Investment News articles from March 2006

Investment News archives from March 2006

At the Bell; NASD levies 400G fine against broker-dealer.(Late News)
March 6, 2006... NASD on Thursday fined David Lerner Associates Inc. $400,000 and suspended it for a month from doing new business in variable life and variable annuities. In reaching the settlement, the firm neither admitted or denied the charges, and it...

Discounts get markedly narrower, IPO activity slows to a trickle.(The Markets)
March 6, 2006... Closed-end funds have seen big news and big moves in early 2006. The top story: the pending open-ending vote at Salomon Brothers Fund (SBF). The fund was caught in the voting contest over the Citicorp Inc./Legg Mason Inc. asset swap; adviser...

Legg Mason resisting class action pressure; Equates filings to practicing law without a license.(News)
March 6, 2006... Byline: Sara Hansard WASHINGTON - Legg Mason Capital Management Inc. is resisting pressure to file securities class actions on behalf of its clients. The Baltimore-based manager has taken the stance even though plaintiff's lawyers are...

Higher net-capital levels in store? Small firms the focus of NASD's concern; critics question need.(News)
March 6, 2006... Byline: Dan Jamieson IRVINE, Calif. - Brokerage firms large and small face the prospect of higher net-capital requirements. In light of the industry's growth over the past 20 years, NASD of Washington has set up an informal...

SIA study blames regulators for soaring compliance costs.(News)
March 6, 2006... Byline: Bruce Kelly NEW YORK - Compliance costs for broker-dealers have skyrocketed, and their nemeses - securities regulators - are to blame, according to an industry study. The cost of compliance has nearly doubled in the past three...

The lowdown on low turnover: Less is not necessarily more; Steadiest portfolios underperform peers, a new study finds.(News)
March 6, 2006... Byline: Frederick P. Gabriel Jr. BOSTON - When it comes to mutual funds, too much patience can be just as harmful to shareholders as too little. Conventional wisdom says that funds with buy-and-hold strategies generally outperform...

Mutual fund investors may incur higher fees; New expense data show a mixed bag.(News)
March 6, 2006... Byline: David Hoffman NEW YORK - While a growing number of mutual funds are cutting expenses, the average shareholder actually may be paying more to invest in mutual funds. The asset-weighted average total expense ratio, which...

Wellington's research a big plus for Hartford fund.(Street Wise)
March 6, 2006... Byline: Jeff Benjamin In managing the $1.1 billion Hartford Growth Opportunities Fund (HGOAX), Michael Carmen doesn't hesitate to tap every resource at his disposal, which is significant considering his position as a vice president with...

Schwab make-good vow straddles a blurry line.(Short Interests)
March 6, 2006... Byline: Brooke Southall SAN FRANCISCO - The good news is that Charles Schwab Corp. has promised to cover 100% of any account losses that arise from unauthorized account activity, particularly computer hackers. The bad news from the San...

Roth workplace plans require distributions; Advisers boning up on withdrawal guidelines.(News)
March 6, 2006... Byline: Sara Hansard WASHINGTON - The Roth 401(k)/Roth 403(b) workplace retirement accounts that start this year require minimum distributions from accounts at age 701/2. The Roth Individual Retirement Account, by contrast, doesn't...

It may be time to take another look at annuities.(Other Views)
March 6, 2006... Byline: Mark Phelan and John Huggard Those in the financial services industry are well aware of a primary concern among today's baby boomers: income, or lack of it, during retirement. Clients who fear outliving their resources will...

Beyond alphabet soup: Key issues facing separates.(Other Views)
March 6, 2006... Byline: Stephen J. DeAngelis The managed account industry in recent years has devoted considerable attention to debating what constitutes an SMA, MDA, UMA, UMH and other key products. The effort to categorically delineate this alphabet...

Indies get inventive in helping reps push insurance products; Securities regulators concerned about sales abuses.(News)
March 6, 2006... Byline: Bruce Kelly NEW YORK - Independent-contractor broker-dealers are becoming ever more inventive in devising ways for registered representatives and advisers to sell insurance products, some of which securities regulators have pointed...

Social Security seen essential, study shows.(Short Interests)
March 6, 2006... Byline: Aaron Siegel NEW YORK - Golfing, fishing, gardening and Social Security? It looks like there has been a change of plans. According to Wachovia Corp.'s Retirement Fitness Survey, more than 80% of consumers said that Social...

