Investment News articles from July 2005

Investment News archives from July 2005

Fund governance reg may downsize boards; Funds that complied are unlikely to revert if rule is scrapped.(News)
July 11, 2005... Byline: Sara Hansard WASHINGTON - Whether or not the controversial mutual fund governance rule is allowed to go into effect, fund company experts and lawyers say that small and midsize fund companies might simply reduce the number of...

Closing Quote.(Quotes)
July 11, 2005... "The great thing about this industry is that there is a very easy litmus test for those that are cocksure everything they do is right. That litmus test is performance.'' John Bonnanzio, group editor at Fidelity Insight, an independent...

CEO fosters culture of learning from errors.(Monday Morning)
July 11, 2005... Byline: Mike Clowes A wise man once said that you learn more from your mistakes than your successes. But few of us like to admit our mistakes. Even fewer like to put them on display for everyone to see. An exception is Christopher C....

London bombings fail to shake up markets.(Reverse Spin)
July 11, 2005... Byline: Frederick P. Gabriel Jr. Cooler heads prevailed on Wall Street Thursday following London's subway and bus bombings. After stumbling in early trading, the major stock market indexes rebounded to end the day in the black. The...

PGA converts event to Barclays.(Short Interests)
July 11, 2005... Byline: Brooke Southall SAN FRANCISCO - Golf is all about greens, but one PGA tournament proved it by trading a gas-guzzling car brand for cutting-edge financial products. The Buick Classic is now known as the Barclays Classic, as...

CFA demand dips among private-wealth managers; Institutional clients' interest helps institute increase its ranks.(News)
July 11, 2005... Byline: Brooke Southall SAN FRANCISCO - The trend toward greater use of the chartered financial analyst designation by managers of private wealth has hit a wall and receded, according to latest information made available by the CFA...

IRA may be disclaimed even after one payout; IRS revenue ruling clarifies the issue.(News)
July 11, 2005... Byline: Rick Miller CHICAGO - An Internal Revenue Service revenue ruling last month has clarified an area of confusion over a spouse's ability to disclaim an inherited individual retirement account. It stated that a beneficiary may...

Ladenburg's makeover includes changes at the top; Struggling firm has seen flurry of senior hirings in recent months.(News)
July 11, 2005... Byline: Bruce Kelly NEW YORK - Ladenburg Thalmann Financial Services Inc. continues its attempt to remake itself. This spring, it appointed its second CEO in less than a year, Mark Klein. The firm also added a number of top executives...

At the Bell; Schwab shoots down rumors of a takeover.(Late News)
July 11, 2005... Charles Schwab Corp. issued a statement Thursday that the company is not for sale, amid rumors that HSBC Holdings PLC of London is interested in a takeover. "We have no interest in selling the company. We remain firmly committed to our...

AICPA beefs up effort to build PFS mark; Asks its members to help with recruitment efforts.(News)
July 11, 2005... Byline: Rick Miller CHICAGO - At the midpoint of a two-year effort to save the personal financial specialist credential, the American Institute of Certified Public Accountants has improved services for credential holders and is turning to...

Contrarian encourages 'cheating'.(Short Interests)
July 11, 2005... Byline: Gary S. Mogel NEW YORK - There is cheating that brings success and a shot at the executive suite. There is also cheating that brings stagnation at best and a prison cell at worst. A new book by Bob MacDonald, former chief...

NASD forges ahead in bid to regulate indexed annuities; Hot product technically falls outside its reach.(News)
July 11, 2005... Byline: Bruce Kelly NEW YORK - NASD has begun a significant push to regulate broker-dealers' sales of insurance-oriented financial services products though the Securities and Exchange Commission has not yet approved specific new or amended...

A.G. Edwards reps pan new tech platform; Brokers find system tedious to use.(News)
July 11, 2005... Byline: Dan Jamieson ***** Correction: While A.G. Edwards of St. Louis twice delayed implementation of its new technology platform, it did not attempt a rollout until May, according to a company spokesperson. The company did have some...

Website helps inform investors.(Short Interests)
July 11, 2005... Byline: Riva Froymovich NEW YORK - Informed investors make for savvier shareholders. At least that is the hope of the Alliance for Investor Education in Washington. The alliance has launched helpforinvestors.org to aid users with...

