Four senior citizens in Florida who were scammed into purchasing “inappropriate” equity indexed deferred annuities have had a combined $1.2 million returned to them by the state's chief financial officer, Alex Sink, according a statement from Florida's Department of Financial Services.
An exchange-traded fund launched last week offers investors access to hard-to-reach segments of the municipal-bond market. Another has been proposed.
Atlantic City police are investigating how a hedge fund executive fell to his death from an escalator.
With the S&P 500 up more than 18% since the start of the year and almost 60% from the March 9 market low, it might be easy to make a case for long or even leveraged-long equity exposure.
Institutional investors are examining every aspect of their fund-of-hedge-funds portfolios and the managers in charge of them in the wake of the performance debacle of 2008, liquidity problems and the seismic shock of Bernard L. Madoff's massive Ponzi scheme.
The insurance industry predicts a new boom in variable annuities as tax deferral takes the spotlight in the near future, but financial advisers and broker-dealers aren't convinced that this will help products fly off the shelves again.
The Insured Retirement Institute last week chose James A. Shepherdson, executive vice president of Axa Equitable, as the group's chairman.
The Financial Industry Regulatory Authority Inc. is investigating whether broker-dealers are meeting their obligations to municipal-bond issuers who seek distribution to retail investors.
National ratings agencies received criticism yesterday at a meeting of the insurance industry for their failure to properly rate residential mortgage-backed securities prior to the crisis.
Total money market mutual fund assets rose $198 million to $3.483 trillion for the week, the Investment Company Institute said Thursday.
As the third quarter ends, the performance of many mutual funds confirms that investors have regained their taste for risk amid more signs of an economic recovery.
The Mutual Fund Store LLC, a registered investment adviser with $4.3 billion of assets gathered from offices across the country, announced today it was rolling out a service that provides retirees with a steady income.
Emerging-markets equity and bond funds, along with global bond funds, experienced substantial inflows over the last week, an indication that investors are now moving farther out on the risk curve, according to a report from Emerging Portfolio Fund Research Inc.
Regulators and legislators clashed with members of the life settlements industry at a congressional hearing today that focused on the risks and merits of life settlements securitization.
Retirees and pre-retirees remain skeptical about the likelihood of recovering their portfolio losses, and they are keeping financial advisers at arms' length, according to an informal survey.
A North Carolina insurance agent and former registered representative was arrested yesterday and faces embezzlement charges for allegedly duping a 90-year-old woman into signing away her annuities.
A money-market mutual fund that held more than $60 billion before it notoriously <a href=http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081029/REG/810299994&ht=bruce%20bent>”broke the buck"</a> a year ago said Wednesday it will hand out $1 billion in a fifth distribution to investors from the fund's remaining assets.
Lord, Abbett & Co. LLC is exiting the business of offering bundled 401 (k) plans — and has agreed to transition its nearly $1.2 billion in 401(k) assets to The Hartford Financial Services Group Inc.
Massachusetts Secretary of the Commonwealth William Galvin's Division of Securities sent a letter yesterday to Judge Paul Gardephe of the U.S. District Court for the Southern District of New York to oppose any proposals to “claw back” money from investors in The Reserve Primary Fund who withdrew their investment just prior to the fund's closure.