Emerging-markets bonds seen becoming less volatile; Debt likely to become more palatable as markets mature.(News)
March 6, 2006... Byline: David Hoffman NEW YORK - Emerging-markets bonds may become more palatable to more investors over the next few years as emerging markets become more "mature'' and therefore less volatile, several emerging-markets-bond fund managers...

Tax benefits for corporate jets fuel congressional debate.(Tax Watch)
March 6, 2006... Byline: Mark E. Battersby A tax reconciliation conference committee is expected to convene soon to iron out differences between the Senate-passed and House-passed versions of the Tax Relief Extension Reconciliation Bill of 2005. ...

401(k) plan participation rates continue to decline; Auto enrollment, need for advice may help stem tide.(News)
March 6, 2006... Byline: Brooke Southall SAN FRANCISCO - More employees are either investing sparingly or failing to enroll at all in 401(k) plans, according to a study from The Spectrem Group Inc. Asset growth in 401(k) plans tumbled from a growth...

Study riles advocates of equity index annuity; Report knocks product's fees, complexity.(News)
March 6, 2006... Byline: Gary S. Mogel NEW YORK - Equity index annuities are either an effective savings vehicle or a scheme to dupe the elderly- depending on whether advisers believe the annuities' supporters or a recent report that blasts such...

Focus Financial Partners has backing for growth.(News)
March 6, 2006... Byline: Aaron Siegel NEW YORK - Focus Financial Partners LLC is building a national wealth management and consulting firm based on offering a broad number of services, and it has the financial backing to do so. The year-old New York...

Fidelity's 2005 had its ups and downs.(Reverse Spin)
March 6, 2006... Byline: Frederick P. Gabriel Jr. Not bad for a mutual fund company that didn't do such a great job of selling mutual funds last year. Although it lagged rivals in attracting new investors to mutual funds, Boston-based Fidelity...

Optimism on the rise among wealthy investors.(Short Interests)
March 6, 2006... Byline: Aaron Siegel NEW YORK - Confidence among well-to-do investors is on the upswing despite mounting concerns around the globe. The Spectrem Millionaire Index, which is tracked by The Spectrem Group Inc., a consulting firm in...

Dow Jones launches Swiss index.(Short Interests)
March 6, 2006... Byline: David Hoffman NEW YORK - Investors who want to add a little Swiss flavor to their portfolios soon may get the chance. The Dow Jones SWX Select Dividend 20 Index, which tracks the 20 top-yielding stocks domiciled in Switzerland,...

One on One With Laurence Barton of The American College.(One on One)
March 6, 2006... Byline: Charles Paikert In addition to his position as president and chief executive of The American College in Bryn Mawr, Pa., and a number of other high-profile academic posts, Laurence Barton's eclectic career has included a stint in...

T. Rowe targets advisers with soft-sell approach; `Reactive model' emphasizes service over sales.(News)
March 6, 2006... Byline: Charles Paikert NEW YORK - T. Rowe Price Group Inc. is betting that a soft sell will win the hearts - and business - of financial planners and advisers. John Cammack, head of third-party distribution for the Baltimore-based...

Fundamental index funds merit a look.(Monday Morning)
March 6, 2006... Byline: Mike Clowes Index mutual funds have become an important vehicle for many individual and institutional investors since John C. Bogle, founder of The Vanguard Group Inc., pioneered them in 1974. In fact, Malvern, Pa.-based...

Hedge funds up the ante for support personnel; Pay increases, bonuses lure pros from funds.(News)
March 6, 2006... Byline: Jeff Benjamin DETROIT - Some of the most sought-after professionals in the hedge fund industry don't manage a dime. The growing stature of such individuals - accountants, compliance officers, operational managers and marketers...

Closing Quote.(Quotes)
March 6, 2006... "The days of two guys in an office with a computer screen and a coffee pot are over.'' Charles Gradante, managing principal at Hennessee Hedge Fund Advisory Group LLC in New York, on the influence of institutions in the hedge fund market....

Firms squeeze sweep accounts for profits; Advisers criticize moves by Schwab, TD AMERITRADE.(News)
March 6, 2006... Byline: Brooke Southall SAN FRANCISCO - Charles Schwab & Co. Inc. and TD AMERITRADE Holding Corp. are squeezing greater profits from their default sweep accounts, and some financial advisers are criticizing the moves as not being in the...

