The New York-based ratings agency cut the carrier’s grade following Phoenix’s announcement of a first-quarter operating loss of $117.8 million and a $143.9 million — or 17% decline — in statutory surplus and asset valuation reserves,
Longtime insurance and annuity expert Jerome “Jerry” S. Golden, president of the income management strategies division and a corporate vice president of MassMutual’s retirement income division, is retiring.
Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash.
Lincoln National Corp. ended the first quarter in the red, citing a $600 million charge on the impairment of goodwill in its annuity business.
Marsh & McLennan Cos. said today it returned to profitability in the first quarter, bouncing back from a loss a year ago when it absorbed a big write-down. But the latest results fell short of Wall Street expectations.
Sales of mutual funds through brokers and financial advisers continued to shift toward fee-based compensation last year, while the trend toward fee-for-advice distribution accelerated, according to a study released today by Strategic Insight Mutual Fund Research and Consulting LLC.
The Securities and Exchange Commission is considering how regulation of money-market mutual funds could be tightened to better protect investors, the head of the agency said today.
The Securities and Exchange Commission plans to re-examine the issue of 12(b)-1 fee reform, Chairman Mary Schapiro pledged today at the Mutual Fund Directors Forum Annual Policy Conference in Washington.
The Grail American Beacon Large Cap Value ETF (GVT), an actively managed exchange traded fund, began trading today on the New York Stock Exchange. Grail Advisors LLC of San Francisco is the ETF’s manager.
Investors are rushing into stocks Monday as surprise increases in pending home sales and construction spending offered the latest signs that the economy is stabilizing.
These are difficult times for the mutual fund industry, which makes consideration of publicly traded fund companies as investments particularly nerve-racking.
As a result of shifting views of high-net-worth and ultrahigh-net-worth investors, financial advisers will have to re-evaluate business practices, including fees, portfolios and investment policies, according to wealth managers and industry observers.
A day before he and his hedge-fund consulting firm were stung by the Securities and Exchange Commission with $815,000 in fines and penalties, a major figure in the hedge fund world started his own effort to change hedge fund audits.
Mutual fund groups groups must adjust to a new, potentially expensive distribution landscape, according to members of a round-table panel of fund executives, financial advisers and industry experts.
As Congress starts to take up health care reform, a group representing health insurance agents is voicing its dissent over President Obama's call for universal health insurance.
The day of reckoning has come for the financial services industry.
