With three mutual fund giants well on their way to capturing nearly 40% of all U.S. fund assets, thousands of smaller fund companies are left competing for the rest, and some even contemplate exiting the business.
Fund boards have adopted governance practices that are thought to serve the best interests of shareholders "in advance, or in the absence, of any regulatory mandate to do so," according to a new study from Independent Directors Council.
Money market funds usually are as boring as it gets in the investment business.
The October loss stems from a pair of credit default swaps written by the firm’s Credit Solutions unit.
The firm reported income of $53.3 million over the first nine months of the year, compared to $20.4 million a year ago.
Regulators have asked local banks and foreign banks’ Chinese subsidiaries to ensure that loans at year’s end do not exceed the total outstanding by Oct. 31.
Doug Mishkin, president and chief executive officer of Algren Associates, will head up the executive board as chairman.
Home builders’ confidence stayed at basement levels in November, due to an increased inventory of unsold homes.
The greatest risk facing the 401(k) system is that plan service providers will be declared legal fiduciaries as a result of litigation.
