Iowa’s insurance commissioner yesterday posted a bulletin that would allow life insurers in that state to apply deferred tax assets toward 15% of their statutory capital and surplus levels.
Employers eliminated 650,000 jobs last month, bringing the total number of job cuts in the United States since September 2008 to 2.3 million.
The National Association of Active Investment Managers Inc. has launched an index of actively managed mutual funds that performed well during last year’s market downturn.
Piper Jaffray & Co. today reported a $153.3 net loss, or a loss of $9.78 diluted earnings per share, for the fourth quarter.
Americans cut back on spending by 1% in December, and increased personal savings by 3.6 %, in response to concerns about job security and economic stability, according to a Department of Commerce report released today.
No required minimum distributions for 2009
Given the market downturn, it may appear to investors that there are screaming buys, but investment managers are largely staying defensive, with many favoring the consumer staples category.
A National Association of Insurance Commissioners executive group last Thursday vetoed a proposal from the insurance industry to loosen required capital and surplus levels.
The departure of Ellyn McColgan after just 10 months as president and chief operating officer of Morgan Stanley's Global Wealth Management Group robs the company of some much-needed client service talent, a consultant said.
Advance estimates for 2008’s fourth-quarter gross domestic product — the output of goods and services produced by labor and property located in the United States — show a decrease of 3.8% from the third quarter, according to the Bureau of Economic Analysis.
The troubles that hit variable annuity insurers last year will follow them into this year, further denting their financial strength, according to a report from Standard and Poor’s in New York.
The 529 college savings plan industry’s two advocacy organizations are taking steps to work more closely on 529 legislative issues in Washington.
The 529 college savings plan industry will face “a period of challenge” in Washington this year, according to veteran industry consultant James Delaplane, an attorney based in the capitol.
The Atlanta-based global investment manager recorded net income of $31.9 million, an 82% drop from the $175.9 million it reported in the year-earlier period — and down from $131.8 million in the third quarter of 2008.
Consumer confidence improved slightly over the last month, but is still near its lowest levels in decades, according to the Reuters/University of Michigan Index of Consumer Sentiment report, released this morning.
Even the normally upbeat Section 529 college savings plan industry is in the dumps as it grapples with the financial crisis, according to a survey released this morning by the College Savings Foundation at its annual conference in Miami Beach, Fla.
Registered investment advisers who custody client assets with Charles Schwab have made a strong push into cash, the company’s chief executive, Walt Bettinger, said in a conference call with analysts today.
T. Rowe Price Group Inc. posted an 87% fourth-quarter profit drop today, as the money manager was hammered by impairment charges, fund outflows and a steep drop in assets under management.
The push to require investment advisory firms to use independent custodians gained momentum today after members of the Senate Banking Committee and officials of the SEC endorsed the action at a hearing on the giant Ponzi scheme allegedly perpetrated by Bernard L. Madoff.
