Mutual funds

New York A.G. Probing Fidelity, Goldman Links

MINNEAPOLIS - Sen. John McCain is the better choice for the financial services industry not for what he would do as president, but rather for what he would refrain from doing, GOP lawmakers said here this week during the Republican National Convention.

An obscure book about mutual funds has begun to arouse the ire of the industry.

With the oncoming wave of Baby Boomers about to strain Social Security, Medicare, long-term care and families, mutual fund fees are going to continue to be in the crosshairs of class-action litigants, 401(k) plan sponsors, retail investors, regulators, legislators and even the courts.

AUSTIN, Texas - Making sure your company's 403(b) retirement plan is in compliance by Jan. 1, 2009 can be a daunting task, especially if you haven't gotten started yet.

AUSTIN, Texas - New 403(b) regulations are coming, whether or not plan sponsors and vendors are ready for the changes.

Bob Tuszynski has joined UMB Fund Services as senior vice president and director of distribution services. One of his key responsibilities is to market “Total Distribution,” which helps fund companies pinpoint their most profitable sales intermediaries through customer relationship management. UMB also offers other marketing and sales distribution support services.

Although Roth 401(k) features became effective Jan. 1, 2006, few employers immediately implemented them, since they were new and recordkeepers were still developing systems to accommodate the new feature.

The unified managed account (UMA) market’s rapid growth will not continue without greater standardization and automation, says a Dover Financial Research report issued Wednesday and commissioned by Depository Trust & Clearing Corp. (DTCC).

Evergreen Investments of Boston, Wachovia Corp.'s asset management arm, announced Sept. 4 that it has closed its family of fund of funds.

By increasing the number of alternative products and strategies it offers, Mellon Capital Management Corp. has generated inflows in the past three years, despite difficult market conditions.

PIMCO has named Mohamed El-Erian chief executive officer, a position he currently shares as co-CEO with Bill Thompson, who will be retiring at the end of the year.

Pioneer Investments has selected Brian E. Stack as manager of the Pioneer Growth Opportunities Fund. A 21-year veteran of the mutual fund industry, Stack has specialized in small- and mid-cap growth.

The number of affluent households in the United States has decreased, according to initial research from the annual Affluent Market Research Program by TNS, a marketing company based in New York.

Currency hedge funds reported an 0.11% loss in July, according to the Parker FX Index.

Pacific Investment Management Co. will add an actively managed bond exchange-traded fund to its current ETF lineup, and perhaps other types of active ETFs, The Wall Street Journal reports.

Generation X millionaires give nearly twice as much to charity on average compared to older generations, according to a new survey.

In the week ended Tuesday, investors withdrew $11.34 billion from money market mutual funds, according to data from iMoneyNet.com.

Japanese investors are increasingly flocking to mutual funds that pay out monthly incomes or dividends, with such funds now accounting for 55.7% of all of the nation’s assets in funds, or $303 billion, Nikkei newswire reports.

Scotiabank has agreed to pay $15 million to acquire a 33% interest in a new mutual fund company that is being formed under the auspices of Bank of Beijing.