Bacteria counts high at bean counters, banks.(Short Interests)
March 6, 2006... Byline: Gary S. Mogel NEW YORK - Accounting and banking offices are germ heaven, while the offices of financial advisers and lawyers are comparatively germ free. Only teachers - due to their proximity to children - had more germs in...

Medicaid eligibility tightening sparks debate over LTC; Planners, elder-care experts divided on need for costly product.(News)
March 6, 2006... Byline: Charles Paikert NEW YORK - Long-term-care insurance has emerged as a hot-button issue as financial planners and elder-care experts debate the ramifications of a new law that makes it harder to qualify for Medicaid-paid nursing home...

Gorman: Won't 'Merrillize' Morgan Stanley; New retail chief vows to be hands-off, wants high-end focus.(News)
March 6, 2006... Byline: Dan Jamieson IRVINE, Calif. - In his first firmwide call with brokers, Morgan Stanley's new head of retail, James Gorman, promised not to "Merrillize'' the firm. In the Feb. 23 conference call with the troops, Mr. Gorman, who...

Retirees require less talk, more action.(Editorial)
March 6, 2006... It is a given that retirement is a hot-button issue. As baby boomers age, 76 million Americans will reach retirement in the next two decades. Many, of course, are moving their money into retail accounts from institutional retirement...

FPA begins award season.(Short Interests)
March 6, 2006... Byline: Charles Paikert NEW YORK - Hollywood just handed out the Oscars, and in October, the Financial Planning Association will award its annual P. Kemp Fain Jr. Award to a planner who has made outstanding contributions to the profession....

Focus Financial Partners has backing for growth.(News)
March 6, 2006... Byline: Aaron Siegel ***** Correction: An article in the March 6 issue stated that four advisers - Capital Advisory Group, Founders Financial Network, Geller Group Ltd. and Strategic Point Holdings - had invested in Focus Financial...

Hispanics leery of banks.(Short Interests)
March 13, 2006... Byline: Thomas N. Zadvydas NEW YORK - Hispanic consumers may cash checks in branches, but they purchase few other services from a bank, credit union or savings institution, according to a new report released by Synergistics Research Corp....

Principal Financial Group beating the bushes again.(Short Interests)
March 13, 2006... Byline: Aaron Siegel NEW YORK - Buy me some peanuts and Cracker Jack, and then throw in a 401(k) plan for the road. The Principal Financial Group Inc. in Des Moines, Iowa, is kicking off the Principal Family Fun Fest for the 2006 minor...

Proposals requiring majority vote for directors gain traction; Pension funds pushing for corporate governance reform.(News)
March 13, 2006... Byline: Barry B. Burr CHICAGO - Shareholder proposals calling for a majority vote to elect directors had been introduced at 140 companies this proxy season as of March 1. That is the largest number of investor proposals on any single proxy...

Health-care expenses in retirement surge; Out-of-pocket costs found to be rising at a rapid pace.(News)
March 13, 2006... Byline: Sara Hansard WASHINGTON - The cost of health care in retirement has jumped more than 5% over the past year, according to estimates announced last week by Fidelity Investments. A 65-year-old couple retiring today will need...

Excessive exec pay symptomatic of weak boards.(Monday Morning)
March 13, 2006... Byline: Jim Pavia Sometimes you have to wonder: When will the madness actually end? Executive compensation packages need to be moderated. The Securities and Exchange Commission recently announced its plans to make corporations more...

SEC fails to enforce rule on redemption fees.(Other Views)
March 13, 2006... Byline: Jerry Wagner In March 2005, the Securities and Exchange Commission decided to reject mandatory redemption fees on mutual fund investors. By embodying into a commission rule (IC-26782) the standards set by numerous no-action...

New hedge fund regulation not likely in Canada; In-force regulations seen adequate for alternative investments.(News)
March 13, 2006... Byline: David Clarke OTTAWA - After making noises about ratcheting up the regulation of hedge funds in the wake of high-profile scandals, Canada's provincial securities commissions have done an about-face. The regulators have "pretty...

Fund franchisor gets cash.(Short Interests)
March 13, 2006... Byline: Brooke Southall SAN FRANCISCO - The Mutual Fund Store LLC has received a venture capital infusion, and it may open more storefronts that are owned by the company. The Overland Park, Kan.-based franchisor of 31 retail outlets -...