Tool will rate investors' fears, hopes.(Short Interests)
July 11, 2005... Byline: Riva Froymovich NEW YORK - New financial tools that rate fears and hopes aim to show individual tolerances, helping investors select stocks. PlanTools LLC, a subsidiary of McHenry Group LLC in Emeryville, Calif., is teaming...

What do women want? Men who listen.(Short Interests)
July 11, 2005... Byline: Gary S. Mogel NEW YORK - Attention, male financial advisers with female clients: Listening is the most important skill that a man can bring to a business interaction with a woman, according to a survey released in June by Package...

Two fund firms allow only one swap per 30 days; But move to curb timing does have loopholes.(News)
July 11, 2005... Byline: David Hoffman NEW YORK - At least two mutual fund companies this year have adopted what appear to be particularly restrictive trading policies in an effort to curb market timing. But some industry experts say the policies might...

Lightstone starts up a new REIT; Says investments are selected for safety from bubble.(News)
July 11, 2005... Byline: David Hoffman NEW YORK - Many industry experts believe we're near the high point of a real estate bubble. But that didn't prevent The Lightstone Group LLC of Lakewood, N.J., from coming out with a brand new REIT last month, the...

One on One With R. Mark Pennington of Lord Abbett & Co. LLC.(One on One)
July 11, 2005... Byline: Jeff Benjamin R. Mark Pennington sees the future of separately managed accounts in terms of a "tipping point'' for the $590 billion industry. In March, he took over as the chairman of The Money Management Institute, the...

Amid security concerns, IRS rehires credit firm.(Tax Watch)
July 11, 2005... Byline: Mark Battersby At the same time that the Internal Revenue Service is reportedly probing possible data security breaches, the agency has renewed its contract with a controversial credit-reporting firm. An investigation into possible...

Collaborative divorce ripe area for planners; Team approach called `wave of the future'.(News)
July 11, 2005... Byline: Charles Paikert NEW YORK - Breaking up may be hard to do, but "collaborative divorce'' is catching on as a way to make the process less painful, and financial planners are poised to reap the benefits. The team-oriented process,...

Large-cap growth's strong 2Q hints at end to value's run; Buying opportunity seen; managers remain bullish.(News)
July 11, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - The latest quarterly results signal the return of large-cap-growth mutual funds. During the second quarter, such funds outpaced their value fund cousins, prompting some to suggest that the long...

States step up role in policing VA sales abuses; Spitzer subpoenas Hartford over business with elderly.(News)
July 11, 2005... Byline: Gary S. Mogel NEW YORK - Many of the same attorneys general who were instrumental in ferreting out contingent-commission abuses by property-casualty insurers - as well as market timing permitted by life insurers writing variable...

Good show, Donaldson, except for last act.(Editorial)
July 11, 2005... Talk about going out with a bang. While William H. Donaldson may have had good intentions, his recent actions simply cannot be condoned. On June 29, one day before retiring as chairman of the Securities and Exchange Commission, the...

Some are skeptical as Vanguard adds subadviser to growing fund; Observers debate whether performance will be affected.(News)
July 11, 2005... Byline: David Hoffman NEW YORK - Two of the nation's three largest mutual fund companies add managers to their funds as they grow, rather than close them. This is an attempt, some observers say, to increase a fund's ability to attract...

Fidelity tries to bolster sagging performance; Some say company has become complacent.(News)
July 11, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Fidelity Investments is in a slump. The company that used to be known as the 800-pound gorilla of the mutual fund industry saw fresh cash added to its stock and bond funds through the first...

Advisers' ranks continue to grow; New study's findings run counter to Hurley report's shakeout prediction.(News)
July 11, 2005... Byline: Brooke Southall SAN FRANCISCO - The number of federally registered investment advisers is still growing, fueling a debate over the future of the financial advice business. The number of entities registered with the Securities...

States aim to strengthen annuity suitability standards; California, Missouri join Kansas in considering changes to standards.(News)
July 11, 2005... Byline: Sara Hansard WASHINGTON - States are beginning to take steps to tighten suitability standards for variable-product sales. The California Assembly is considering a bill approved by the state Senate that would give John...

Advisers need to take pulse of old life policies.(Short Interests)
July 11, 2005... Byline: Gary S. Mogel NEW YORK - Failing to monitor the "health'' of life insurance policies and overlooking the use of trusts are among the major mistakes that agents and advisers make in relation to their clients' insurance programs. ...

