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Waddell & Reed latest active fund manager sued for 401(k) self-dealing

June 28, 2017

Waddell & Reed Financial Inc., which sponsors the Waddell & Reed and Ivy-branded investment funds, has been sued for self-dealing in its own 401(k) plan, joining a string of other asset managers to have been targeted recently for similar allegations....

Voya's win in 401(k) fee suit involving Financial Engines bodes well for other record keepers

June 22, 2017

The dismissal of a lawsuit against Voya Financial Inc. for its relationship with 401(k) robo-adviser Financial Engines could be a harbinger of success for other major retirement-plan record keepers locked in similar legal battles. Judge Lorna...

Putnam, Fidelity win respective 401(k) lawsuits

June 20, 2017

Putnam Investments and Fidelity Investments have prevailed in separate legal fights centering on their fiduciary duty to retirement plans, at a time when financial services companies are increasingly being targeted for 401(k) self-dealing. A...

Capital Group, the sponsor of American Funds, sued for self-dealing in its 401(k) plan

June 15, 2017

The recent lawsuit lodged against The Capital Group Companies Inc. for alleged self-dealing in the company's 401(k) plan is one of several similar legal battles being waged with large asset managers, and could prove difficult for plaintiffs...

Will the fiduciary rule shrink the ever-expanding world of share classes?

May 13, 2017

First there was​ little share class A. Then there were little share classes B and C. Faster than you could say, "The Cat in the Hat," there were little share classes I, N, K, F and Y. Now the fund industry is contemplating unleashing an estimated...

Power Financial invests $37 million in Wealthsimple as robo seeks bigger U.S. market share

May 12, 2017

Power Financial, the Canadian parent of Putnam Investments and Great-West Financial, has invested an additional $37 million in Wealthsimple, a Toronto-based robo-adviser that is expanding in the U.S. This additional capital infusion doubles...

Private equity adds fuel to 401(k) record-keeper consolidation

May 11, 2017

Just as 401(k) record keepers cry poverty, claiming there are no profit margins left and fueling consolidation, private equity has jumped in, perhaps seeing value that traditional record keepers are missing. What's causing this consolidation...

Judge in Putnam 401(k) suit deals potential setback to plaintiffs using Vanguard as fee benchmark

April 6, 2017

A federal judge has seemingly dealt a blow to plaintiffs bringing claims against financial services companies for excessive retirement plan fees, following a recent ruling in a self-dealing lawsuit involving Putnam Investments' 401(k) plan....

Putnam merges, liquidates 10 funds

February 9, 2017

Putnam Investments is sending 10 of its funds to the dustbin of history. The Boston-based fund company will liquidate four funds: Strategic Volatility Equity Fund (PSVEX), Asia Pacific Equity Fund (PAPAX), Retirement Income Fund Lifestyle 2...

Advisers finding more social media success

October 13, 2016

Financial advisers are increasingly comfortable tweeting and posting to Facebook and LinkedIn as securities regulators have made their expectations about social media more clear. Advisers are finding success using social sites to cull prospects,...

Neuberger Berman sued for excessive 401(k) fees

August 4, 2016

Neuberger Berman, an investment manager with $246 billion in assets under management, has been sued by a participant in the company's 401(k) plan for alleged self-dealing, whereby the firm offered a high-fee, poorly performing proprietary fund...

Franklin Templeton sued by employees for self-dealing in 401(k) plan

August 1, 2016

Franklin Resources Inc., the asset management firm operating under the name Franklin Templeton Investments, has been sued for self-dealing in its own 401(k), joining a growing list of similarly situated companies targeted by their employees...

New York Life sued by employees claiming excessive 401(k) fees

July 20, 2016

New York Life Insurance Co. is the newest member to the ever-growing list of asset managers and retirement plan providers being sued by their employees for fiduciary breach in the company 401(k) plan. Current participants in two New York Life...

American Century employees sue for excessive 401(k) fees

July 5, 2016

Employees of American Century Companies, Inc., parent of asset management firm American Century Investments, have sued over the firm's 401(k) plan, the latest in a string of lawsuits targeting financial services companies for their own retirement...

Inside the death of the regional broker-dealer

November 1, 2015

A.G. Edwards & Sons Inc., Advest Inc., McDonald & Co. Twenty years ago, all were respected names in the securities industry — highly competitive regional broker-dealers whose advisers were employees, not independent contractors. Smaller than...

Advisers remain loyal to American Funds through ups and downs

August 9, 2015

Financial adviser Frank Congemi has no doubt about the benefits of active management. He's just as certain when it comes to his manager of choice, American Funds. Mr. Congemi, a broker registered with Securities America Inc., is allocating all...

F-Squared files for bankruptcy

July 8, 2015

F-Squared Investments Inc. filed for bankruptcy protection Wednesday and arranged for its investment strategies to be managed by a new firm, capping the rise-and-fall story of an exchange-traded fund manager once popular with financial advisers....

DOL fiduciary proposal feels heat as more industry players pile on

June 9, 2015

The leader of a prominent retirement-plan company and a top business trade group both warned Tuesday that a proposed U.S. Department of Labor rule to change investment-advice standards for retirement accounts would hurt small investors and small...

Mutual fund companies blend into unwashed mass for consumers

May 18, 2015

The increasing trend toward commoditization of investment products is putting more pressure on asset management companies to try and stand out with investors, and some companies are doing a better job than others, according to a new study by...

Voya Financial taps former Great-West president Nelson as CEO of retirement

April 20, 2015

Charles P. Nelson was named CEO of retirement for Voya Financial, effective May 1, the company said Monday. Maliz Beams had been CEO of Voya's retirement solutions business, but she resigned Oct. 15. Rodney O. Martin Jr., chairman and CEO of...

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