Investment News articles from February 2006

Investment News archives from February 2006

Closing Quote.(Quotes)
February 6, 2006... "There seems to be an unusual amount of confusion over what the frick is a UMA.'' Charles "Chip'' Roame, managing principal at research firm Tiburon (Calif.) Strategic Advisors LLC. Page 2

At the Bell; Two dissidents elected to NASD board.(Late News)
February 6, 2006... Two dissident candidates were elected on Friday to NASD's board of governors. Such elections are often quiet affairs with candidates running unopposed, but this year's election saw three of four board seats contested. Retired U.S....

National Life inks deal for retirement planning software.(News)
February 6, 2006... Byline: Carlise Peterson NEW YORK - With the population aging and the cost of living rising, planning for withdrawals from retirement accounts is a source of angst for many investors. To support such clients, National Life Insurance...

Calendar.(Calendar/Datebook)
February 6, 2006... February 8 - Plan Design Workshop, SunGard Corbel Inc. Hilton Milwaukee River. sungardcorbel.com. 9 - Plan Design Workshop, SunGard Corbel Inc. Crowne Plaza North Dallas/Addison (Texas); Marriott Minneapolis Airport, Bloomington, Minn....

M&A mania provides fund with plenty of fodder.(Street Wise)
February 6, 2006... Byline: Jeff Benjamin John Orrico's biggest challenge these days as manager of the $190 million Arbitrage Fund (ARBFX) is wading through the flood of mergers and acquisitions that has inundated the industry at a growing pace this past...

International investors help cause flat yield curve; A laddering strategy helps generate above-average returns.(News)
February 6, 2006... Byline: Aaron Siegel NEW YORK - When looking at the flatness of the bond yield curve, the impact of foreign money can't be underestimated. Many international factors have contributed to the flattening of the curve, including the Asian...

Oscar movies boast insurer firm names.(Short Interests)
February 6, 2006... Byline: Gary S. Mogel NEW YORK - Sex and violence in a movie don't guarantee Oscar nominations, but having an insurance company name in the title apparently does. Felicity Huffman ("Transamerica'') and Charlize Theron ("North...

Choosy DFA posts dramatic growth on two fronts; Number of adviser clients and their assets show increases.(News)
February 6, 2006... Byline: Brooke Southall SAN FRANCISCO - Dimensional Fund Advisors Inc. made its famously hard-to-get client acceptance policies even more stringent last year, but its growth continues in terms of both adviser clients and their assets. ...

UMAs win few fans among advisers; Confusion, additional fees are a turnoff.(News)
February 6, 2006... Byline: Jeff Benjamin DETROIT - More than three years after the unified managed account made its debut, the sophisticated investment vehicle has failed to attract a following among financial advisers. The reluctance to embrace UMAs,...

MBA grads pocket fat salaries.(Short Interests)
February 6, 2006... Byline: Aaron Siegel NEW YORK - Students who received masters in business administration degrees last year will command higher starting salaries than MBA graduates earned in the past, according to a new survey. Annual starting salaries...

Merrill Lynch cuts brokers' cash pay; Firm shifts some compensation to deferred stock plan.(News)
February 6, 2006... Byline: Dan Jamieson IRVINE, Calif. - In a little-noticed move, Merrill Lynch & Co. Inc. has trimmed brokers' cash pay by 1 percentage point. At the same time, the New York-based firm began crediting an extra point and a half of...

Jobs numbers may get Fed's attention.(Reverse Spin)
February 6, 2006... Byline: Frederick P. Gabriel Jr. Talk about a double-edged sword. The U.S. unemployment rate dropped to a four-and-a-half year low of 4.7% last month, and U.S. employers added 193,000 new jobs to their ranks, according to a report by...

Health-care cost jitters afflict the Sunshine State.(Short Interests)
February 6, 2006... Byline: Nicquan Lovell NEW YORK - Even wealthy Floridians are worried about the escalating costs of health care, according to the results of a survey released by PNC Financial Services Group Inc. "Providing for health and wellness was...

Political contributions by fund industry soar; Politics, legislation and scandal sparked firms to seek influence.(News)
February 6, 2006... Byline: Frederick P. Gabriel Jr. and Aaron Siegel BOSTON - The mutual fund industry, led by Fidelity Investments, has finally discovered an age-old secret for making friends and influencing people in Washington: money. Facing a slew of...

