Investment News articles from February 2007

Investment News archives from February 2007

Merrill reaches out to First Republic clients.(Reverse Spin)
February 5, 2007... Byline: Charles Paikert Merrill Lynch & Co. Inc. last week assured concerned clients of First Republic Bank that the San Francisco-based bank, which agreed to be purchased by Merrill for $1.8 billion in cash and stock, would in fact remain...

Economist: Globalization causes 'economic insecurity'.(Short Interests)
February 5, 2007... Byline: Riva Froymovich NEW YORK - In a research note last month, Morgan Stanley's chief economist questioned the benefit of globalization for some U.S. workers. Meanwhile, the New York-based firm said that it plans to enter into a...

At the Bell.
February 5, 2007... Fortress to price IPO on Thursday Fortress Investment Group LLC will price its initial public offering Thursday, making it the first hedge fund or private-equity firm to be publicly traded, according to a filing with regulators Friday. ...

Demise of savings may be greatly exaggerated; Method of calculating the savings rate may be outdated.(News)
February 5, 2007... Byline: Riva Froymovich NEW YORK - The negative savings rate in the United States has been a cause for concern to some economists - who contend that Americans are spending away their futures. Yet, another faction argues that the rate...

Turning a blind eye to LTC insurance.(Short Interests)
February 5, 2007... Byline: Lisa Shidler CHICAGO - If given the choice between planning a will and discussing long-term-care needs, 55% of respondents in a recent survey said they would rather plan a will. Meanwhile, 53% said that going to a nursing home...

Wachovia to unveil deferred-comp program; Big money rumored, but lack of details leaves reps wondering.(News)
February 5, 2007... Byline: Dan Jamieson IRVINE, Calif. - Wachovia Securities LLC of Richmond, Va., is expected to roll out in coming weeks a significant new incentive program. The program, called "4Front,'' will offer deferred compensation based in part...

Franklin Resources expanding in India; Indian employees account for 15% of the work force of the California fund firm.(News)
February 5, 2007... Byline: Kathie O'Donnell BOSTON - Franklin Resources Inc., the nation's fourth-largest mutual fund company, boosted its head count by 229 workers last quarter, with more than 90% of that growth coming from India, where it opened a new...

Record IPO may bring closed-end-fund resurgence; Funds well-suited to strategies that `offer a nice yield'.(News)
February 5, 2007... Byline: David Hoffman PHILADELPHIA - The successful launch of the closed-end Alpine Total Dynamic Dividend Fund - its initial public offering raised $4.04 billion last month, making it the largest closed-end-fund IPO ever - may signal a...

Year-old roll-up firm triples assets to $15B; Focus Financial adds 3 wealth managers, bringing its total to 9.(News)
February 5, 2007... Byline: Aaron Siegel NEW YORK - Focus Financial Partners LLC, barely a year old, purchased majority stakes in three more independent fiduciary wealth management firms last week - increasing its roster of firms to nine and tripling assets...

Closing quote.(Reverse Spin)
February 5, 2007... "The SEC got slammed three times by Congress by wide majorities of both Republicans and Democrats, because we had not done what we should have done over the years.'' -Paul Atkins, a member of the Securities and Exchange Commission. Page 14

Cornfed, not corn fueled, is the way to go.(Monday Morning)
February 5, 2007... Byline: Mike Clowes Why shouldn't we try to replace a major part of our oil imports with domestically produced corn-derived ethanol? Let me count the reasons: First, to me it makes little sense to use a key food crop to drive our...

Merrill Lynch gets lumps of coal.(Short Interests)
February 5, 2007... Byline: Dan Jamieson IRVINE, Calif. - Environmentalists last week gave Merrill Lynch & Co. Inc. a few lumps of coal. The Rainforest Action Network of San Francisco and the Washington- based Energy Action Coalition mounted a mock...

The best insurance: Strong performance.(The Markets)
February 5, 2007... Byline: Jeff Tjornehoj On average, investors in variable annuity funds (which combine an investment in a mutual fund with an insurance wrapper) benefited from reasonably strong returns over the past year among some of the most popular...

NASAA: Reform arbitration or add court option; Group wants Congress to review the system.(News)
February 5, 2007... Byline: Sara Hansard WASHINGTON - The securities arbitration system should be reformed or else investors should be given the option of taking their disputes to court, according to a group that represents state securities regulators. ...

