Under the agreement, the Putnam fund purchased shares in Federated fund with cash and portfolio securities valued at $12.3 billion, said Putnam spokeswoman Laura McNamara.
Thirteen banking and insurance executives have been selected to join the Washington-based trade association’s board.
National Financial Partners Corp. warned investors that its total revenue took a dive during the third quarter.
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
Advisers undoubtedly are concerned about their clients in this time of financial crisis, said Charles Goldman, executive vice president of Schwab Institutional, but they probably aren’t doing enough about it.
Sales of existing homes fell to a seasonally adjusted rate of 4.91 million units in August, down 2.2% from July and 10.7% from a year ago, according to the National Association of Realtors of Chicago.
Lauded for its ability to make use of advanced technology to make its website user-friendly, Fidelity Investments Institutional Services Co. of Boston was ranked as the financial intermediary with the best website by kasina LLC.
Treasury Secretary Henry Paulson today told a House committee he was open to considering limits on executive compensation in the Bush administration’s proposed $700 billion bailout package for the nation’s financial institutions.
Massachusetts Secretary of the Commonwealth William F. Galvin today called on Congress to temporarily suspend the 10% penalty tax on early withdrawals from 401(k)s.
Third Avenue Institutional International Value Fund LP, a fund of Third Avenue Management LLC, filed a class action Friday against Reserve Management Corp. hinging on the firm's redemption process last week, when the net asset value of the Reserve Primary Fund fell to 97 cents.