NASD renews alert on VA 1035 exchanges; Will broker-dealers receive guidance next?(News)
March 13, 2006... Byline: Bruce Kelly NEW YORK - NASD has renewed its alert to investors about potential confusion regarding the exchanging of variable annuities, leaving some industry attorneys wondering whether guidance to broker-dealers could follow. ...

People.
March 13, 2006... The New York Stock Exchange has named Gary M. Stein, 38, to the newly created position of vice president of investor relations. He will be responsible for managing relationships and communications with shareholders and the investment...

Presentation warns elderly about fraud.(Short Interests)
March 13, 2006... Byline: Charles Paikert NEW YORK - The Society of Certified Senior Advisors Inc. has created a public-service effort to warn the elderly and those who care for them about unscrupulous individuals who prey on their special circumstances to...

Survey: Alt investments, cash attract wealthy; Recent poor returns have prompted allocation switch.(News)
March 13, 2006... Byline: Charles Paikert NEW YORK - Wealthy investors are gravitating toward alternative asset classes and cash, according to a study commissioned by Northern Trust Corp. According to the report, "Wealth in America 2006,'' 70% of...

Taxpayers reconnect with their honesty, integrity.(Tax Watch)
March 13, 2006... Byline: Mark E. Battersby Taxpayers think people should pay their taxes in full, according to a survey from the Internal Revenue Service Oversight Board, which provides independent oversight and advice to the agency. According to the...

Magellan's helmsman steers a new course; May bring higher returns but more risk.(News)
March 13, 2006... Byline: Frederick P. Gabriel Jr. BOSTON - Just four months into the job, portfolio manager Harry Lange is making drastic changes to Fidelity Investments' struggling Magellan Fund. So far, those changes have goosed performance, but they...

NASD to Ameriprise: Pay up or shut down; Firm faces deadline for arbitration award.(News)
March 13, 2006... Byline: Bruce Kelly NEW YORK - Ameriprise Financial Inc. faces the threat of being shut down by securities regulators because it has yet to pony up a $230,000 arbitration award to a former broker. On March 1, NASD of Washington...

Sector funds outperforming diversified equity.(The Markets)
March 13, 2006... Sector funds have been more volatile in early 2006 than have diversified-equity types. Through Feb. 28, their average year-to-date performance was 5.63%, versus 4.13% for the broadly based Lipper 1000 Index and 2.93% for Standard & Poor's 500...

Mutual fund fees best set by market rather than directors? Decades-old idea gains ground in industry circles.(News)
March 13, 2006... Byline: Sara Hansard WASHINGTON - Mutual fund industry leaders, desperate to end what they view as a push toward overregulation, are talking about dusting off an old idea: allowing fund fees to be determined by market forces and not by...

Trade group accused of discrimination; LOMA complaint may expand to class action.(News)
March 13, 2006... Byline: Gary S. Mogel NEW YORK - One of the premier life insurance trade associations has been accused of racial discrimination and of maintaining a "glass ceiling'' that has prevented blacks from being hired or promoted into high-level...

Deficit bill may create demand for LTC.(Editorial)
March 13, 2006... Financial planners and advisers will have to pay close attention to the long-term-care-insurance market over the next few years as a result of the recently passed Deficit Reduction Act. It is likely that LTC insurance premiums will rise for...

Thrivent Financial to recruit 675 reps; Additions would bring total to above 3,000; all must be Lutherans.(News)
March 13, 2006... Byline: Gary S. Mogel NEW YORK - Thrivent Financial for Lutherans said this month that it wants to hire 675 new financial representatives by the end of the year to sell its insurance and investment products to its mostly Lutheran target...

Free lunches serve up annuities.(Short Interests)
March 13, 2006... Byline: Gary S. Mogel NEW YORK - Nebraska's tradition of cornhusking - social gatherings during which corn stalks are processed - has been adapted by several local insurance agents into free lunches intended to pitch annuities to the...

SEC order protection rule may be delayed; Commission yet to OK NYSE's plan to be a hybrid market.(News)
March 13, 2006... Byline: Gregory Crawford NEW YORK - Talk on Wall Street is getting louder now that the new order-protection rule - the most contentious piece of the landmark Reg NMS passed in April 2005 by the Securities and Exchange Commission - will not...

Value statements can improve performance drastically.(Practice Management)
March 13, 2006... Byline: Paul Calendrillo If you haven't carefully crafted statements that succinctly explain to prospects and clients how you typically service your existing client base or how you plan to work with your new clients, or provided a clear...

