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Investment News articles from April 2007
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Investment News archives from April 2007
Insurance slam-dunk for Okla. State.(Short Interests)
April 2, 2007
Innovation seen as key for investment management.(Conference Call)
April 2, 2007
The investment buzz has come almost full circle.(Other Views)
April 2, 2007
Differentiation is called key to wealth managers' success.(Conference Call)
April 2, 2007
AMT debate may pave way to tax simplification, some say; Republicans said to favor repeal of parallel tax.(News)
April 2, 2007
Awards may bring fame, fortune to fund companies; But some advisers are unimpressed by industry prizes.(News)
April 2, 2007
Spreading the tax risk in retirement portfolios urged; Using Roths said to take uncertainty out of future taxes.(News)
April 2, 2007
Slott urges advisers to embrace distribution strategies.(Conference Call)
April 2, 2007
New Retirement Center.(Short Interests)
April 2, 2007
Advisers missing chance among affluent; Focus on super wealthy leaves affluent underserved.(News)
April 2, 2007
Advisers use risk management to ride out market turbulence; But some worry about exuberance for exotic strategies.(News)
April 2, 2007
At the bell.
April 2, 2007
Futures firm farms out HSA financing.(Short Interests)
April 2, 2007
It's not what you get, it's what you get to keep.(The Markets)
April 2, 2007
Enron execs' desks fail to draw big bidders.(Short Interests)
April 2, 2007
Putnam manager seizes opportunities amid volatility.(Street Wise)
April 2, 2007
Closing quote.(Reverse Spin)
April 2, 2007
Court rejects broker-dealer exemption rule; 2-1 decision marks a big win for the FPA and a setback for SEC.(News)
April 2, 2007
Cox: Proxies aren't in 'plain English' despite new rules; SEC aims to improve 401(k) disclosure, chairman says.(News)
April 2, 2007
With Bill Crager of Envestnet Asset Management.(One on One)
April 2, 2007
Emphasizing longevity seen as key to plans.(Conference Call)
April 2, 2007
Firms win absolute immunity for U-5s in New York.(Short Interests)
April 2, 2007
Wealth pros warming to passive; `Beta' strategies gaining ground on active `alpha'.(News)
April 2, 2007
IT spending on rise at financial services firms, survey shows; They are listening to retail clients, analyst says.(News)
April 2, 2007
SRO merger suit: The battle begins; Court orders initial document production; Schapiro, others at NASD may be deposed.(News)
April 2, 2007
Potential axing of 12(b)-1 fees worries advisers; Repeal an option, according to Donohue.(News)
April 2, 2007
NASD to emphasize regulation 'principles'; `One size fits all' rulemaking isn't the way to go, Schapiro says.(News)
April 2, 2007
Chinese law seen as boon for real estate investors.(Short Interests)
April 2, 2007
SEC revisiting of 12(b)-1 fees: About time.(Monday Morning)
April 2, 2007
Fidelity merging 2 small funds into larger ones; Country portfolios to be absorbed by regional funds.(News)
April 2, 2007
Sun shines on RIAs, and product makers bask in the glow; Database firms offer to eager clients dish on adviser firms.(News)
April 2, 2007
Beggar in India has life insurance.(Short Interests)
April 2, 2007
Wall Street's unlikely populist prophet.(Reverse Spin)
April 2, 2007
SEC chief missed the boat at budget hearing.(Editorial)
April 2, 2007
U-5 immunity decision sparks strong reaction; N.Y. ruling termed `win for investors' and `a real injustice'.(News)
April 9, 2007... Byline: Dan Jamieson
IRVINE, Calif. - A widely watched case decided last month by New York's highest court has sparked sharp industry reaction.
The state's Court of Appeals ruled in Chaskie Rosenberg v. MetLife Inc. that in New York,...
Narrowing of discounts continues.(The Markets)
April 9, 2007... Byline: Tom Roseen
Investors seeking a bigger bang for their buck have bid up prices of closed-end funds.
Buying often-leveraged assets at a discount offers the attraction of adding greater yields to investors' wallets.
...
Florida adviser assists clients with mortgages.(Short Interests)
April 9, 2007... Byline: Gary S. Mogel
NEW YORK - Given how much more difficult it has become to obtain mortgages in light of the subprime-lending fallout, at least one financial advisory firm is trying to help by creating a referral list of reputable...