Millionaires feel confident.(Short Interests)
February 5, 2007... Byline: Aaron Siegel NEW YORK - Members of American households with assets in the seven figures are confident that the stock market will generate returns between 6% and 10% this year, according to Northern Trust Corp.'s "2007 Wealth in...

IXIS vaults onto list of top-selling fund firms; Once-struggling company finds redemption in Loomis bond offerings.(News)
February 5, 2007... Byline: Kathie O'Donnell BOSTON - IXIS Asset Management Distributors LP, which saw its main sales channel dry up in 2000, has stemmed the tide of outflows and now ranks among the nation's 10 best-selling mutual fund firms. Last year,...

Merrill pads its lead in race for assets; Smith Barney, Morgan still lag behind.(News)
February 5, 2007... Byline: Dan Jamieson IRVINE, Calif. - Merrill Lynch & Co. Inc. continues to lead the wirehouse race for net new client assets. Merrill reps brought in $61 billion in net new money last year, up 17% from the amount in 2005. Those...

Labor Dept. targets 401(k) fee disclosure; Advisers fear a `mound' of paperwork will result.(News)
February 5, 2007... Byline: Lisa Shidler CHICAGO - As the Department of Labor puts pressure on advisers to make 401(k) fees more transparent, some financial advisers are refunding fees to participants that they are being paid from mutual fund companies. ...

Advisers lukewarm on alternative energy; Category called `too speculative' for mom-and-pop investors.(News)
February 5, 2007... Byline: Jeff Benjamin DETROIT - The Bush administration's push for an increased use of alternative energy has shed new light on an emerging category of relatively untested and untapped investment opportunities. Recent market...

Online options trading is getting cheaper; OptionsHouse undercuts rival with flat $9.95 cost.(News)
February 5, 2007... Byline: Aaron Siegel NEW YORK - The online options trading arena is rapidly expanding, as the cost to trade such investments has fallen significantly. Chicago-based Options-House Inc., a flat-rate online options trading firm launched...

Lawmaker changes horses on income stream comments; Pomeroy says he isn't pro-annuities or anti-nest-egg.(News)
February 5, 2007... Byline: Gary S. Mogel NEW YORK - A congressman who raised eyebrows last month when he seemed to imply that annuities are the answer to the need for lifetime retirement income claims he was misunderstood. "To paraphrase James Carville,...

With Christopher M. 'Kip' Condron of AXA Financial Inc.(One on One)
February 5, 2007... Byline: Gary S. Mogel Many insurance executives complain about variable annuity critics, but few try to do as much to counter them as Christopher M. "Kip'' Condron, chief executive of AXA Financial Inc. in New York. Via roadshows,...

Home Depot makes the right moves.(Editorial)
February 5, 2007... Corporate America received a dose of common sense when The Home Depot Inc. said that its new chief executive, Frank Blake, would be paid a fraction of what his predecessor was taking home. The biggest news out of the new compensation plan...

Flaherty hears their pleas.(Short Interests)
February 5, 2007... Byline: David Clarke OTTAWA - A long-standing plea from Canadian financial firms was heard by Jim Flaherty, the federal minister of finance, as he unveiled draft legislation last month that will address goods and services tax advantages...

Global exposure important to investors, Goldman says; CEOs see profits across borders, as well, separate report shows.(News)(Financial report)
February 5, 2007... Byline: Riva Froymovich NEW YORK - Exposure to global markets is playing an increasingly important role in the confidence investors have in a company and its stock, according to evaluations of 2006 fourth-quarter company reports published...

Office, international REITs seen strong for 2007; Retail, multifamily residential sectors no longer leading the pack, experts say.(News)
February 5, 2007... Byline: David Hoffman PHILADELPHIA - Real estate investment trusts that focus on office properties and those investing internationally will continue to show strong performance this year, even though REITs overall have outperformed the...

People.
February 5, 2007... The Securities and Exchange Commission has promoted Florence E. Harmon to deputy secretary. Ms. Harmon, 47, joined the SEC in 1997. She has been since August 2001 senior special counsel in the market regulation division, where she...

New report boosts idea of federal regulation of insurers; Congress likely to revisit legislation to allow optional federal charter.(News)
February 5, 2007... Byline: Sara Hansard WASHINGTON - Proponents of allowing insurers to be federally regulated are taking heart in the inclusion of that proposal in a report recently issued by New York Mayor Michael Bloomberg and Sen. Charles Schumer, D-N.Y....

