Investment News articles from May 2005

Investment News archives from May 2005

Merrill hits funds with another fee; Omnibus accounts get double whammy of charges.(News)
May 2, 2005... Byline: David Hoffman NEW YORK - Merrill Lynch & Co. Inc. is hitting the mutual funds it supports with an omnibus-account double whammy. In addition to already charging fund companies for omnibus subaccounting, the industry giant sent...

Emerging Europe: A buying opportunity?(Other Views)
May 2, 2005... Byline: Soeren Rytoft Emerging markets have had a bumpy ride over the past month or so, due mainly to outside factors, including our own Federal Reserve rate hikes that have increased fears of inflation in the United States and the...

Winning can require just the slightest of edges.(Other Views)
May 2, 2005... Byline: John Donovan The difference between winners and losers can often be just tiny fractions. As the recently concluded Masters golf tournament proved, you do not have to be head and shoulders above your competition to win the...

Courses prep 'specialists'.(Short Interests)
May 2, 2005... Byline: Gary S. Mogel NEW YORK - The National Association of Insurance and Financial Advisors and The American College have launched an educational program designed to teach sales skills and introductory financial planning to professionals...

GAO: A conflict issue lingers.(Short Interests)
May 2, 2005... Byline: Sara Hansard WASHINGTON - Even with new mutual fund governance rules, compliance officers still face conflicts of interest, because they work for investment advisers who manage the funds, according to a recent report from the U.S....

FSI joins the crowd in the lobby.(Short Interests)
May 2, 2005... Byline: Sara Hansard WASHINGTON - The more advisers spawn trade associations, the more they want clout in Washington. The Financial Services Institute Inc., based in Atlanta, has been interviewing lobbying firms that it wants to hire...

Top indie reps warm to turnkey platforms; Big earners have similar business models.(News)
May 2, 2005... Byline: Bruce Kelly NEW YORK - A year and a half ago, Christopher Jordan, an affiliated representative with National Planning Corp. of Santa Monica, Calif., began using a turnkey asset management platform for new clients. After...

One on One With John Kelly of Man Investments Inc.(One on One)
May 2, 2005... Byline: Jeff Benjamin In December 2001, when Man Group PLC in London, one of the world's largest hedge fund management companies, began to focus on the world's single largest hedge fund market - the United States - it tapped John Kelly to...

Bush should press Social Security fight.(Editorial)
May 2, 2005... President Bush, during his press conference last week, in effect challenged Congress to act now to fix Social Security. Congress must rise to the challenge, but the chances of getting significant reform remain slight. Without a Herculean...

NAIFA opposes creating association health plans; Small-business groups, however, strongly support them.(News)
May 2, 2005... Byline: Sara Hansard WASHINGTON - Insurance advisers are at odds with much of the small-business lobby over legislation that would pave the way for the creation of association health plans. The plans would allow small-business groups...

On new site, the annuity exchanges are verbal.(Short Interests)
May 2, 2005... Byline: Gary S. Mogel NEW YORK - Financial advisers and insurance agents who recommend or write annuities can discuss any aspect of fixed, variable or other types of annuities with fellow professionals by logging on to a new website,...

Advisers key as Piper enters wealth management; Market demographics spur the change.(News)
May 2, 2005... Byline: Charles Paikert NEW YORK - Piper Jaffray & Co., a Midwest brokerage powerhouse, is betting that the success of its 866 financial advisers will bolster its new wealth management unit. The nine executives of the Minneapolis-based...

IMCA plans to double membership by 2010; But some question whether wirehouses are taking it over.(News)
May 2, 2005... Byline: Brooke Southall SAN FRANCISCO - The Investment Management Consultants Association is pumping up its already high-powered growth by looking beyond its base. But one member questioned whether IMCA risks being perceived as a...

SEC unlikely to alter how it rations sanctions against fund firms; Monetta court ruling seen as `minor speed bump' for SEC.(News)
May 2, 2005... Byline: David Hoffman NEW YORK - The Securities and Exchange Commission is unlikely to change how it goes after fund companies that it suspects of wrongdoing, merely because it partially lost one court case, according to legal experts. ...

Increasing diversity requires changes from the top.(Conference Call)
May 2, 2005... Byline: Rick Miller CHICAGO - For investment management firms lacking in racial diversity, market forces have a way of bringing about change. "There is nothing more powerful than markets,'' said Jorge Castro, vice chairman and chief...