Ruling's right, though both sides have a point.(Editorial)
April 9, 2007... This publication always has thought that what is best for the investor is, in the long run, best for the industry.
How then should we react to the ruling by the U.S. Court of Appeals for the District of Columbia Circuit which overturned the...
With Kathleen Murphy of ING U.S. Financial Services.(One on One)
April 9, 2007... Byline: Gary S. Mogel
Demolishing the product silos that stand in the way of integrated wealth management is tough, but fans say that Kathleen Murphy, chief executive of the wealth management division of Atlanta-based ING U.S. Financial...
Young, optimistic but not realistic.(Short Interests)
April 9, 2007... Byline: Lisa Shidler
CHICAGO - Just 13% of teens surveyed were very or somewhat knowledgeable about 401(k) plans, according to a new study from San Francisco-based Charles Schwab & Co. Inc.
Teens today are optimistic but perhaps not...
Ontario won't put its stamp on passport system; Says it doesn't meet need to modernize securities reg regime.(News)
April 9, 2007... Byline: David Clarke
OTTAWA - The gambit by the Canadian Securities Administrators to get Ontario involved in a new, improved passport system of regulation led to a stalemate when the Ontario Securities Commission said: Nothing doing.
...
Some VA-related costs in 401(k)s are exorbitant, according to critics; They call M&E coverage unnecessary for plan participants.(News)
April 9, 2007... Byline: Kathie O'Donnell
BOSTON - Many Americans are paying high fees in their 401(k) plans for insurance they don't need, and their employers often are unaware, some observers say.
The culprit, the observers say, is a fee for...
Insurers look at including lifetime annuities in 401(k)s; Combination good for advisers, employees, study says.(News)
April 9, 2007... Byline: Lisa Shidler
CHICAGO - Including annuities in 401(k) plans could represent a prime opportunity for advisers - if a new model for compensation can be devised and if advisers are allowed on-site to explain their product to employees,...
Fundamental differences over Schwab funds; Vanguard, Barclays question methodology behind indexes.(News)
April 9, 2007... Byline: Brooke Southall
SAN FRANCISCO - Charles R. Schwab last week called the fundamental indexes underlying his company's three newest mutual funds "a better mousetrap,'' but The Vanguard Group Inc. and Barclays Global Investors smell a...
ETF industry chugs along with new products; Product providers try to capitalize on huge demand.(Exchange Traded Funds)
April 9, 2007... Byline: David Hoffman
PHILADELPHIA - The exchange traded fund industry is tripping over itself to come out with new buzz-worthy products.
"Money is pouring [into ETFs], and people are trying to capitalize on it,'' said Richard Romey,...
Income trusts' tax incentive in jeopardy.(Short Interests)
April 9, 2007... Byline: David Clarke
OTTAWA - A bill before the U.S. House Ways and Means Committee would remove the tax incentive for Americans to invest in Canadian income trusts.
If the bill were to become law, the distributions from Canadian...
Advisers bolster retirement income, report shows; Clients on track to replace fully 67% of working income.(News)
April 9, 2007... Byline: Kathie O'Donnell
BOSTON - Members of working U.S. households who used financial advisers were on track to replace 67% of their pre-retirement income during retirement on average, compared with 57% for those going it alone, research...
VA sales strong in 2006; expected to remain robust; But fixed annuities slipped last year.(News)
April 9, 2007... Byline: Gary S. Mogel
NEW YORK - As long as the stock market keeps rising, and baby boomers keep getting older, variable annuity sales should continue to be robust, industry observers say.
VA sales were up in the fourth quarter and for...
Fund aims to stand out in sideways or down markets.(Street Wise)
April 9, 2007... Byline: Jeff Benjamin
For retail-class investors with an appetite for alternative strategies, there aren't many options more true to the methodologies applied by hedge fund managers than the Arbitrage Fund (ARBFX).
This isn't to...
Taxing charges for Jackson Hewitt.(Reverse Spin)
April 9, 2007... Byline: Charles Paikert
There must have been an awful lot of hardworking, honest accountants and financial advisers out there who experienced more than a little schadenfreude last week when the Department of Justice charged a number of...