Fund fees matter, but quality is bigger part of the mix.(Other Views)
February 5, 2007... Byline: Steven M. Roge How important are expenses in considering whether or not to buy a mutual fund? That is one of the questions inquiring investors are apt to ask as they ponder their options in a broad and often perplexing investment...

Canada's reg reform project is on tap; Launch expected in `several weeks'.(News)
February 5, 2007... Byline: David Clarke OTTAWA - After much consultation, the Canadian Securities Administrators' Regulation Reform Project is about to surface, though exactly when isn't clear. "Several weeks from now,'' said Frederic Alberro, spokesman...

Gaming fund is performing well but not raking it in.(Street Wise)
February 5, 2007... Byline: Jeff Benjamin Dan Ahrens, author of the book "Investing in Vice: The Recession-Proof Portfolio of Booze, Bets, Bombs and Butts'' (St. Martins Press, 2004), placed all his bets on the gambling industry with the launch last spring of...

Opinion poll.
February 5, 2007... Previously we asked you: Should other U.S. companies follow the lead of Home Depot Inc. and dramatically reduce the compensation and benefit packages of its chief executives? Yes - 85.6% No - 14.4% Respondents: 188 This...

Putnam needs to show, not tell, advisers say; Style drift, scandals sent many scurrying.(News)
February 5, 2007... Byline: Kathie O'Donnell BOSTON - When it comes to Putnam Investments, it is the performance - not the parent - that matters, financial advisers say. Putnam last week said that Winnipeg, Manitoba-based Great-West Lifeco Inc., a unit of...

An SEC member's take on a range of issues; Paul Atkins views options backdating as `a thing of the past'.(News)
February 5, 2007... Byline: Brooke Southall SAN FRANCISCO - Paul Atkins, a member of the Securities and Exchange Commission, made a stop here to speak to the Pacific Research Institute, a conservative think tank based in San Francisco. Though the press was...

Home-invasion policy may calm client fears; Policy also covers child abduction, carjacking, stalking.(News)
February 5, 2007... Byline: Gary S. Mogel NEW YORK - Recent reports of an uptick in home invasions in many parts of the United States may increase the popularity of a policy that covers medical and other costs of the invasions. So far, this type of policy...

Insurer doesn't want to bring sexy back.(Short Interests)
February 5, 2007... Byline: Gary S. Mogel NEW YORK - The freelance photographer who was working on a calendar featuring female employees of State Farm Insurance Cos. in sexually suggestive poses has scrapped the project. Anthony Soluto of Bloomington,...

Calif. court: State can sue American Funds.(News)
February 5, 2007... Byline: David Hoffman PHILADELPHIA - A California court ruling late last month may make it easier for states to sue financial firms, according to legal experts. A California Court of Appeal panel in Los Angeles affirmed that Attorney...

Many pessimistic about financial future, study shows.(News)
February 5, 2007... Byline: Sara Hansard WASHINGTON - As Americans feel more stressed out over the erosion of corporate benefits and the solvency of social benefits programs, such traditional economic indicators as gross domestic product growth and household...

Calendar.(Calendar)
February 5, 2007... February 7 - 401(k) Testing Techniques, SunGard Corbel Inc. DoubleTree Hotel Chicago-Arlington Heights (Ill.); Marriott Minneapolis Airport, Bloomington, Minn. webtechsem@relius.net. 8 - Corporate Governance Conference: Has the...

Corrections.
February 5, 2007... In the profile of Securities America Inc. in last week's broker-dealer report, the cost of errors-and-omissions insurance was listed incorrectly. Such insurance is part of a $279 monthly charge that includes other items. An Other Views...

Third World funds are first here; Small funds.(The Markets)
February 12, 2007... Byline: Tom Roseen Fund size: An exploitable difference? Are there exploitable differences between small funds and large funds? Larger funds may have some advantage over smaller funds in the lower total expense ratios provided by...

SEC backing off on B share cases? But brokers aren't off the hook yet.(News)
February 12, 2007... Byline: Dan Jamieson IRVINE, Calif. - Regulators are backing off their aggressive pursuit of B share cases. In the clearest indication yet that enforcers have changed their tune, the SEC late last month dropped a prominent B share case...