Electronic bond trading set for growth.(News)
July 11, 2005... Byline: Gregory Crawford NEW YORK - By 2008, 60% of all U.S. fixed-income trading will be electronic, up from 35% today, according to a report from Aite Group LLC in Boston. Electronic fixed-income trading is dominated by the U.S....

Letter to college-bound son: Bicycles, skis and business.(Other Views)
July 11, 2005... Byline: Joseph Deitch First of two parts "Hey, Dad, you'll still give me advice, won't you? I mean, you're pretty good at business, and I'm going to need some help.'' Matt and I were skiing at the time. During a moment of...

Insurers seek patents for their new products; Growing practice may limit adviser choices.(News)
July 18, 2005... Byline: Gary S. Mogel NEW YORK - Insurers increasingly are seeking patent protection for their new variable annuity, life insurance, long-term-care and other products to protect innovative features that competitors have been copying, say...

Time for anger management.(Short Interests)
July 18, 2005... Byline: Bruce Kelly NEW YORK - It's anger management classes for Marc N. Jaffe, a broker affiliated with GunnAllen Financial Inc. of Tampa, Fla., who pled guilty last month in connection with threats he made to brokers at his former firm,...

Letter to a college-bound son, Part II.(Other Views)
July 18, 2005... Byline: Joseph S. Deitch Second of two parts Pointers six through 10 follow, along with a discussion of "the big picture.'' 6. The laws of nature rule. Success is a science. It's all about physics, math, logic, psychology and the...

Raymond-SEC ruling delayed till September.(Short Interests)
July 18, 2005... Byline: Bruce Kelly NEW YORK - Raymond James Financial Services Inc. and the Securities and Exchange Commission will continue their staredown for a little while longer. Last year, the SEC charged St. Petersburg, Fla.-based Raymond...

Holistic wealth debuts in movies.(Short Interests)
July 18, 2005... Byline: Charles Paikert NEW YORK - The Financial Planning Association and The Ultimate Gift Experience LLC are teaming up to bring the holistic wealth concept to the big screen. "The Ultimate Gift,'' a novel by Jim Stovall that extols...

Push for federal insurance charter worries states; Senators' interest heightens concern of legislators group.(News)
July 18, 2005... Byline: Sara Hansard WASHINGTON - State insurance legislators are becoming increasingly concerned that the Senate might soon start looking at legislation that would allow insurers to be regulated by the federal government instead of...

Portfolio construction said to have room for improvement; Managers advised to consider using quantitative models.(News)
July 18, 2005... Byline: David Hoffman NEW YORK - Many mutual fund managers are good stock and bond pickers, but most can do better when it comes to determining how much of a security they should buy, according to a recent study from Lipper Inc. in New...

Ohio set to offer CDs in 529 savings plan; FDIC ruling sparks interest from states.(News)
July 18, 2005... Byline: Charles Paikert NEW YORK - Ohio is poised to become the first major state to offer certificates of deposit through its Section 529 college savings program. Ohio's CollegeAdvantage 529 Savings Plan, the fourth-largest in the...

Shareholders pay the price for huge payouts.(Editorial)
July 18, 2005... No wonder Morgan Stanley's stock lags its industry peers. Not only was Phillip Purcell, the former chief executive, tone deaf and seemingly oblivious to the interests of the firm's shareholders, but so, too, was the entire board. That much...

Calif. gives firms free rein on rep exit forms; Employment lawyers fight ruling granting `absolute immunity'.(News)
July 18, 2005... Byline: Dan Jamieson IRVINE, Calif. - Employment lawyers in California are attempting to counteract a recent state appeals court decision that gives broker-dealers total legal immunity for what they write on U-5 termination forms. The...

Value manager, fleeing scandals, finds new home; Veteran of PEA brings his method to Constellation funds.(News)
July 18, 2005... Byline: David Hoffman NEW YORK - He made his name as a value manager for two well-regarded Pimco equity funds subadvised by scandal-tarred PEA Capital LLC, a New York-based division of Allianz AG of Munich, Germany. Now John Schneider,...

