The Calvert Group Ltd. is looking to broaden its market and expand socially conscious investment policies with a new series of funds.
Investors who maintain self-directed 401(k) accounts or individual retirement accounts are increasing their investments in exchange traded funds.
The departure last week of Kevin Cronin as head of investments at Putnam Investments is a sign of more change to come at the beleaguered mutual fund company, some observers say.
In times like these, when the equity markets swing wildly and just about everything can look cheap from certain angles, the focus on value has to be especially precise.
Some mutual fund companies are deciding that the cash their funds earn from lending stocks doesn't justify the risk in light of unpredictable markets and the Securities and Exchange Commission's crackdown on short sales of selected financial stocks.
Ameriprise Financial Inc. has no immediate plans to bail out clients of advisers of its independent broker-dealer subsidiary, Securities America Inc., which saw $60 million erased last week when a giant money market fund, the Reserve Primary Fund, “broke the buck."
Under the agreement, the Putnam fund purchased shares in Federated fund with cash and portfolio securities valued at $12.3 billion, said Putnam spokeswoman Laura McNamara.
Third Avenue Institutional International Value Fund LP, a fund of Third Avenue Management LLC, filed a class action Friday against Reserve Management Corp. hinging on the firm's redemption process last week, when the net asset value of the Reserve Primary Fund fell to 97 cents.
Redemptions from U.S. money market mutual funds declined on Friday, with investors pulling out $5.2 billion compared to $47.7 billion the day before, according to the Westborough, Mass.-based research firm iMoneyNet.
Barclays PLC won’t be “assuming the obligation” of traditional structured products and exchange traded notes issued by Lehman Brothers Holdings Inc., according to a source close to the situation.
A suit filed by Ameriprise alleges that The Reserve gave special treatment to its largest clients just as the Primary Fund was losing value and about to “break the buck,” or dip below $1 per share.
The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds.
Reserve Management Corp. New York filed with the SEC on Friday to suspend all redemptions from its Primary Fund and the U.S. Government Fund and postpone the date of payment of redemption proceeds for a period longer than seven days after the tender of shares for redemption.
Mutual fund families are cutting expenses because asset levels have dropped, reflecting the rocky markets.
The Congressional Human Rights Caucus is pressuring mutual fund companies voluntarily to divest their holdings in companies that do business in Sudan.
Most investors will probably look at the recent performance of Asian stocks and run screaming, but some industry experts recommend that they stand pat.
U.S. markets are poised to open sharply higher this morning after top government officials from the administration and Congress announced a several actions last night intended fight the mounting financial crisis, according to published reports.
Say government $50 billion backstop makes funds more attractive — and makes it tougher for banks to attract deposits.
Legg Mason Inc. has entered into agreements to support three money market funds: Citi Institutional Cash Reserves, Western Asset Institutional Money Market Fund and a fund for offshore investors, CILF U.S. Dollar Liquidity Fund.
The Reserve Management Co. Inc. won’t accept new investors in any of its group of money market funds, the firm said yesterday.