Wirehouses warm to fiduciary status; Under pressure from reps, more firms allow them to serve 401(k)s in that capacity.(News)
February 12, 2007... Byline: Lisa Shidler CHICAGO - In an effort to prevent top brokers from bolting, wirehouses quietly are backing down from their tough stance against allowing advisers to act as fiduciaries to employee retirement plans. Wachovia...

CFA Institute to release encore presentations.(Short Interests)
February 12, 2007... Byline: Aaron Siegel NEW YORK - To celebrate the golden anniversary of its Financial Analysts Seminar, the CFA Institute is releasing an anthology that compiles 22 of its most prized presentations, Global Perspectives on Investment...

SMAs ranked by fourth-quarter returns.(Separate Accounts)
February 12, 2007... Byline: Gib Watson Domestic equity The best-performing benchmarks were the Russell 2500 and 2000 Value indexes at 9.14% and 9.02%, respectively. Consequently, eight of the top 10 separately managed accounts were small-cap products....

Waddell & Reed pulls out all the (truck) stops.(Short Interests)
February 12, 2007... Byline: Brooke Southall SAN FRANCISCO - Waddell & Reed Inc. is using 18 wheels to celebrate 70 years in business. The Overland Park, Kan.-based broker-dealer and investment company, which has $45 billion of assets under management and...

Mass. hedge fund scrutiny called a 'sting operation'; Complaint challenges First Amendment, manager Goldstein says.(News)
February 12, 2007... Byline: Jeff Benjamin DETROIT - Hedge fund manager Phillip Goldstein, who has been accused of marketing alternative-class investments to a non-qualified investor through his firm's website, is crying foul by drawing attention to what he...

'Empty voting' ploy used by hedge funds is on SEC's radar; Issue creating `headache' for stock lending pros.(News)
February 12, 2007... Byline: David Hoffman PHILADELPHIA - The practice of borrowing company stock to manipulate the outcome of company votes has piqued the interest of the Securities and Exchange Commission and has rekindled a debate over stock lending. ...

With Ray Sclafani of ClientWISE LLC.(One on One)
February 12, 2007... Byline: Lisa Shidler Advisers know how to discuss retirement issues with their clients, but hiring and firing employees, and running the back office, isn't always their forte. For 12 years, Ray Sclafani, 38, has been coaching advisers...

Co-founder of ING firm jumps to NFP; Observers say others may leave FNIC, known for loyalty.(News)
February 12, 2007... Byline: Bruce Kelly NEW YORK - One of the founders of Financial Network Investment Corp., the largest independent-contractor broker-dealer in the ING Advisors Network Inc., walked out the door last month and joined NFP Securities Inc.,...

OppenheimerFunds versus TIAA-CREF.(Reverse Spin)
February 12, 2007... Byline: Charles Paikert The next few weeks will be nerve-racking for OppenheimerFunds Inc. and TIAA-CREF on the Section 529 college savings plan front. Oppenheimer last December seemingly won a hard-fought bidding battle for the right to...

Opinion poll.
February 12, 2007... Previously, we asked you: Will Putnam Investments' sale to a unit of Power Financial Corp. prompt you to re-evaluate whether to recommend Putnam's mutual funds to clients? Yes - 32.5% No - 44.2% Not sure - 23.3% Respondents:...

Taxpayers get gift of extra time.(Short Interests)
February 12, 2007... Byline: Lisa Shidler CHICAGO - Americans who prefer to put off filing their taxes for as long as possible have received some good news: extra time. And they have the state of Massachusetts and the District of Columbia to thank for it....

Microsoft's Vista hits advisers in their pocketbooks; New system will force them to buy expensive hardware, some say.(News)
February 12, 2007... Byline: Brooke Southall SAN FRANCISCO - The biggest software company in the world may be forcing financial advisers to purchase expensive hardware in the wake of its recent upgrade. Advisers are coughing up tens of thousands of dollars...

SEC's latest proposal makes no sense.(Editorial)
February 12, 2007... The Securities and Exchange Commission continues to forge ahead in its quest to wrap some kind of regulatory lasso around the $1.2 trillion hedge fund industry. Why it is doing so isn't entirely clear. The SEC's latest proposal,...