Wilmington Trust makes big mutual fund push; Some say firm is spreading itself too thin.(News)
February 6, 2006... Byline: David Hoffman NEW YORK - At a time when many banks seem to be shedding their mutual fund groups, Wilmington Trust Corp. in Delaware is headed in the other direction. The company launched seven new funds at the end of last year,...

Medical-billing technology lags HSA growth, industry experts say; Some patients pay undiscounted rates.(News)
February 6, 2006... Byline: Gary S. Mogel NEW YORK - Health savings accounts continue to multiply, but medical-billing technology has yet to catch up with the administrative nuances of the high-deductible accounts linked to HSAs, according to industry...

One on One With Franklin Morton of Ariel Mutual Funds.(One on One)(Company Profile)
February 6, 2006... Byline: Carlise Peterson Tortoises of all shapes and sizes reside in the offices of Ariel Capital Management LLC in Chicago, reflecting the firm's axiom, "Slow and steady wins the race.'' The maxim has served the firm well. Its focus...

Referrals for advisers focus of new book and blog; CPA relationships, business strategies to be highlighted.(News)
February 6, 2006... Byline: Charles Paikert NEW YORK - For financial advisers, referrals rule, as a new book and blog make clear. "Referrals remain one of the top areas of interest for financial advisers, irregardless of length of service or book size,''...

Wyoming may scrap its 529 plan.(News)
February 6, 2006... Byline: Charles Paikert NEW YORK - Wyoming in a few weeks may become the first state to scrap its Section 529 college savings plan. The state Legislature is set to decide as early as this month whether to shut down the plan, which was...

World fund investors must be aware of the impact of dollar movements.(The Markets)
February 6, 2006... Investors in world funds - especially diversified global/international funds - must consider potential dollar movements this year, as those could make a significant investment impact. One major reason the developed (G-7) markets did well...

Promise to cut budget deficit is mere wishful thinking.(Tax Watch)
February 6, 2006... Byline: Mark E. Battersby The Congressional Budget Office has predicted that it is unlikely that President Bush will be able to keep his promise to cut the federal deficit in half by the end of his term. A recent CBO report noted that...

Employees take ostrich approach to retirement; Many lack knowledge of the savings needed.(News)
February 6, 2006... Byline: Carlise Peterson CHICAGO - U.S. employees think that ignorance is bliss with regard to the amount of savings they will require in retirement, a new survey of investors from AXA Equitable Life Assurance Co. suggests. "Most...

Court ruling is a blow to H&R Block; Three reps freed to take business to new firm.(News)
February 6, 2006... Byline: Sara Hansard WASHINGTON - Federal courts in Washington have made it more difficult for brokerage firms to stop their departing representatives from taking clients with them. Last week, the U.S. Court of Appeals for the District...

IRS to scrutinize small, midsize firms; Pension plan focus could be boon for financial advisers.(News)
February 6, 2006... Byline: Carlise Peterson NEW YORK - Beware, small- and midsize-business owners: The Internal Revenue Service soon may be knocking on your door. That is likely bad news for business owners but good news for financial advisers and...

Investor irked by Investors Capital's performance; Company counters, saying Stortini is way off base.(News)
February 6, 2006... Byline: Bruce Kelly NEW YORK - An investor who went toe-to-toe with Donald Trump last year is demanding changes at an independent-contractor broker-dealer. At the end of December, Robino Stortini Holdings LLC said that changes needed...

Financial advisers applaud president's HSA game plan.(News)
February 6, 2006... Byline: Sara Hansard WASHINGTON - Plans to expand health savings accounts, outlined in President Bush's State of the Union address last week, were welcomed by financial advisers who handle the rapidly growing new "consumer driven'' health...

Adviser registration presents branding opportunity.(Other Views)
February 6, 2006... Byline: Charlie Davidson The new Rule 202(a)(11) under the Investment Advisors Act of 1940 - sometimes called the Merrill Lynch rule - mandates the registration of representatives engaged in advisory practices unless those practices are...

Identity theft guarantor adds kids.(Short Interests)
February 6, 2006... Byline: Gary S. Mogel NEW YORK - A firm established last year to protect adults against identity theft now will also protect the identity of kids under age 16. "Children's identities are easier theft targets than adults' identities...

