The housing market continued its downward spiral in December, with new-home construction plummeting to a record low, according to data released today by the Department of Commerce.
Forward Management LLC of San Francisco, adviser to the Accessor Funds, announced today the launch of a mutual fund that gives investors access to “frontier” equity markets which are smaller, less liquid and less developed.
Hedge funds experienced record net redemptions of $155 billion in 2008, which when combined with a performance decline of 18.3% for the HFRI Fund Weighted Composite index for the year, dropped total industry assets 25% to $1.4 trillion as of Dec. 31.
According to preliminary data from Hennessee Group LLC in New York, total hedge-fund assets declined by 39% to $1.21 trillion in 2008 — their lowest level since 2006.
The mysterious disappearance of a Florida hedge fund manager five days ago has prompted the Federal Bureau of Investigation and the Securities and Exchange Commission to join the investigation, published reports said.
Actively managed equity mutual funds suffered record net outflows of $208.3 billion last year, while equity index funds enjoyed net inflows of $28 billion, according to estimates from Morningstar Inc.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
Foreign investors plan to spend significantly more money on U.S. real estate in 2009 than they did last year.