'Stuff in the middle' causes divergence between indexes.(Short Interests)
July 18, 2005... Byline: Gregory Crawford NEW YORK - Performance is in the eye of the beholder. At least it was in the second quarter, when growth stocks in the S&P 500 stock index returned just 0.1%, while growth stocks in the Russell 200 Index...

A 'Spritzer' whine stirs up trouble.(Short Interests)
July 18, 2005... Byline: Barry B. Burr CHICAGO - For the second time in a year, the Florida attorney general's office is dealing with a mailing that was made to appear to be from New York Attorney General Eliot L. Spitzer and that warns fiduciaries about...

New courses for financial advisers.(Short Interests)
July 18, 2005... Byline: Jeff Benjamin DETROIT - It might feel like midsummer outside, but The American College in Bryn Mawr, Pa., is pushing hard to get financial services professionals back into the classroom. The leading non-profit educator of these...

More companies embrace corporate citizenship; Increase in reporting of social performance might sway investors.(News)
July 18, 2005... Byline: Rick Miller CHICAGO - Socially conscious investment firms might consider investing in publicly traded companies that they once shunned now that some of the latter are starting to report their social and environmental performance,...

People.
July 18, 2005... Pioneer Investment Management Inc. in Boston has promoted Mark Goodwin, 40, to executive vice president, chief operating officer, from chief financial officer of Pioneer Investments, and Tracy Cmar, 37, to senior vice president, head of Pioneer...

Settlement gets attention of in-house-focused firms; N.H.: AmEx pushed sales of lackluster funds.(News)
July 18, 2005... Byline: Bruce Kelly NEW YORK - Broker-dealer executives whose reps do a high percentage of their business in proprietary products have more reason to worry, now that American Express Financial Advisors Inc. has agreed to pay a record $7.4...

Monte Carlo forecasts are challenged; Study makes good points, advisers say, but its conclusions are weak.(News)
July 18, 2005... Byline: Brooke Southall SAN FRANCISCO - A recent study that says retirees need radically less cash than Monte Carlo simulations suggest makes good points, but its conclusions are hard to swallow, according to some financial advisers and...

Advisers enlisted for IRA 'boot camp'; Intensive training will assist them in distribution planning.(News)
July 18, 2005... Byline: Rick Miller CHICAGO - Concerned about the average adviser's botching distributions from individual retirement accounts, Ed Slott is on a mission to create the Green Berets of IRAs. Mr. Slott, a certified public accountant and...

Where were SEC critics when industry needed them?(Monday Morning)
July 18, 2005... Byline: Dan Jamieson Talk about being hypocritical. Last month, former Securities and Exchange Commission Chairman Harvey Pitt, other former SEC commissioners, the U.S. Chamber of Commerce, the Financial Services Roundtable, the...

Advisers see conflict in Fidelity-Ibbotson; Question independence of third parties providing 401(k) advice.(News)
July 18, 2005... Byline: Sara Hansard WASHINGTON - Not only is the latest alliance between a mutual fund giant and a firm providing independent investment advice likely to affect chances that federal investment-advice legislation is approved, but some...

For do-gooder funds, a weighty decision; As performance lags, they might widen their nets.(News)
July 18, 2005... Byline: David Hoffman NEW YORK - Returns of socially conscious mutual funds are lagging the broad market, a trend that could cause some funds to look at companies they might have ignored otherwise, industry experts say. If it does...

Bill would let investors defer fund taxes.(Short Interests)
July 18, 2005... Byline: Sara Hansard WASHINGTON - Legislation that would allow mutual fund investors to defer taxes on reinvested capital gain distributions until shares are redeemed has been sponsored by Rep. Richard Baker, R-La., chairman of the House...

One on One With John A. Carey of Pioneer Investment Management Inc.(One on One)
July 18, 2005... Byline: Frederick P. Gabriel Jr. John A. Carey knows how to spot a trend. Although he's a traditional value investor with a penchant for high-quality blue-chip stocks, Mr. Carey, 56, saw early on that the iPod was destined to spark a...

Closing Quote.(Quotes)
July 18, 2005... "These guys know what it costs to run money. To be off by that much? That is really going to get people riled up.'' Roy Weitz, editor of FundAlarm.com, a newsletter that tracks fund companies, on TIAA-CREF's proposed fourfold mutual fund...