Closing quote.(Reverse Spin)
April 9, 2007... "The single worst thing that a 401(k) plan could do to their employees would be allow a bunch of commission-crazed annuity salesmen to pollute their plan.'' -Frank Armstrong III, a certified financial planner and president of Investor Solutions...
At the bell.
April 9, 2007... New Century given access to financing
A U.S. bankruptcy judge has given New Century Financial Corp. the green light to obtain a portion of the $150 million of financing it needs in order to remain under Chapter 11 bankruptcy protection, the...
Wall Street grapples with defeat of rule, uncertain of its effects; Brokers expect paperwork hassles.(News)
April 9, 2007... Byline: Dan Jamieson
IRVINE, Calif. - The securities industry is coming to grips with the defeat of the broker-dealer exemption rule.
If the Securities and Exchange Commission doesn't act quickly, the U.S. Court of Appeals for the...
Health-benefits tax bill draws adviser interest; All types of couples would receive a spousal break.(News)
April 9, 2007... Byline: Lisa Shidler
CHICAGO - A bill that would extend to domes- tic partners the preferred tax treatment enjoyed by married couples in employer-sponsored health-care plans is attracting attention from financial advisers.
Introduced...
Good customer service doesn't leave clients hungry.(Monday Morning)
April 9, 2007... Byline: Jim Pavia
I love Chinese food.
I could order takeout three times a week and never get bored.
I also appreciate good customer service. Therefore, you can imagine how happy I would be if the two actually were combined.
...
Lydian Trust sharpens its focus in Florida; Plans to open as many as 15 offices targeting the state's ultrawealthy.(News)
April 9, 2007... Byline: Brooke Southall
SAN FRANCISCO - In selling one of its subsidiaries to a California bank, Lydian Trust Co. is preparing to bolster its presence on its home turf.
The Palm Beach, Fla.-based bank holding company plans to open as...
Raymond James & Associates lands bigger producers; Hiring pace slightly off from last year's.(News)
April 9, 2007... Byline: Bruce Kelly
NEW YORK - Raymond James & Associates Inc. recruited 36 registered representatives during the first quarter, compared with the 43 reps hired during the year-earlier period.
But 16 of those new reps boasted average...
Changes in 401(k) world may open the door for ETFs; Auto-enrollment, push for fee disclosure may provide lift.(Exchange Traded Funds)
April 9, 2007... Byline: Ilana Polyak
NEW YORK - Although exchange traded funds are growing at a torrid rate, with a new offering almost daily, one area where ETF growth has been slow is in retirement accounts.
That might be about to change. A number...
United Securities sticks former brokers with tail E&O bill; Says surprise charge is permitted by rep agreements.(News)
April 9, 2007... Byline: Bruce Kelly
NEW YORK - Brokers who left United Securities Alliance Inc. before its March 1 acquisition by Royal Alliance Associates Inc. received a letter from United's lawyers last month that contained a surprise: They owe United...
Betting on your future or extrapolating an illusion?(Other Views)
April 9, 2007... Byline: William Berg
We take for granted the fundamentals of probability - the daily sports page lists betting lines for games, the weather reporter tells us the percentage chance of rain, and anything unlikely to happen is compared with a...
Annuity, fund sales flat at banks, notes study; `Stagnant income' resulted from transition to managing assets from sales mentality.(News)
April 9, 2007... Byline: Gary S. Mogel
NEW YORK - Fee income from variable and fixed annuities, and mutual funds, sold by banks declined by 0.6% last year to $19.33 billion, from $19.46 billion in 2005, according to a recent study.
The report was based...
Next move is SEC's, and it keeps mum; Ruling effective May 21 if no appeal is filed.(News)
April 9, 2007... Byline: Jeff Benjamin
DETROIT - All eyes are on the Securities and Exchange Commission now that a federal appeals court has overturned its controversial broker-dealer exemption rule.
The SEC has until May 14 to appeal a March 30 ruling...
Scaturro's exit from U.S. Trust leaves B of A holding the bag; Banking giant faces host of acute wealth management problems.(News)
April 9, 2007... Byline: Charles Paikert
NEW YORK - Peter Scaturro's impending departure as chief executive of U.S. Trust has left Bank of America Corp., the venerable wealth manager's prospective new owner, with a big mess on its hands.
"It's a huge...
Opinion poll.
