In a bid to boost its lagging fund performance, Putnam Investments of Boston announced today that they are merging six equity funds, moving away from team management and firing 12 portfolio managers.
Despite the wild markets, investors are not abandoning stock mutual funds.
Small- and mid-size record keepers that administer 401(k) programs for providers are concerned that a plan to ensure that mutual funds are not being "market timed" will be so expensive to oversee as to put some of them out of business.
Investors are shifting away from mutual funds toward certificates of deposit, variable annuities and exchange traded funds, according to a study that will be released next month.
A panel that is charged with recommending changes to the ways money market mutual funds operate is being met with skepticism by money fund experts who worry that changes might be unnecessary.
Amid shrinking assets and a flood of redemptions, mutual funds that were closed to new investors are rolling out the welcome mat again.
The Reserve Management Co. Inc. said yesterday that it has begun the initial $4.5 billion distribution to shareholders of its U.S. Government Fund.
Fortress Investment Group LLC has seen more than $4.5 billion in redemption requests from clients in the year ended Sept. 30, the giant hedge fund reported in its quarterly statement yesterday.
The Hartford (Conn.) Financial Services Group Inc. today announced that it has applied to the Office of Thrift Supervision to become a savings and loan holding company.
For the five-year period ended June 30, the S&P 500 outperformed 68.6% of actively managed large-cap funds.
Shareholders will receive an annual dividend of 58 cents per share of common stock Dec. 19, down by about 50% from the dividend paid out in 2007.
The controversial proposal would move most EIAs from the status of insurance products, which are regulated only by states, to that of securities, which are federally regulated.
Agents and advisers are overlooking an opportunity for new life insurance sales: the middle market and minorities, said Catherine H .Smith, chief executive officer of U.S. insurance at ING North America Insurance Corp., in Atlanta.
Egregious risk taking in the name of impressive earnings has led to massive losses in the insurance industry, and now carriers need to think realistically about their pricing models and investments, executives said at a conference today.
“Ultimately, the consumer ought to benefit from greater regulation, provided that we heed the lesson of the current crisis,” said Christopher “Kip” Condron, president and chief executive of AXA Financial Inc. in New York.
Legislation requiring hedge funds to register with the Securities and Exchange Commission will be reintroduced by the ranking minority member of the Senate Finance Committee.
Foreclosure activity rose 25% in October from the same period a year ago, according to the latest data from RealtyTrac Inc. of Irvine, Calif.
Several prominent hedge fund managers hinted that better regulation of the hedge fund industry is a good idea, but stopped short of endorsing stricter oversight.
The price-to-sales ratio for the 30 companies that comprise the Dow is at its lowest point since 1996, making this a great time to get nto the market, said Neil Hennessy, CIO and portfolio manager for Hennessy Mutual Funds.
