AIG is in need of a federal government guaranty to meet counterparty collateral requirements, its former CEO Maurice Greenberg, said today.
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.
Genstar Capital LLC, a San Francisco-based private-equity firm, yesterday agreed to buy Long Term Care Group Inc., an outsourced services administrator.
While variable annuity performance has plunged this fall, the hedging programs designed to protect the products have helped carriers save $40 billion during September and October, according to a study from Milliman Inc.
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.
Fixed annuity sales in the United States hit $27.1 billion in the third quarter, up by 54% from the third quarter of 2007, according to data from Beacon Research of Evanston, Ill.
Many plan sponsors aren't focused on the investment strategies behind target date funds, creating an opportunity for financial advisers to play a greater role in the retirement-planning process, according to a survey by JPMorgan Asset Management Inc. of New York.
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.
October sales of new homes fell an estimated 5.3% to their lowest level in 17 years, the Department of Commerce reported today.
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.
The New York-based accounting firm yesterday paid the settlement in connection with its auditing service for Philadelphia-based Reliance Insurance Co., a carrier that’s now in liquidation.
Ameritas Life Insurance Co. of Lincoln, Neb., will offer a new version of its new variable universal life policy Jan. 1 as the company tries to conform to new mortality tables.
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.
As representatives from the American auto industry plead for a multibillion-dollar federal bailout, some financial advisers are already bracing for worst-case scenarios that could leave thousands of autoworkers, retirees and those working in related industries scrambling to fill retirement and health care funding gaps.
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.
Mutual funds fees will be going up next year, with market turmoil likely to be the main culprit.
In the current economic maelstrom, exchange traded funds are beating mutual funds in the fight for investor dollars — a battle that will have long-term implications for the asset management industry.