Adjusting to market volatility; Some re-examine risk, return assumptions.(News)
May 2, 2005... Byline: Charles Paikert NEW YORK - With stock market volatility expected to get worse before it gets better, some financial advisers and investment managers are starting to think more about risk. "We're reviewing our assumptions of...

Investing platform specifically for HSAs uses Schwab products; It targets clients who don't plan to withdraw funds.(News)
May 2, 2005... Byline: Gary S. Mogel NEW YORK - Recognizing that the medical-savings purpose of health savings accounts often requires a different investment approach than retirement and education savings accounts, Devenir LLC, a two-year-old...

SEC broker rule wins support; Two fiduciary groups' position stands in stark contrast to that of FPA, NAPFA.(News)
May 2, 2005... Byline: Sara Hansard WASHINGTON - Two fiduciary organizations support a controversial new regulation that exempts fee-based brokers from registering as investment advisers in some circumstances. In early April, a spinoff group of the...

Law eases contract settling.(Short Interests)
May 2, 2005... Byline: Sara Hansard WASHINGTON - The bankruptcy law signed last week by President Bush will allow brokerage firms and other financial companies to net out financial contracts instead of going through a more cumbersome process of settling...

Merrill transition policy said to be complicated by issues of gender; Problem acknowledged, but no solution yet.(News)
May 2, 2005... Byline: Brooke Southall SAN FRANCISCO - Merrill Lynch & Co. Inc.'s current program for transitioning books of business - allowing brokers with an eye on retirement to make quiet deals at the branch level - has been described by one...

Pershing RIAs to get access to Advent tools.(Short Interests)
May 2, 2005... Byline: Brooke Southall SAN FRANCISCO - Advent Software Inc. of San Francisco has struck a deal with Pershing LLC to allow registered investment advisers who clear through the Jersey City, N.J., service provider to use Advent's back-office...

Fund hitches its wagon to ho-hum utility sector.(Street Wise)
May 2, 2005... Byline: Jeff Benjamin As utility sector mutual funds go, the $305 million Evergreen Utility & Telecommunications Fund (EVUAX) could probably fit into the category of what most financial advisers might call a product for widows and orphans....

Rising gas prices put brakes on 1Q GDP.(Reverse Spin)
May 2, 2005... Byline: Frederick P. Gabriel Jr. You know gasoline prices are high when even the economy is running out of gas. The Department of Commerce on Thursday said that the economy lost momentum during the first three months of 2005, thanks,...

Closing Quote.(Quotes)
May 2, 2005... "I think that the profession needs more designations like they need a hole in the head.'' Michael Joyce, president of Michael Joyce & Associates PC in Richmond, Va., on the accredited investment fiduciary designation. Page 26

Ethics should be part of industry training.(Monday Morning)
May 2, 2005... Byline: Jim Pavia My 11-year-old daughter, Kaitlyn, has been gearing up for a science competition against other grammar schools in our area. Her teacher devoted a great deal of personal time to help Kaitlyn study after school and also...

At the Bell; Waddell settles NASD charges.(Late News)
May 2, 2005... Waddell & Reed Inc. of Overland Park, Kan., has agreed to pay a $5 million fine to NASD and repay up to $11 million to customers to settle charges relating to variable annuity switching. In a statement Friday, Washington-based NASD said the...

'Progressive indexing' Social Security plan wins advisers' kudos; Senate plan also eyes MFS chairman's idea.(News)
May 2, 2005... Byline: Sara Hansard WASHINGTON - Of the three plans for personal Social Security accounts put forward at an April 26 Senate Finance Committee hearing, advisers tend to favor one advanced by Robert Pozen, chairman of MFS Investment...

NASD drops other shoe on Raymond James; Fines broker-dealer units for failing to supervise fee-based accounts.(News)
May 2, 2005... Byline: Bruce Kelly NEW YORK - At a meeting in Salt Lake City last summer with registered representatives affiliated with Raymond James Financial Services Inc., Richard G. Averitt III, the firm's chief executive, said he was stumped as to...

Looming pension crisis needs creative solutions; Economists, politicians say the time is ripe for reform.(Retirement Crisis)
May 9, 2005... Byline: Gregory Crawford and Vineeta Anand New York - When the next president of the United States takes office in January 2008, the oldest of the 77 million Americans, known as the baby boomer generation, will turn 62 and become eligible...