Non-traditional indexes gaining ground in ETF world; But many such offerings carry unknown risks, critics contend.(News)
February 12, 2007... Byline: David Hoffman PHILADELPHIA - When it comes to new indexes, those that eschew weightings based on market capitalization are all the rage. XShares Advisors LLC of New York has in registration 20 exchange traded funds based on...

Calendar.(Calendar)
February 12, 2007... FEBRUARY 13-15 - Workplace Benefits Renaissance 2007, Workplace Benefits Association. Astor Crowne Plaza Hotel, New Orleans. workplacebenefits .org. 15 - The Burdens of Regulation: Are The U.S. Capital Markets Less Competetive? New...

Saturna's new plans.(Short Interests)
February 12, 2007... Byline: Riva Froymovich NEW YORK - Saturna Capital Corp., manager of the 18-year-old Amana Funds, for adherents of Islamic law, is expanding its role in local communities through education seminars and branch offices. The Bellingham,...

Closing quote.(Reverse Spin)
February 12, 2007... "One hopes at least the SEC reads SEC filings.'' -Russel Kinnel, director of mutual fund research for Chicago-based Morningstar Inc., on the Shaker Fund's saying that a share conversion was tax free in one filing and then contradicting that in...

At the bell.
February 12, 2007... MFS introduces sector rotation fund MFS Investment Management, whose assets under management hit their highest level ever at $187 billion last quarter, has introduced the MFS Sector Rotational Fund, the result of its first mutual fund...

Money battles top list of fights.(Short Interests)
February 12, 2007... Byline: Charles Paikert NEW YORK - The questions of who is going to take out the garbage or be in the mood for romance take a back seat to financial issues as the No. 1 issue couples between the ages of 18 and 40 fight about, according to...

New spin on old idea.(Short Interests)
February 12, 2007... Byline: Kathie O'Donnell BOSTON - Mellon Capital Management Corp. is eyeing a 350-year-old investment vehicle named for Neapolitan banker Lorenzo de Tonti as a way to help modern investors avoid the age-old problem of outliving their...

Growth of wrap assets tops that for separates; Smith Barney's TRAK program vindicated.(News)
February 12, 2007... Byline: Kathie O'Donnell BOSTON - Baby boomers who are retiring and rolling over their 401(k) money favor mutual fund wrap programs even though many are wealthy enough to qualify for separately managed accounts, industry observers say. ...

The rules are different for the big boys.(Monday Morning)
February 12, 2007... Byline: Dan Jamieson It is no surprise that regulators never nail top executives at the major securities firms, despite a long list of scandals emanating from the big boys. A recent Senate investigation provides some insight into how...

For fund investors, it pays to read the fine print; Some companies still bury important info in regulatory filings.(News)
February 12, 2007... Byline: Kathie O'Donnell BOSTON - Just because the Enron Corp. and market-timing scandals have led to greater disclosure requirements doesn't mean that some mutual fund companies aren't still burying some doozies in their regulatory...

Identity theft on the decline.(Short Interests)
February 12, 2007... Byline: Aaron Siegel NEW YORK - Although identity theft has been seen as a growing problem, two recent reports suggest that there may be some progress. The 2007 Identity Fraud Survey Report, released this month by Pleasanton,...

Cost basis reporting not as simple as it appears; Proposal to require brokers and fund companies to track this could cause problems.(News)
February 12, 2007... Byline: Sara Hansard WASHINGTON - Be careful what you wish for with regard to cost basis reporting, as it might cause a headache of colossal proportions. The president's fiscal 2008 budget proposal, presented to Congress last Monday,...

Wealth management's future seen as bright; But advisers grapple with how to service clients, structure fees.(Financial Adviser Round Table)
February 12, 2007... Byline: Charles Paikert NEW YORK - Expect the good times in the wealth management business to continue to roll. "There is just incredible transfer of wealth occurring,'' Elizabeth Nesvold, managing director of New York-based Cambridge...

VA industry unveiling electronic processing; Standardized suitability and compliance could speed transactions of all annuities.(News)
February 12, 2007... Byline: Gary S. Mogel NEW YORK - A trade group for the variable annuity industry today announced a technology initiative intended to save time and money for VA distributors through streamlining and standardization. The initiative...

