Principles-based rules won’t be a panacea for financial services and, in fact, could create more regulatory risk, some industry observers say. The concept of flexible rules is being pushed hard by business interests and regulators as the way to improve and modernize regulation.
NEW YORK — The Financial Services Institute Inc. is gearing up for a fracas with regulators over the highly contentious issue of 12(b)-1 fees, an embedded annual charge in almost all mutual funds.
CHICAGO — Life cycle fever seems to be spreading from 401(k) plans to variable annuities. At ING Variable Annuities, for instance, assets in LifeStyle portfolios — which were introduced as ING-managed subaccounts in mid-2004 — reached $8 billion at the end of April, up from more than $4 billion at the end of 2005.
The largest shareholder of Citigroup has expressed confidence in chief executive Charles Prince and does not want to see a breakup of the company.
Fidelity Investments will move its Japanese equity-trading desk to Hong Kong from Tokyo, published reports said.
Gov. Eliot Spitzer has created a commission to help New York City hold onto and expand its status as a world financial capital.
OppenheimerFunds Inc. Wednesday said Bill Wilby will retire from the New York-based company June 30 after 16 years of service.
Global Alpha, Goldman Sachs’ flagship hedge fund, fell 3.4% during the first four months of this year.
A new 401(k) plan featuring iShares ETFs from Barclays Global Investors is now available.
The Bear Stearns Cos. Inc. today expanded its European investment banking division with a series of new appointments.
Jeff Raich, co-global head of mergers and acquisitions, is the latest high-ranking investment banker to leave UBS AG.
Inheriting a depleted recruiting staff, the new head of National Planning Corp. immediately will focus on rebuilding that team. Last Monday, Santa Monica, Calif.-based NPC said that Scott Romine was replacing M. Shawn Dreffein as its CEO.
WASHINGTON — Unions are hoping that pressure from Congress on private-equity funds will lead to better pay and benefits for workers, including more unionization.
Philanthropist and insurance tycoon Barry Kaye is bringing unwanted attention to a university that has benefited from his largess and to the life settlement industry.
WASHINGTON — The Securities and Exchange Commission is on a roll in the courts — but not a good one.
IRVINE, Calif. — The major sponsors of fee-based brokerage accounts claim they will need six months to a year to transition clients out of the accounts.