Growth in BRIC economies encourages investment, CEOs say.(Short Interests)
February 6, 2006... Byline: Aaron Siegel NEW YORK - The emergence of the so-called BRIC economies - those of Brazil, Russia, India and China - is opening doors for companies to new customers and markets, according to a recent CEO survey from...

NASD acts on trade shredding.(News)
February 6, 2006... Byline: David Hoffman NEW YORK - NASD in Washington is playing regulatory catch-up. While the Chicago Board Options Exchange, the New York Stock Exchange and the Philadelphia Stock Exchange already have moved to comply with a...

FSC lands highly touted rep from Lincoln Financial; Major hiring called a coup by industry experts.(News)
February 6, 2006... Byline: Bruce Kelly NEW YORK - Lincoln Financial Advisors Corp.'s top producer walked out the door, joining rival FSC Securities Corp., which has seen tremendous success in plucking Lincoln registered representatives and advisers over the...

Unusual donor reaction to Spitzer's run.(Monday Morning)
February 6, 2006... Byline: Mike Clowes New York State Attorney General Eliot L. Spitzer is the front-runner in the race to replace Gov. George Pataki in November, which would normally be of little concern to anyone outside the state. But Mr. Spitzer has...

Hartford adds 14 investment options, 4 managers.(Product Watch)
February 6, 2006... The Hartford (Conn.) Financial Services Group Inc. has added 14 new investment options and four new money managers. The new investment options are AIM V.I. Capital Appreciation Fund, AIM V.I. Capital Development Portfolio, AIM V.I. Small...

Merrill's fund unit gains some traction; CIO Bob Doll gets credit but faces major challenges.(News)
February 6, 2006... Byline: Dan Jamieson IRVINE, Calif. - Merrill Lynch Investment Managers Ltd. is on the mend. For the first time in nearly five years, it has achieved positive asset flows, beginning in the second half of last year. MLIM president...

Congress must combat identity theft.(Editorial)
February 6, 2006... One has to wonder if members of Congress are actually reading and comprehending the stories about identity theft that the rest of us are seeing in the news each day. Identity theft is an epidemic, and meaningful legislation needs to be...

Market climbs despite mixed and contradictory data.(Practice Management)
February 6, 2006... Byline: Shawn Price Wall Street is replete with colorful expressions, many of which are used to describe trends and tips for investing in the stock market. One such time-tested adage, "Bull markets climb walls of worry,'' can be...

Regulator, associations strike deal; Firms that did business with Portus to repay investor fees.(News)
February 6, 2006... Byline: David Clarke OTTAWA - The saga of the $698 million collapse of Portus Alternative Asset Management Inc. has taken another twist. The Ontario Securities Commission alleges that Portus of Toronto took about $83 million of...

Tories in Canada aim to cut capital gains; Opponents decry effort as pandering to rich.(News)
February 6, 2006... Byline: David Clarke OTTAWA - Prime Minister Stephen Harper won a minority government Jan. 23 partly due to a platform, called Stand Up for Canada, which included a promise to cut taxes on capital gains for individuals and companies that...

MetLife offloads VA guarantees risk to Societe Generale; Bank forms reinsurance company to handle transaction.(News)
February 6, 2006... Byline: Gary S. Mogel NEW YORK - Reinsuring increasingly is being used to handle equity-related risks associated with the variable annuity guarantees that have flooded the market, but hedging remains the primary method of handling...

INVESTMENTNEWS EDITORIAL CONTACTS.(News)(Editorial)
February 6, 2006... Jeff Benjamin covers alternative investments, stocks, separate accounts, hedge funds, international investing, real estate and associations. He also writes the weekly Street Wise column. Jeff is based in the Detroit area, and he can be reached...

Top 25 providers of variable annuities ranked by assets.(Variable Annuity Providers)
February 6, 2006... Company Assets ($m) 1 TIAA-CREF $313,729 730 Third Ave. New York, NY 10017-3206 (212) 490-9000 2 Hartford Life 103,592 200 Hopmeadow St. Simsbury, CT 06089 (860) 547-5000 3 Metropolitan Life Insurance...

More indie brokers bulk up on recruiters; Following LPL's lead, many build regionally.(News)
February 13, 2006... Byline: Bruce Kelly NEW YORK - Inspired by the tremendous growth of Linsco/Private Ledger Corp. and its ability to recruit brokers and advisers, a number of independent-contractor broker-dealers are following the industry pacesetter's...