Alpha is called a finite commodity; Hedge fund industry said to be limited to $30 billion a year.(News)
March 13, 2006... Byline: Christine Williamson PHILADELPHIA - Everyone in the crowd assembled for the CFA Institute's hedge fund conference took notice when David S. Hsieh said that the amount of alpha available in the hedge fund industry each year is $30...

Jackson National adds options to VAs, GMWBs.(Product Watch)
March 13, 2006... Jackson National Life Insurance Co. in Lansing, Mich., has made several enhancements to its Perspective variable annuities. The company has added four new Target Date portfolios, subadvised by Standard & Poor's Investment Advisory Services...

Rydex unveils six ETFs; Only `pure' value and growth stocks are included.(News)
March 13, 2006... Byline: David Hoffman NEW YORK - Exchange traded fund investors looking for "pure'' growth and value exposure have six new funds from which to choose. But there is some concern about the index methodology followed by the ETFs that...

QQQDirect eventually may include other ETFs; Fee waiver is for investors who buy monthly.(News)
March 13, 2006... Byline: David Hoffman NEW YORK - A new service that allows investors to buy the Nasdaq-100 Index Tracking Stock, commonly referred to as the QQQ, once a month without paying a brokerage commission could be extended to other exchange traded...

Future M&A deals won't match blockbusters; More transactions expected, but they will target smaller players.(News)
March 13, 2006... Byline: Mark Bruno NEW YORK - A flood of money management mergers and acquisitions is expected during the next year, industry insiders say, but none as large as the Legg Mason Inc./Citigroup Asset Management and BlackRock Inc./Merrill...

Investors are mad about Jim Cramer; Love or hate him, his show is hot.(News)
March 13, 2006... Byline: Miriam Kreinin Souccar CNS NEW YORK - Every Tuesday night at Seton Hall University in South Orange, N.J., Scott Rothbort, professor of finance, hosts a party for the students' investment club. There is little drinking and...

Distressed-debt investors anticipating defaults; Possibility of rate hikes, economic downturn help spur increased interest.(News)
March 13, 2006... Byline: Arleen Jacobius LOS ANGELES - Private-equity and hedge fund managers could raise $15 billion this year for distressed-debt vehicles in anticipation of a new round of junk bond defaults. These general partners are finding a...

One on One With Thomas E. Faust Jr. of Eaton Vance Corp.(One on One)
March 13, 2006... Byline: Frederick P. Gabriel Jr. Thomas E. Faust Jr. soon will be wearing driving gloves to work at Eaton Vance Corp. As the mandatory retirement of chief executive James B. Hawkes approaches, Mr. Faust, 47, is preparing to become his...

NYSE suffering market share loses, profit pressures; Moves will help exchange, but rivals are closing in.(News)
March 13, 2006... Byline: Aaron Elstein CNS NEW YORK - Up on the balcony of the New York Stock Exchange, all was sweetness and light Wednesday morning when chief executive John Thain rang the opening bell and in the process ushered in Day One of the...

Morningstar: New ETF ratings explode index superiority myth; But experts, advisers question the value of researcher's methodology.(News)
March 13, 2006... Byline: David Hoffman NEW YORK - Morningstar Inc. says its new ratings on exchange traded funds from will make it harder for index proponents to perpetuate the myth that indexing always beats active management. But some ETF insiders...

Billionaire club takes in new members.(Reverse Spin)
March 13, 2006... Byline: Frederick P. Gabriel Jr. A sucker, as the saying goes, is born every minute. But a billionaire is born every 7,200 minutes, or 3.2 days, according to my back-of-the-vodka-soaked-cocktail-napkin calculations. The number of...

New bankruptcy law adds insult to misfortune, report shows.(Short Interests)
March 13, 2006... Byline: Aaron Siegel NEW YORK - The new bankruptcy law is kicking people when they are down, a new report has found. According to the study, by the Washington-based National Association of Consumer Bankruptcy Attorneys, 96.7% of the...

Schwab ramps up hybrid recruiting strategy; But clearing unit may give Fidelity a platform edge.(News)
March 13, 2006... Byline: Brooke Southall SAN FRANCISO - Charles Schwab & Co. Inc. is polishing up a niche strategy for recruiting breakaway brokers and - in light of its growing effectiveness - banking on it as a cornerstone of future success. The San...

