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Wealthy hold few assets in indexed funds
Wealthy investors who use registered investment advisers are only indexing 3.8% of their marketable securities.
Great-West CFO explains Putnam buy
Great-West Life bought Boston-based Putnam Investments to obtain "instant recognition" in the U.S. market.
Use of insurance for M&A deals growing
The fear of mergers-and-acquisition agreements’ going sour increasingly is being eased by insurance, according to industry experts.
A.G. Edwards brokers mull life after acquisition
Bracing for change, registered representatives at A.G. Edwards & Sons Inc. last week met the news that they are being acquired by Wachovia Corp. with a range of opinions.
Indie firms sweeten deals for recruits
Faced with intense competition for financial advisers and growing transition costs, an increasing number of independent-contractor broker-dealers over the past year have boosted the amount of money they give to representatives and advisers to switch firms.
Fidelity CEO eases requirements for adviser biz’s profit margins
Edward C. “Ned” Johnson III has given the adviser services business at Fidelity Investments approval to loosen temporarily constraints on its profit margins in a bid to gain market share among advisers.
Part of brain may be resisting financial planning
NEW YORK — Advisers hoping to convince clients that they need a long-term financial plan should do their best to appeal to the prefrontal cortex of their clients’ brains — and steer clear of the limbic system altogether.
FSI girds for battle over 12(b)-1 fees
NEW YORK — The Financial Services Institute Inc. is gearing up for a fracas with regulators over the highly contentious issue of 12(b)-1 fees, an embedded annual charge in almost all mutual funds.
Life cycle portfolios catching on in variable products
CHICAGO — Life cycle fever seems to be spreading from 401(k) plans to variable annuities. At ING Variable Annuities, for instance, assets in LifeStyle portfolios — which were introduced as ING-managed subaccounts in mid-2004 — reached $8 billion at the end of April, up from more than $4 billion at the end of 2005.
More consumer education needed on HSAs
NEW YORK — A key roadblock to health savings account acceptance is that many people know little or nothing about HSAs and their required high-deductible health insurance plans, according to industry experts.
Saudi prince backs Prince
The largest shareholder of Citigroup has expressed confidence in chief executive Charles Prince and does not want to see a breakup of the company.
Spitzer creates financial commission
Gov. Eliot Spitzer has created a commission to help New York City hold onto and expand its status as a world financial capital.
Fidelity moves traders to Tokyo
Fidelity Investments will move its Japanese equity-trading desk to Hong Kong from Tokyo, published reports said.
Goldman’s lead hedge fund takes hit
Global Alpha, Goldman Sachs’ flagship hedge fund, fell 3.4% during the first four months of this year.
HSBC unveils donation for climate study
London-based HSBC, Europe’s biggest bank, has created a $100 million partnership to study the impacts of climate change.
OppenheimerFunds’ Wilby to retire
OppenheimerFunds Inc. Wednesday said Bill Wilby will retire from the New York-based company June 30 after 16 years of service.
N.Y. Life unveils retirement analysis tools
New York Life Retirement Plan Services is taking a page from retailers like Amazon.com Inc. in order to better understand and predict employee retirement planning behavior.
Bear Stearns makes London hires
The Bear Stearns Cos. Inc. today expanded its European investment banking division with a series of new appointments.
NYLI promotes two in legal dept.
New York Life Insurance Co. has announced promotions in its general counsel department.
UBS M&A chief jumps ship
Jeff Raich, co-global head of mergers and acquisitions, is the latest high-ranking investment banker to leave UBS AG.