Judge throws the book at WorldCom's Ebbers.(Reverse Spin)
July 18, 2005... Byline: Frederick P. Gabriel Jr. So much for the proverbial slap on the wrist. Bernard J. Ebbers, the gym teacher turned motel operator turned telecom tycoon found guilty in March of cooking WorldCom Inc.'s books as the Clinton,...

More wealthy Americans aren't paying taxes.(Tax Watch)
July 18, 2005... Byline: Mark Battersby The Internal Revenue Service's annual report to Congress showed that more than 5,500 affluent individuals and married couples paid no federal income taxes in 2002. The number of affluent people paying no federal...

Study questions late-age mortality rates; Findings could bring changes in underwriting of life insurance policies.(News)
July 18, 2005... Byline: Gary S. Mogel NEW YORK - While noting that the overall mortality rate in this country generally is declining, a recent study has challenged findings from other reports and insurer mortality tables that show that medical advances...

It's time for the PFS and ChFC to fade away.(Editorial)
July 18, 2005... Quickly, what does "PFS'' stand for? It stands for "personal financial specialist,'' the financial planning credential supported by the American Institute of Certified Public Accountants. But how many financial services customers know...

Hybrid products said to solve LTC dilemma.(Short Interests)
July 18, 2005... Byline: Gary S. Mogel NEW YORK - Some clients just don't want to buy stand-alone, long-term-care insurance because they're turned off by the premium or by the thought of being in a nursing home. One solution is to make long-term-care...

Financial advisory unit helps AmEx grab top ranking; Kearney study identifies growth opportunities for banks, money managers.(News)
July 18, 2005... Byline: Charles Paikert NEW YORK - Financial services companies, especially retail banks, have to do a better job of cross-selling their products and services to existing customers to achieve organic growth, according to a survey by...

At the Bell; Spitzer gave back $24,000 from Gabelli.(Late News)
July 18, 2005... Documents filed Friday with the New York State Board of Elections show that New York Attorney General Eliot L. Spitzer returned a $24,000 campaign donation that Mario J. Gabelli, chief executive of Gabelli Asset Management Inc. in Rye, N.Y.,...

Accepting a boondoggle can trip up a fiduciary.(Fiduciary Corner)
July 18, 2005... Byline: Ian Lohr and John Lohr Second of two parts. Any activity that is a prohibited party-in-interest conflict frequently offered by money managers under the guise of due diligence is referred to in common parlance as "the...

Fund manager relies on 'power of the portfolio' theory.(Street Wise)
July 18, 2005... Byline: Jeff Benjamin In Jonathan White's world, the power is not so much in individual stocks but in the portfolio as a whole. The manager of the $30 million Citizens Small Cap Core Growth Fund (CSCSX) said that he is content to let...

Money manager challenges cap-weighted market indexes; Arnott says that they overweight overvalued stocks.(News)
July 18, 2005... Byline: Dan Jamieson IRVINE, Calif. - As the use of indexed products grows, the popular indexes themselves are being challenged. Robert Arnott, chairman of Research Affiliates LLC in Pasadena, Calif., and editor of the Financial...

TIAA-CREF surrenders in fee war with Vanguard; Hikes would affect only a small part of assets.(News)
July 18, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - In its battle with The Vanguard Group Inc. for the wallets of cost-conscious mutual fund investors, TIAA-CREF appears to be conceding defeat. More than seven years after embarking on an...

Tax-loss harvesting gaining steadily in separate accounts; Money Management Institute says its members have increased their activity.(News)
July 18, 2005... Byline: Jeff Benjamin DETROIT --Tax-loss harvesting, no longer just part of the sales pitch, appears to be catching on at a steady clip within the fast-moving separately managed accounts industry. That practice for individual accounts...

'Have not' advisers face a bleak future; Study: Small firms to struggle in competitive market.(News)
July 18, 2005... Byline: Rick Miller CHICAGO - Top-tier financial advisers who are considering selling their practices can expect a bigger payday if they hold out a bit longer, while small to midsize firms might have few strategic options, according to a...

Most wealthy people don't talk about money or plan ahead; Survey finds that many lack assistance in financial planning.(News)
July 18, 2005... Byline: Charles Paikert NEW YORK - The rich may be different, as F. Scott Fitzgerald pointed out, but they're just as concerned and negligent about money as everyone else, according to a recent survey from PNC Advisors, the wealth...