Point-of-sale-rule proposal tweaked.(Short Interests)
February 13, 2006... Byline: Sara Hansard WASHINGTON - The Securities and Exchange Commission likely will issue an amended "point of sale'' proposed disclosure rule for brokerage firm mutual fund sales, Robert Colby, deputy director of the division of market...

Wachovia creates tiered interest rates.(Short Interests)
February 13, 2006... Byline: Dan Jamieson IRVINE, Calif. - Last month, Wachovia Securities LLC of Richmond, Va., began paying a tiered rate on its bank deposit sweep accounts. Beginning Jan. 23, smaller accounts started getting lower rates on their cash....

Parents late to the game.(Short Interests)
February 13, 2006... Byline: Aaron Siegel NEW YORK - When planning for college, early preparation can thwart financial hardship down the road. Findings from a survey of parents of college-bound freshmen conducted by Aspen Media and Market Research of...

TD Ameritrade segmenting adviser market; Clientele could be divided based on asset size.(News)
February 13, 2006... Byline: Brooke Southall SAN FRANCISCO - TD Ameritrade Institutional soon will split its clientele, freeing it to serve larger and smaller advisers separately, according to J. Thomas Bradley Jr., president of that division. But that may...

A commodity fund opens door to new investment options; Advisers see a future for ETFs beyond futures.(News)
February 13, 2006... Byline: David Hoffman NEW YORK - A new exchange-traded commodities pool has opened the floodgates to a new universe of ETF products, according to industry experts. The DB Commodity Index Tracking Fund, launched Feb. 3 and advised by...

Hedge fund registration in line with SEC projections.(Conference Call)
February 13, 2006... Byline: Sara Hansard WASHINGTON - The more than 900 hedge fund advisers who have registered with the Securities and Exchange Commission approximately met its enrollment expectations, division of investment management associate director...

Advisers get earful from heavy hitters, peers.(Conference Call)
February 13, 2006... Byline: Brooke Southall ORLANDO, Fla. - George H.W. Bush and William H. Donaldson pleaded to the 1,100 financial advisers assembled here this month to get on the straight and narrow on behalf of financial clients. "I believe...

Valentine stocks aren't a good play for faint of heart.(Short Interests)
February 13, 2006... Byline: Jeff Benjamin DETROIT - While it may be ill advised to fall in love with any particular investment, there could be some investments that benefit when people fall in love, according to Brent Wilsey, president of Wilsey Asset...

Calendar.(Calendar/Datebook)(Calendar)
February 13, 2006... February 15 - Plan Design Workshop, SunGard Corbel Inc. Wyndham Northwest Chicago, Itasca, Ill.; Holiday Inn Select Airport, Indianapolis. sungardcorbel.com. 16 - Hedge Fund Management 2006, The CFA Institute. Westin Philadelphia....

Hedge fund industry braces for what's next; Some fear SEC will push for further regulation.(News)
February 13, 2006... Byline: Jeff Benjamin KEY BISCAYNE, Fla. - Less than a week after a rule took effect that requires hedge fund managers to register as investment advisers with the Securities and Exchange Commission, the focus already has shifted toward...

Future tax-exempt status of 529 plans in jeopardy; No congressional action in sight, Washington insiders say.(News)
February 13, 2006... Byline: Charles Paikert NEW YORK - The 529 plan industry long has assumed that eventual congressional repeal of the 2010 sunset provision of the college savings vehicles' federal-tax-exempt status was a slam-dunk. Not so fast. The...

'Merrill' rule sparks software restrictions on reps; Some firms told brokers not to use outside planning tools.(News)
February 13, 2006... Byline: Dan Jamieson IRVINE, Calif. - Registered representatives at wirehouses face a host of procedures and restrictions in reaction to the Securities and Exchange Commission's so-called Merrill Lynch rule, which went into effect Jan. 31....

Welcome to the Hotel California.(Monday Morning)
February 13, 2006... Byline: Dan Jamieson Few issues have festered so needlessly as the lack of portability of proprietary mutual funds. Federal regulators have doodled around the edges of this issue but seem unwilling to fix it - so much so that mishaps...

FSI zeroes in on state regulators; Challenge is dealing with their variety, one observer says.(News)
February 13, 2006... Byline: Bruce Kelly NEW YORK - Building on its success last year of meeting with NASD, the Financial Services Institute Inc. this year plans to target state securities regulators. The FSI, the Atlanta-based trade group for...