April 9, 2007... Previously, we asked you: Do you agree with the Court of Appeals decision to overturn the broker-dealer exemption rule?
Yes - 79.5%
No - 20.5%
Respondents: 420
This week's question is: Has the mutual fund industry learned a...
Tax issues distract.(Short Interests)
April 9, 2007... Byline: Sara Hansard
WASHINGTON - Nearly three of four small-business owners said staying on top of their taxes distracted them from focusing on the needs of their businesses, according to surveys taken last month of 1,000 small businesses...
First 'Happyness,' then funding financial literacy.(Short Interests)
April 9, 2007... Byline: Sam Lewis
NEW YORK - Chris Gardner is pursuing funding to promote financial literacy.
Mr. Gardner, whose struggles as a single homeless parent and rise in the brokerage industry were depicted in the film "The Pursuit of...
Adviser's challenge: Generating referrals, retaining assets.(Marketing Strategies)
April 9, 2007... Byline: Libby Dubick
A few years ago, I attended a Schwab [Institutional] conference and sat in on an adviser round table on marketing.
The advisers started out by going around the table and sharing what they did to market their...
CPA touts 6.6% sustainable retirement withdrawal rate; Laddering fixed income first can provide more income, he says.(News)
April 9, 2007... Byline: Gary S. Mogel
NEW YORK - Financial advisers can safely increase their clients' retirement income by 50% or more by structuring withdrawals differently, according to a certified public accountant who specializes in retirement income...
Ruling acknowledges emergence of an industry.(Fiduciary Corner)
April 9, 2007... Byline: Donald B. Trone
As reported here last week, a federal appeals court has struck down the Securities and Exchange Commission's broker-dealer exemption, stating that the commission lacks the authority to grant brokers broad exceptions...
Hedge funds and ETFs: Strange bedfellows.(Investment Strategies)
April 9, 2007... Byline: Richard Kang
In the wide spectrum of choices available to modern investors, few vehicles seem farther apart than exchange traded funds and hedge funds.
ETFs are seen as commoditized, low-cost, low-return products for the retail...
Planning for retirement starts early.(Short Interests)
April 9, 2007... Byline: Aaron Siegel
NEW YORK - Americans are entering college with career aspirations and retirement plans.
Nearly 40% of 18- to 24-year-olds and 60% of 25- to 34-year-olds surveyed said they were concerned about having enough money...
Insite 2007: Pre-conference Guide; Pershing's Financial Products & Services Conference, June 6-8, 2007, Hollywood, Florida.(Advertising Supplement)
April 9, 2007... Agenda - page 4
Boomer Retirement Trends - page 12
A Wealth of Possibilities - page 16
Practice Management - page 18
Calendar.
April 9, 2007... April
11 - Third annual SIFMA Small Firms Forum, Securities Industry and Financial Markets Association. Marriott Marquis, New York. (212) 618-0587, or sia.com/sfforum07 or rgannon@sifma.org.
12 -13 - Sixth annual Symposium on...
Fund anti-abuse provisions set to take effect; Regulation intended to deter market timing.(News)
April 9, 2007... Byline: David Hoffman
PHILADELPHIA - With the deadline for complying with the rule that governs agreements between them just a week away, mutual fund companies and intermediaries are busy ironing out last-minute wrinkles.
The...
Corrections.
April 9, 2007... In an article in the April 2 issue, "Wealth pros warming to passive,'' Matt McGuire, vice president of Oklahoma City-based Heritage Trust Co., was misidentified as Mark McGuire.
In a separate story in that issue, "Advisers missing chance...
Young, optimistic but not realistic.(Short Interests)
April 9, 2007
Income trusts' tax incentive in jeopardy.(Short Interests)
April 9, 2007
The smallest 529 plan weighs consolidation.(News)
April 16, 2007
Exemption rule decision no victory for consumers.(Other Views)
April 16, 2007
Performance discrepancies show need for full evaluation; Variable annuity funds.(The Markets)
April 16, 2007
Costs cut, Citi now may consider sales.(Reverse Spin)
April 16, 2007... Byline: Charles Paikert
The cost cutting at New York-based Citigroup Inc. last week certainly was painful but hardly unexpected. The big question now is what comes next, besides more cost cutting, after the elimination of 17,000 jobs and a...