Calendar.(Calendar/Datebook)
July 18, 2005... JULY 19 - Advanced Financial Modeling Using Excel, New York Society of Security Analysts. American Management Association, New York. (212)541-4530 or nyssa.org. 19 - Women as Inheritors, New York Society of Security Analysts. The...

Automatic enrollment seen a plus.(Short Interests)
July 18, 2005... Byline: Sara Hansard WASHINGTON - enrollment in 401(k) plans is a significant factor in increasing account balances, according to a study released last week by the Investment Company Institute and the Employee Benefit Research Institute,...

Lincoln service cutbacks irk reps; Firm says it's maintaining support levels.(News)
July 18, 2005... Byline: Bruce Kelly NEW YORK - Continuing its makeover, Lincoln Financial Advisors Corp. of Fort Wayne, Ind., last month cut into its senior- and mid-level management at its 37 regional offices. Sources inside and outside the company...

LTC insurance trainer offers tuition credits.(Short Interests)
July 25, 2005... Byline: Gary S. Mogel NEW YORK - Graduates of LTC Consultants' online training course for long-term-care insurance, LTCIAcademy.com, can receive full-tuition credits for two other programs on senior citizen financial planning, the...

Banks' domination of HSA biz seen likely to continue; Small account balances don't suit competitors.(News)
July 25, 2005... Byline: Gary S. Mogel NEW YORK - Asset management business for health savings accounts will continue to gravitate toward banks rather than other types of asset managers because banks excel at servicing large numbers of relatively small...

Internet won't displace planners, study finds; But boomers' access to information will affect business, Celent reports.(News)
July 25, 2005... Byline: Charles Paikert NEW YORK - Despite baby boomers' increasing reliance on the Internet for financial information, members of the economically powerful demographic still prefer to talk to a financial planner or adviser before making a...

One on One With Casey J. Sylla of Allstate Financial Group.(One on One)
July 25, 2005... Byline: Gary S. Mogel Casey J. Sylla's mission is to get insurance and other financial products out of Allstate's "good hands'' and into the hands of clients via the company's marketing channels - agents, broker-dealers and banks. The...

Think outside the (style) box, a money manager tells peers; Studies find that hemming in stock pickers is detrimental to their performance.(News)
July 25, 2005... Byline: Dan Jamieson IRVINE, Calif. - Craig Callahan is on a mission. The president of ICON Advisers Inc., a Greenwood Village, Colo., investment firm with $4 billion under management, wants to do away with style boxes. The...

Fund assets drained, Phoenix targets advisers; Firm reassessing its separate-accounts biz.(News)
July 25, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Phoenix Investment Partners Ltd. insists that it's finally getting serious about the mutual fund business and expanding its reach among financial advisers. Following more than a decade of heavy...

Special Report Coming Aug. 8.(News)
July 25, 2005... Brokerage firms are reinventing themselves, encouraging brokers to pare back on serving smaller households and to embrace a wealth management approach for larger clients. They also have upgraded support systems and training. However, whether...

People.
July 25, 2005... Babson Capital Management LLC in Cambridge and Springfield, Mass., has promoted Roger Crandall, 40, to chairman and head of corporate securities, from vice chairman. He was also ap- pointed executive vice president and chief investment officer...

Many market watchers see good times ahead; Some urge caution after indexes hit four-year highs.(News)
July 25, 2005... Byline: Rick Miller CHICAGO - Even with the Standard & Poor's 500 stock index and the Nasdaq Composite Index hitting four-year highs last week, the best is yet to come, according to many Wall Street watchers. "We think it is going to...

Experts debate if B of A deal's 1-shot or trend; Bank agrees to offer refunds to elderly purchasers of VAs.(News)
July 25, 2005... Byline: Gary S. Mogel NEW YORK - Experts are debating the repercussions of the settlement between Bank of America Corp. and Massachusetts regulators. The settlement requires the Charlotte, N.C.-based bank to offer refunds to clients...

Barclays sales at indie brokers gaining steam; ETF push previously focused on RIAs and wirehouse brokers.(News)
July 25, 2005... Byline: Brooke Southall SAN FRANCISCO - Independent broker-dealers have taken to exchange traded funds, judging by Barclays Global Investors' success in selling to this previously unsolicited market. The San Francisco-based indexing...