Fund manager swears by quant-driven analysis.(Street Wise)
March 13, 2006... Byline: Jeff Benjamin David M. Clark III is a money manager determined to follow in the footsteps of such renowned investors as Benjamin Graham and the duo of Warren E. Buffett and Charles Munger. Mr. Clark, president and founder of...

Closing Quote.(Quotes)
March 13, 2006... "If firms lose a case and can't write a check to a broker, they should be banned from the arbitration system and be put back in the court system.'' Thomas Ajamie, a plaintiff's attorney in Houston, on Ameriprise Financial Inc. of...

At the Bell; Confidence index down from Feb.(Late News)
March 13, 2006... Consumer confidence has fallen since last month, reflecting uncertainty American consumers have about future economic conditions, RBC Financial Group said Friday. The RBC CASH Index for March stands at 86.2, down from 96.1 last month. ...

Everyone into the pool; Workers bet on NCAA; employers not thrilled.(News)
March 13, 2006... Byline: Erik Engquist CNS NEW YORK - This week, a bevy of Brooklyn, N.Y., lawyers will gather in a Court Street conference room, ready to bid $10,000 or more on a college basketball team with a good shot to win the National Collegiate...

LTC age 55 requirement is bunk, experts say; Buy policy before health worsens, they advise.(News)
March 13, 2006... Byline: Gary S. Mogel NEW YORK - Advisers who recommend long-term-care insurance only to clients age 55 or older are dropping the ball, according to experts in the coverage line. A report released last month by the American Association...

Calendar.(Calendar/Datebook)
March 13, 2006... March 15-18 - On-campus intensive learning program, HS 311 Fundamentals of Insurance Planning, The American College. Bryn Mawr, Pa. (888)263-7265 or theamericancollege.edu. 19-24 - Graduate School Residency I, The American College. For...

Top separate-account program sponsors ranked by market share.(Managed Accounts)
March 13, 2006... Company Market share 1 Citigroup Global Wealth Management 28.30% Smith Barney Consulting Group Assets (b): $183 222 Delaware Ave., 7th Floor Wilmington, DE 19801 smithbarney.com (800) 221-2626 2 Merrill...

Top separate-account investment managers ranked by assets.(Managed Accounts)
March 13, 2006... Company Assets ($b) 1 Legg Mason* $63.3 CAM North America LLC (a subsidiary of Legg Mason) 300 First Stamford Place Stamford, CT 09601 (203) 890-7522 2 Nuveen Investments 47 333 W. Wacker Drive Chicago,...

Anatomy of a value statement.(Practice Management)
March 13, 2006... There are two parts to any value statement: * A service philosophy * An investment philosophy Your service philosophy should include: * The critical importance of discussing financial needs, concerns and goals, and the value...

Top proprietary manager consultant programs ranked by assets under management.(Managed Accounts)
March 13, 2006... 1 Legg Mason Inc. $61.48 Market share: 57.3% CAM North America LLC (a subsidiary of Legg Mason) 300 First Stamford Place Stamford, CT 09601 (203) 890-7522 2 Merrill Lynch Investment Managers Ltd. 27.70 ...

Largest managers of third-party-program account assets.(Managed Accounts)
March 13, 2006... 1 Brandes Investment Partners $37.5 Market share: 6.9% 11988 El Camino Real, Suite 500 P.O. Box 919048 San Diego, CA 92191 brandes.com (800) 237-7119 2 NWQ Investment Management Co. LLC 26.1 Market share: 4.8%...

South Korean VC fund takes aim at foreign investors; Invests in IT, biotech, consumer electronics, manufacturing companies.(News)
March 20, 2006... Byline: Liz Skinner WASHINGTON - Investors who hope to get in on the ground floor of the next Samsung Electronics Co. Ltd. may want to tune in to a new venture capital fund that aims to bring foreign investors into South Korea. The VC...

International funds reel in 401(k) money; Stable-value funds, U.S. large-caps see outflows, data show.(News)
March 20, 2006... Byline: Liz Skinner WASHINGTON - Lured by the siren's call of international and emerging markets, more investors are taking increasing risks with their retirement funds. Americans moved about $575 million within their 401(k) retirement...

Pa. Legislature to consider planner-licensing bill; State securities cops criticize setting up of separate board.(News)
March 20, 2006... Byline: Sara Hansard WASHINGTON - The Pennsylvania Legislature will hold hearings at the end of next month on legislation that is among the first in the United States that would require state licensing and regulation of financial planners....