Mutual funds

The honeymoon between Chinese mutual fund investors and the surging market appears to be over. Investors are attributing large financial loses to what many are characterizing as “unprofessional” management, China Daily reports. Beginning in the third quarter last years, a surge in the Chinese market prompted 23 mutual funds to split their funds, which decreased the price, to try to expand scale quickly.

Hard times, unemployment and medical emergencies are leading more and more workers to take loans from their 401(k) retirement plans.

Prudential Financial recently announced an insurance program targeted at the Lesbian, Gay, Bi-Sexual and Transgender (LGBT) community.

U.S. Bancorp has named William Benjamin as CEO of U.S. Bancorp Investments Inc. and U.S. Bancorp Insurance Services LLC.

The Philadelphia wealth management firm Janney Montgomery Scott LLC has hired Francis J. McAleer Jr. as director of wealth management sales and marketing in its wealth management department.

WASHINGTON — Given another day to consider the Treasury Department’s plan to backstop Fannie Mae and Freddie Mac, lawmakers were considerably less enthusiastic and seemed likely to make significant changes. Some Senate Banking Committee members were downright skeptical, arguing that the plan’s costs must be pinpointed.

State Street Corp.'s top executive said market conditions will make it difficult for his Boston company to maintain its strong second-quarter growth, but he hopes to weather the second half by focusing on core businesses, cutting expenses, and attracting new customers.

President and CEO of Federated Investors, Inc., J. Christopher Donahue, recently announced Federated’s acquisition of assets associated with the Prudent Bear and Prudent Global Income Funds. Federated is set to purchase these assets from David W. Tice & Associates at an initial price of $43 million with future contingent payments over the next four years of up to $100 million. These funds have an estimated net worth of $1.2 billion and $502 million, respectively.

AARP has appointed Richard Hisey as the new president of AARP Financial Inc. and AARP Funds. Formerly, Hisey served as the CIO of AARP Financial and treasurer of AARP Funds.

Turning the collection of market data into a competitive business is a fatally flawed idea, said the Securities Industry and Financial Markets Association last week in response to a Securities and Exchange Commission proposal that seeks to do so.

The biggest mutual funds in the nation have lost more than an estimated $4 billion in the past week alone on their investments in Fannie Mae and Freddie Mac and related mortgage stocks, Reuters reports, based on analysts’ assessment of fund companies’ latest reports. In the past week, Fannie and Freddie declined 45.4% and 46.5%, respectively.

The small group of money mangers who possessed the ability to outperform the market has virtually disappeared, according to a new study.

Firms that focus on value stocks have been slammed recently, as financial stocks like Freddie Mac and Fannie Mae continue to struggle, reports The Wall Street Journal.

Financial experts seem to be in agreement that we are now in a bear market, but will that bad news shake investors’ traditional buy-and-hold strategy with 401(k)s – particularly older investors?

Following the rash of home equity loans that Americans regretfully took out over the past few years on their first or second mortgages – essentially turning their homes into ATM machines, as many a critic has quipped – their 401(k)s are now in danger of becoming the next get-cash-quick scheme, The Wall Street Journal reports.

Subprime Debt Too Hot to Handle for Ratings Agencies

For professionals on Wall Street, the June jobs number confirmed what many already knew: The financial services segment of the U.S. economy lost jobs last month. Some observers say the pace of jobs lost on Wall Street could exceed all other previous downturns faced by banks and brokerages since World War II.

Petrozzo, DePoalo New CIOs at Fidelity

How serious are liquidity problems with money market mutual funds?

Get a little imagination, guys.