First Montauk takes steps to remake itself.(News)
February 13, 2006... Byline: Bruce Kelly NEW YORK - First Montauk Financial Corp. continues to see change as it works to remake itself, buying out the contract of its chairman and co-founder, and seeing an investor from the wine industry emerge in a deal for a...

Map provides LTC costs.(Short Interests)
February 13, 2006... Byline: Gary S. Mogel NEW YORK - Advisers looking to impress - or scare - clients by showing them the costs of long-term care in their area can do so with a few mouse clicks. John Hancock Life Insurance Co. in Boston has developed an...

U.S. budget targets programs for elimination, cuts.(Tax Watch)
February 13, 2006... Byline: Mark E. Battersby President Bush's proposed $2.7 trillion fiscal 2007 budget would shrink most parts of the government that are unrelated to security. In addition to slowing spending on Medicare by $36 billion, the proposed...

Medicaid restrictions aim to prevent abuses; Estate planners likely to be affected by `look back' shift.(News)
February 13, 2006... Byline: Sara Hansard WASHINGTON - A little-noticed provision in the Deficit Reduction Act, signed by President Bush on Feb. 8, will prohibit people from getting Medicaid coverage if they give money away to qualify for the coverage within...

Gartmore fund finds energy focus is a mixed bag.(Street Wise)
February 13, 2006... Byline: Jeff Benjamin Bill Gerlach is feeling the pain of an overheated market for energy-related stocks, but that doesn't mean he is ready to give up on the sector. He manages the $45 million Gartmore Global Natural Resources Fund...

Fund industry's 'entrance fee' is a pity.(Editorial)
February 13, 2006... In this country, the level of political contributions by trade groups, lobbyists and those with special interests is a scandal. As long as members of Congress must raise millions of dollars for their election campaigns, those who wish to...

At the Bell; AIG settlement excludes life business.(Late News)
February 13, 2006... American International Group Inc.'s $1.64 billion settlement with regulators over accounting and reinsurance abuses doesn't cover alleged wrongdoing in its life insurance operations, the New York-based insurer revealed in a Thursday conference...

A simple-to-use tool for keeping an eye on mutual fund expenses.(The Markets)
February 13, 2006... Since stories abound about the massive compensation of some CEOs and other senior executives, and corporate malfeasance, it is only fitting that investors keep their eyes on expenses charged by their mutual funds. Expenses are important...

LTC distribution model stunts growth of market, a study finds; Says field is dominated by handful of specialists.(News)
February 13, 2006... Byline: Gary S. Mogel NEW YORK - Concentration of long-term-care-insurance distribution in a relatively small number of independent firms is stunting the growth of the market, according to a recent report. But the large independent...

Fraud crime down, costs up.(Short Interests)
February 13, 2006... Byline: Aaron Siegel NEW YORK - The number of identity fraud crimes has dropped slightly, but the American public still is getting hit in the wallet. The percentage of the adult population in the United States that has fallen victim to...

High note for American Funds - it's No. 1.(Reverse Spin)
February 13, 2006... Byline: Frederick P. Gabriel Jr. Who knew that while Mariah Carey and U2 were battling it out at the Grammys on Wednesday night, an annual battle among monster mutual fund companies was about to be settled? American Funds, which is run...

MSRB to decide on controversial 529 proposals; Heightened standards seen likely to hurt sales.(News)
February 13, 2006... Byline: Charles Paikert NEW YORK - One of the most fiercely debated and long-simmering issues in the world of 529 college savings plans is about to come to a boil. The Municipal Securities Rulemaking Board this week will meet to...

ETFs emerge as transitional management tool; Advisers find a sweet spot for cash.(News)
February 13, 2006... Byline: David Hoffman NEW YORK - Sector-specific exchange traded funds are changing the way some financial advisers approach sector investing, according to industry experts. Specifically, sector ETFs are allowing advisers to implement...

One on One With Paul Atkins of the Securities and Exchange Commission.(One on One)
February 13, 2006... Byline: Sara Hansard As a member of the Securities and Exchange Commission, Paul Atkins has distinguished himself by sticking to his conservative guns in the face of pressure to add more regulation to the mutual fund and hedge fund...

