Fundamental Data Ltd. of the UK, a closed-end fund data provider based in London, for $19 million, subject to post-closing adjustments.

More asset managers are learning, never say never.

In response to scrutiny over its ratings of instruments tied to subprime mortgages, Fitch Ratings has increased its own scrutiny over fund of hedge fund managers, warning that many such funds may not be able to meet redemption requirements if their risks are not closely monitored.

When Wachovia Corp. completes the sale of its banking operation to Citigroup Inc., it plans to remain a public company with two main subsidiaries—Wachovia Securities, the nation's third-largest brokerage, and its proprietary investment arm, Evergreen Asset Management.

The Reserve will liquidate its Primary Fund and begin returning cash to shareholders, according to an announcement on Monday.

On Monday and Tuesday, immediately after the government announced the opening of its $50 billion insurance program for money market funds, at least eight major fund companies had signed up, including BlackRock, Dreyfus, Evergreen, Federated, Invesco AIM, Morgan Stanley, TCW and Legg Mason’s Western Asset Management.

Evergreen Investments announced Tuesday that its parent, Wachovia Corp., will purchase Lehman Brothers debt held in three of its money market mutual funds: the Evergreen Money Market Fund, Evergreen Institutional Money Market Fund and Evergreen Prime Cash Management Fund.

Canadian securities regulators have begun on-site reviews of money market funds, fearing their exposure to devalued securities.

Putnam's Investment Chief Cronin Stepping Down

TD Ameritrade Supports Primary Fund With $50M

The labor supply may experience shortages in coming years as more Baby Boomers retire, according to a study by KPMG. The firm found there is a lack of Generation Y workers to replace those who are expected to retire in the years ahead. That could lead to a lack of consumer spending and a contraction in the tax base.

Recent moves by the U.S. government to prop up ailing money market funds seems to be helping stem the recent massive run on the funds, another fund implosion like the Reserve's Primary Fund can't be ruled out; managers may be holding investments that turn out to be worthless.