TD Ameritrade's Moglia moves to reposition brand; But some advisers are anxious about the line being blurred.(News)
February 12, 2007... Byline: Brooke Southall SAN DIEGO - Joseph Moglia's proclamation that his company is spending big money to align the TD Ameritrade brand with thoughtful investment advice drew initial applause from financial advisers listening to the...

Startup firm allows homeowners to tap equity without payments; Real Estate Equity Exchange pays cash against appreciation, but some question idea.(News)
February 12, 2007... Byline: Brooke Southall SAN FRANCISCO - Baby boomers who are rich in real estate now can get cash out of their homes without taking on debt or making a payment, but at least one competitor questions whether the idea is a Faustian bargain....

Financial adviser round table.(Round Table)(Company overview)
February 12, 2007... The following is the edited transcript of the round-table discussion. Round Table panelists: Thomas Henske, partner, Lenox Advisors Inc. Jamie McLaughlin: managing director, Lydian Wealth Management Co. LLC Jeff Spears:...

Correction.(Correction notice)
February 12, 2007... A Short Interest item last week, "Millionaires feel confident,'' referred to Chicago-based Northern Trust Corp. as an insurance company. It is a bank.

Barclays targets REITs, but timing may not be right; Five iShares funds set to join handful of REIT ETFs.(News)
February 19, 2007... Byline: David Hoffman PHILADELPHIA - Real estate investment trusts have outperformed the broad market for seven years, so it isn't surprising that exchange traded fund providers want in on the action. Barclays Global Investors of San...

State regulators on indies' radar; FSI steps up efforts to track several issues at the state level.(News)
February 19, 2007... Byline: Bruce Kelly NEW YORK - After spending the past three years cozying up to securities regulators at NASD, independent-contractor broker-dealers are fearful that state regulators pose an increasing threat. The Financial Services...

Investment choices in HSAs expanding; But will increase in options attract wealthy?(News)
February 19, 2007... Byline: Gary S. Mogel NEW YORK - When banks and brokers first started offering health savings accounts, clients could choose any investment they wanted for their account funds - as long as it was a certificate of deposit. But that is...

To secure Nexters' business, get in line now; Monday Morning.(Editorials)
February 19, 2007... Byline: Jim Pavia They are a very smart group of technologically savvy young people. They are fast learners, and they tend to be impatient. They are Generation Next, born between 1980 and 2000. They are 72 million strong and will...

Broker-dealers focus intently on transitions; Redoubling efforts to ease succession for reps' practices.(News)
February 19, 2007... Byline: Bruce Kelly NEW YORK - Like their clients, advisers and registered representatives are getting older and often worry about their futures. For investors belonging to the baby boom generation, that means developing a plan to pay...

Bean counters in Canada go green.(Short Interests)
February 19, 2007... Byline: David Clarke OTTAWA - Bay Street concurred with the environmentalists when the Toronto-based Canadian Institute of Chartered Accountants stepped up to the plate and immediately endorsed the views of the Ottawa-based National Round...

Advisers said to be missing out on potential clients.(Conference Calls)
February 19, 2007... Byline: Riva Froymovich SAN DIEGO - Financial advisers are missing out on potential clients by failing to reach out to women and not proactively seeking referrals from lawyers and accountants, according to two speakers here at the TD...

Just half of employees fully engaged.(Short Interests)
February 19, 2007... Byline: Sam Lewis NEW YORK - Just over half the employees responding to a recent survey were fully engaged at work, according to a report from Sibson Consulting. The 2006 "Rewards of Work Study'' also showed that the more satisfied...

Canadian SRO pressuring gadfly on complaint data; Wants him to remove broker information from his website.(News)
February 19, 2007... Byline: David Clarke OTTAWA - A tussle has erupted over what to do with complaints against more than 2,000 brokers that the Investment Dealers Association of Canada inadvertently posted on its website. Investor rights activist Robert...

Treasury expected to rework 529 regs.(Conference Calls)
February 19, 2007... Byline: Charles Paikert MIAMI BEACH, Fla. - After winning a major legislative victory in Congress last year that made federal tax breaks for Section 529 college savings plans permanent, this year the industry has its sights set on the...

Advisers best defense against misuse of ETFs.(Editorials)
February 19, 2007... Exchange traded funds have boomed in the past few years. Last year, the number of ETFs climbed to 357, from 204 the previous year. ETF assets increased by 40.4% to $422.5 billion, from $300.8 billion in 2005, while net issuance of ETF...