Massachusetts Secretary of State William Galvin’s securities division asked wants to revoke the license of a brokerage firm which served as a feeder fund for the investment firm of accused swindler Bernard Madoff.
Fiserv Inc. served as custodian for the self-directed IRAs of about 800 people who invested with Bernard Madoff.
Sales of fixed annuities climbed to $107 billion last year, up 60% from 2007, according to the Beacon Research Fixed Annuity Premium Study.
Aviva PLC, Europe’s biggest provider of life insurance products, posted a loss of $995 million for 2008, down from a profit of $2.98 billion in 2007.
Corporate giving is on the chopping block this year, according to a survey of 158 companies conducted by The Conference Board.
Fidelity Investments said its intermediary businesses — those that serve broker-dealers, banks, insurers, registered investment advisers and other institutional clients — set records last year.
Fidelity Investments filed yesterday with the SEC to launch a series of target date funds that will be available to certain 401(k) plan customers at below retail cost.
The number of new jobless claims and the total number of people receiving unemployment benefits both dropped unexpectedly last week, though they remain at elevated levels.
Two major forces are behind the dramatic growth in popularity of exchange traded funds: the wide-spread adoption of fee-based advice and the prolonged 10-year bear market’s effect of destroying the “mutual fund manager” myth.
Advisers soon may be able to pursue a new designation that would formally qualify them as experts in managing investment portfolios during their clients' retirement years.
