Money managers said they have laid off or plan to lay off nearly 3,600 staff members as a result of financial market swoons.
Fortress Investment Group LLC has suspended redemptions from its largest hedge fund and three of its feeder funds., according to a filing with the Securities and Exchange Commission.
To offset numerous redemptions this year, Fidelity Investments announced yesterday it will be reopening two of its mutual funds to new investors and accounts, starting Dec. 16.
After a three-year run in the mutual funds sector, Utopia Funds in Traverse City, Mich. is throwing in the towel by liquidating all four of its funds as of Dec. 22.
Jefferson National Life Insurance Co. today added the Rydex Variable Trust Managed Futures Strategy Fund to its Monument Advisor variable annuity.
Legg Mason Inc. will take new charges to provide support for its struggling money market funds, a move that will force the company to take a loss in the fourth quarter.
Envestnet Asset Management today announced enhancements to its sustainability platform in response to a growing interest in socially conscious investing, which accounts for one in every nine dollars under portfolio management in the United States.
The manufacturing sector headed downward in November as the economy continued to weaken under the weight of the financial crisis, according to a report by the Institute for Supply Management in Tempe, Ariz.
Actively managed exchange traded funds, which were introduced this year, haven't caught fire, but that didn't stop Invesco PowerShares Capital Management LLC from launching its fifth such ETF last month.
The election of Barack Obama has given a new "green" light to environmental investing, and financial advisers are taking notice.
October sales of new homes fell an estimated 5.3% to their lowest level in 17 years, the Department of Commerce reported today.
Socially conscious funds are one of the highest growth areas of the mutual fund industry and have outperformed their peers in recent time periods, according to a study released today by New York-based Lipper Inc.
The fund, UBS' first, offers a range of investment options, including exchange traded fund portfolios, mutual funds and separately managed accounts.
The Vanguard Group has added Frontier Capital Management and Kalmar Investment Advisers to manage its Vanguard Morgan Growth Fund. The two replace Franklin Portfolio Associates in managing about 20% of the $6.4 billion fund.
They are the first ETFs in the United States to provide short exposure or leveraged exposure to commodities or to the euro and the yen, according to a statement from ProFunds.
Nuveen Investments Inc. will acquire Winslow Capital Management Inc., an investment manager that specializes in managing large-cap-growth-stock portfolios for institutions and high-net-worth investors.
Sales of existing homes fell 3.1% in October to a 4.98-million-unit annual rate, as the stock market downfall and the weakening economy caused homebuyers to stay on the sidelines, according to the National Association of Realtors.
Disclosures for managed-payout mutual funds — launched in the last year to help retirees manage income — must make it clear that unlike annuities, such funds do not guarantee income.
Fidelity Investments' decision last week to replace the head of its adviser unit with an executive from Morgan Stanley is another sign that the former is serious about recruiting more breakaway brokers.
