Wash sale rules prohibit an investor from recognizing a loss for tax purposes if securities are sold and "substantially identical" securities are purchased within 31 days.
Britain’s FSA has fined international reinsurance giant Aon 5.25 million pounds ($7.9 million) for failing to maintain effective anti-bribery systems.
Union Bancaire Privée is threatening to pull billions of dollars of assets from some of the largest U.S. hedge funds, according to a spokesman for the Geneva bank.
Hedge funds suffered another body blow in December when, according to one index, the S&P 500 stock index outperformed the alternative class strategies.
American Century Investments expects to open an office in Hong Kong in the next few months.
Real estate investment trusts wrapped up 2008 with negative returns, including dividends, of 37.3% on average.
Mutual funds and discretionary assets that comply with Shariah, or Islamic law, fell to $65 billion at the end of the third quarter.
SIFMA has hired Leon J. Bijou as managing director and associate general counsel in a bid to expand its municipal bond expertise.
Pennsylvania’s insurance commissioner yesterday seized control of Penn Treaty Network America Insurance Co., a foundering long term care insurer, because it’s having difficulty maintaining appropriate capital levels.
The latest data, released today by the National Association of Realtors in Washington, shows the Pending Home Sales Index, which tracks contracts signed, fell to its lowest level since the trade group began tracking the stats in 2001.
Cigna anticipates that most of the layoffs will be completed by the middle of this year and that all of the affected employees will be eligible for severance benefits and outplacement support.
Commercial real estate is heading into its worst year since the industry's crash of 1991-92 and likely won't see a significant rebound until 2011 at the earliest, according to industry experts.
investors will likely continue to yank assets from mutual funds, more funds will close, and fund launches will come to a crawl this year, according to analysts.
By some measures, 2008 was one of the darkest periods in the history of the hedge fund industry.
Mutual fund liquidations could reach record levels in 2009 as assets decline and fund management companies trim overhead.
Employees who were recently laid off won't find a lot of advice from mutual fund companies about what they should do with their cash.
