Two trade groups that represent the investment management industry want the Securities and Exchange Commission to hold a public hearing on the liquidation plan for a money market fund that collapsed in September.
While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators.
The suit was filed by American Equity Investment Life Insurance Co., a major provider of index annuities, and other companies that market the products, in the U.S. Court of Appeals for the District of Columbia Circuit after the SEC published its rule in the Federal Register today.
The Federal Reserve has cleared Protective Life Corp., the Birmingham, Ala., insurer, to become a bank holding company, making the carrier eligible to a slice of the $700 billion federal bailout.
One of the suits was brought in federal court in New York by the Chicago-based American Medical Association, which led medical societies, health plan members and medical-care providers against the carrier.
Grail Advisors LLC said today that it has filed a registration statement for two actively managed exchange traded funds, the Grail American Beacon International Equity ETF and the Grail American Beacon Large Cap Value ETF.
The two money management operations have been divisions of the same parent company since last January when Rydex of Rockville, Md., was acquired by Security Benefit Corp. of Topeka, Kan.
The number of properties facing foreclosure proceedings jumped 81% and the number of American households losing their homes through foreclosure surged 66% in 2008, according to two studies.
Genworth Financial Inc.’s long term care insurance business has teamed with the National LTC Network Inc. in a marketing relationship aimed at selling the insurer’s products and services.
Nomura Asset Management Co. Ltd. of Tokyo today announced the launch of Nomura Partners Funds Inc., a group of mutual funds with an Asian and global focus.
Putnam Investments of Boston today announced that it has launched four target absolute-return mutual funds designed to seek annualized total returns of 1%, 3%, 5% or 7% above those of U.S. Treasuries over a period of three years or more.
Foreign investors plan to spend significantly more money on U.S. real estate in 2009 than they did last year.
Jackson National Life Insurance Co. of Lansing, Mich., today launched its new corporate <a href=http://www.jackson.com>website</a>, which includes new tools for advisers and registered representatives.
Genworth Financial Inc. kicked off the new year by firing approximately 1,000 of its 7,300 employees worldwide in an attempt to cut the insurer’s spending.
The new year promises to be a tough one for the U.S. life and health insurance sectors, according to an industry report card released today by Standard and Poor’s Ratings Services.
Last year was among the worst ever in the history of hedge funds, with $210 billion in losses during the third quarter alone, 693 funds closed through Sept. 30 and an average 16% decline through November.
Financial advisers will likely be drawn to the allure of exchange traded funds in 2009, thanks to an anticipated rise in open-end mutual fund expenses, according to industry experts.
Historically low interest rates, coupled with a torrent of new cash from investors, are forcing many mutual fund companies to close the doors on their Treasury money market funds.
Although most funds performed dismally last year, a Vanguard fund and its exchange traded fund share class bucked the trend with spectacular results, returning more than 50%.