IRS plans to lean on smaller businesses.(Editorial)
February 13, 2006... Willie Sutton went where the money was likely to be: banks. The Internal Revenue Service goes where it thinks abuses of the tax code will be: this year, apparently, small and midsize companies with pension plans. As a result, the IRS...

Closing Quote.(Quotes)
February 13, 2006... "Hedge fund managers represent the square peg being forced into the round hole of the Investment Advisers Act, and that's why I think you'll see more and more regulation popping in the Advisers Act.'' Terrance O'Malley, a partner at New...

ICI to regulators: Focus on quality of disclosure; Plans set for electronic delivery of documents.(News)
February 13, 2006... Byline: Frederick P. Gabriel Jr. BOSTON - The $8.9 trillion mutual fund industry, seizing on the SEC's willingness to consider allowing investors to receive annual reports and proxy-voting materials online, will redouble efforts to relieve...

First Montauk backer involved in legal battle; Seeks to overturn $1.4M judgment.(News)
February 20, 2006... Byline: Bruce Kelly NEW YORK - A California winery which recently announced that it is taking a major stake in an independent-contractor broker-dealer said that it has settled two lawsuits in the last year, and it remains enmeshed in a...

American Century gets new wheels.(Short Interests)
February 20, 2006... Byline: Aaron Siegel NEW YORK - American Century Investments Inc. is using famed cyclist Lance Armstrong to peddle its wares to investors. The Kansas City, Mo.-based investment firm, a subsidiary of American Century Cos. Inc., hopes to...

529 business girds for continued NASD scrutiny; Fact-finding sweep expected to yield more actions.(News)
February 20, 2006... Byline: Charles Paikert NEW YORK - As if the Section 529 college savings plan business doesn't have enough to worry about, it can expect continued scrutiny from NASD this year. That is on top of industry concerns about the longevity of...

Ditching of small fry by brokers trickles down; The little guy has few places to turn for advice these days, observers say.(News)
February 20, 2006... Byline: Dan Jamieson IRVINE, Calif. - The days of bringing Wall Street to Main Street may be over. While the big brokerage firms for some time have been actively discouraging small investors in order to boost profits, smaller firms...

TD Waterhouse combination could attract clients; Individuals, advisers need reassurance.(News)
February 20, 2006... Byline: Brooke Southall SAN FRANCISCO - TD Ameritrade Holding Corp. will emerge as a bigger, better company for attracting financial advisers and their assets, according to its top executives. But that process may take 18 months or...

Fund firms want quant - but should they? Advisers divided over whether it is a good thing.(News)
February 20, 2006... Byline: David Hoffman NEW YORK - The perception among many industry experts is that the mutual fund world is warming to quantitative management, but financial advisers are divided as to whether that is a good thing. Hard evidence that...

Sports psychology motivates bank reps.(Short Interests)
February 20, 2006... Byline: Gary S. Mogel NEW YORK - Techniques used by athletes to take their game to the next level can be used by bank financial representatives to achieve production goals, according to a sports psychologist who adapted his training...

Roundtable Transcript.(Round Table)
February 20, 2006... The following is the edited transcript of the round-table discussion: Ms. Hansard: Mr. Plaze, will you give a brief review of the so-called Merrill Lynch rule, what has happened and why the Securities and Ex-change Commission came out with...

Wirehouse, broker-dealer reps find greener pastures at banks; Rep quality bolstered through third-party marketers.(News)
February 20, 2006... Byline: Gary S. Mogel NEW YORK - Many wirehouse and broker-dealer representatives are finding greener - albeit sometimes less lucrative - pastures working for banks, especially those that use third-party marketers to handle the investment...

BlackRock's mission: Gilding Merrill's lily; To lure advisers, it must maintain broker's fund revival.(News)
February 20, 2006... Byline: Frederick P. Gabriel Jr. BOSTON - BlackRock Inc.'s plans to buy the asset management unit of Merrill Lynch & Co. Inc. goes a long way toward transforming the New York money manager into a go-to firm among advisers. But to win...

Pershing agrees to address ETF dividend snafu; Was pressured by Vanguard and others to end reinvestment delays.(News)
February 20, 2006... Byline: Brooke Southall SAN FRANCISCO - After taking heat from The Vanguard Group Inc. and other exchange traded fund providers, Pershing LLC will no longer require four days to process dividend reinvestments. The Jersey City,...