Mutual funds

Principal Funds Names New President

Many community banking companies have wealth management units, but lately more small and midsize wealth managers have been getting into the banking business.

The Securities and Exchange Commission's recent proposals aimed at easing the burdens of providers bringing new exchange-traded funds to market should make new ETF launches an easier proposition while fostering even more product creativity, said investment management sources.

A proposal by the Securities and Exchange Commission to shorten mutual fund disclosure statements is meeting widespread support, and a new rule could take effect by 2009, if not sooner.

Denver-based Transamerica IDEX Mutual Funds group has shortened its name to Transamerica Funds, as it now resides within the larger Transamerica Asset Management Group, under insurance company parent Aegon. Plans are underway to identify and potentially merge redundant or overlapping funds, expand distribution efforts, craft retirement income-based solutions, strengthen the Transamerica brand and build the firm into a future top-tier investment group.

Canadian investors purchased between $5.9 billion and $6.5 billion in mutual funds during the month of February, a significant jump from January sales, according to the Investment Funds Institute of Canada.

Van Kampen Retirement Strategy Trust has filed for 10 new target retirement date funds with the Securities and Exchange Commission.

The British government is considering an overhaul of their tax code for mutual funds that could put the responsibility for declaring income from funds directly on investors, according to foreign news reports.

As the stock and bond markets continue to take a beating, institutions, individuals and hedge funds have begun pumping dollars into commodity mutual funds and other investment vehicles based on commodities.

Financial companies should take precautions to protect themselves from fraud from within and without, but companies should be careful not to cross the line and start spying on employees.

Mortgage giant Fannie Mae has posted a $3.55 billion loss for the last quarter of 2007, blaming rising home loan defaults. It set aside $2 billion to cover other bad loans and warned the U.S. housing slump could get worse.

Brennan Names His Replacement at Vanguard, As McNabb Takes Helm

NICSA Names Hamacher as Weidlich's Replacement

WASHINGTON - House Financial Services Committee Chairman Barney Frank is preparing a $35 billion housing package that would expand the government's role in combating the sub-prime mortgage crisis.

MIAMI-U.S. companies are retiring the idea of the traditional, defined benefit pension plan in favor of do-it-yourself IRAs and 401(k) plans.

South Africa-based Old Mutual PLC which is better known in Europe, and in particular the U.K., hasn't exactly become a household name in the U.S. - yet. But the firm gets an "E" for effort.

After years on the back burner, the Securities and Exchange Commission's rule governing mutual fund marketing fees is in store for a "complete overhaul," according to commission chairman Christopher Cox.

A new study from Tiburon Strategic Advisors takes a broad look at consumer wealth, the pending baby boomer savings crisis and boomers' likely liquefaction of assets. Consumer Wealth, Liquefaction and the Retirement Income Challenge addresses the financial concerns and savings goals of consumers and consumer households in the U.S. today.

Freddie Mac said it will raise prices further and add underwriting restrictions for the mortgages it guarantees, because of "continued deterioration of credit quality and declining home values in most areas of the country."

In the debate over whether lenders are doing enough to stem the tide of foreclosures, there has been little in the way of comprehensive data on such efforts, but $2.2 trillion Citigroup Inc. has taken a step to shine some light in this area.