Excise taxes imposed on retirement savings account holders who do not take minimum distributions by age 70½ would be suspended for 2009 under legislation unanimously approved last night by the House of Representatives.
The SEC finalized settlements today with Citigroup and UBS that will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the market for these investment products dried up in February.
The Reserve Management Co. Inc. of New York has announced that it has begun distributions for 12 of its money market mutual funds and gave a distribution schedule for a host of others.
A lower appetite for risk among investors has added up to some lousy returns for hedge funds concentrated in emerging markets, according to the latest data from HFR Group LLC in Chicago.
Money market mutual funds that invest in Treasuries could cost investors money if the Federal Reserve Bank cuts interest rates further, according to Peter Crane, president of the Westborough, Mass.-based research firm Crane Data LLC.
Most investors are satisfied with the way their portfolios have held up in the market downturn, according to a survey by Natixis Global Associates of Boston.
The Allstate Corp. of Northbrook, Ill., has announced the departure of James E. Hohmann, president and chief executive of Allstate Financial LLC, who is leaving on Jan. 5.
The Kansas City, Mo.-based tax services provider reported a net loss of $134.9 million, or 41 cents a share, for the quarter ended Oct. 31, compared with a net loss of $502.3 million, or $1.55 cents a share, in the year- earlier period.
Pending sales of existing homes and median home prices fell in October, although the declines were smaller than anticipated — and there were even signs of improvement in certain markets.
Fidelity Investments today announced the formal launch of its Fidelity <a href="http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20071029/FREE/710290351/1009/TOC&ht=" target=”_blank”>WealthCentral</a> management platform for registered investment advisers.