Broker-dealer profile.(News)
May 9, 2005... Northwestern Mutual Investment Services LLC 611 E. Wisconsin Ave. Milwaukee, WI 53202 (414) 665-6023 northwesternmutual.com Chief executive: Daniel Riedl Fiscal year ended 12/2004 Fiscal year Previous Latest...

Fast-growing advisory service reaches out; AdvisorIntelligence sponsors first conference for online-research clients.(News)
May 9, 2005... Byline: Brooke Southall SAN FRANCISCO - AdvisorIntelligence.com has gotten big in four short years, and now it plans to flex its muscles by hosting its first conference. Litman/Gregory Analytics LLC of Orinda and Larkspur, Calif., is...

Turnover at SEC leaves open question of change in direction; Political dynamics of the commission could shift, some observers say.(Mutual Fund Report)
May 9, 2005... Byline: Sara Hansard WASHINGTON - The Securities and Exchange Commission is undergoing major changes in its management, leaving open the question of how much of a change there will be in its direction. SEC Chairman William H. Donaldson...

Fund sales growth fails to reap lower prices; Retail investors miss out on economies of scale.(Mutual Fund Report)
May 9, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Despite the hoopla about "price wars'' sweeping through the mutual fund industry, ordinary investors continue to pay more to park their cash in mutual funds. Overall, the...

Plan helps small-biz successions.(Short Interests)
May 9, 2005... Byline: Gary S. Mogel NEW YORK - A new program from The Phoenix Cos. Inc. called "Business Owner Strategies'' can help financial advisers plan for the succession of clients' closely held and family-owned small businesses. According to...

Alternative to the core; Quant guru proposes using stocks and bonds as swing assets.(News)
May 9, 2005... Byline: Joel Chernoff SAN FRANCISCO - Martin Leibowitz wants to turn asset allocation on its head. Instead of starting with a core portfolio of stocks and bonds, then adding carefully proscribed allocations to alternative assets, he...

Tarred fund industry still faces trust problem; Just 28% of investors trust messages in firms' ads, Forrester study finds.(Mutual Fund Report)
May 9, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - The $8 trillion mutual fund industry faces a crisis of confidence. Just 29% of U.S. consumers trusted the messages they saw and heard in fund advertising, according to a report by Forrester...

Fiduciary group clarifies stand on BD rule; Supports FPA's position, SEC's `significant steps'.(News)
May 9, 2005... Byline: Sara Hansard WASHINGTON - The National Council of Financial Fiduciaries took steps last week to clarify its stance on the broker-dealer-exemption rule adopted recently by the Securities and Exchange Commission. The newly formed...

Schwab revises payout grid for branch brokers; Attempt to emphasise retention of assets via advice could test limits with regulators.(News)
May 9, 2005... Byline: Brooke Southall SAN FRANCISCO - In a move that some analysts say pushes the envelope with regulators, Charles Schwab & Co. Inc. is revamping its strategy for paying its branch brokers. The San Francisco-based company has begun...

Goldman and Lehman downgraded by rivals; Cuts could signal that brokerage sector is headed for downturn.(News)
May 9, 2005... Byline: Bruce Kelly NEW YORK - Two top investment banks - The Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc., both of New York - were downgraded by analysts of two rivals last Monday due to the potential impact of slower stock...

SEC takes shot at Raymond James.(Short Interests)
May 9, 2005... Byline: Bruce Kelly NEW YORK - The Securities and Exchange Commission took a parting shot at Raymond James Financial Services Inc. late last month in the continuing dispute over the firm's oversight of a rogue broker who worked for the St....

Bill would tax life policies.(Short Interests)
May 9, 2005... Byline: Sara Hansard WASHINGTON - A 100% excise tax would be imposed on investments in "investor-owned life insurance'' contracts under legislation to be introduced early this week by the two leaders of the Senate Finance Committee. ...

Nationwide VAs add Fidelity funds.(Short Interests)
May 9, 2005... Byline: Brooke Southall SAN FRANCISCO - Nationwide Financial Services Inc. said that it has accomplished a first, but one industry consultant views that claim as a dubious distinction. The Columbus, Ohio-based company said recently...

Nobel laureate tackles retirement-income problem; William F. Sharpe examines tough questions for retirees.(News)
May 9, 2005... Byline: Rick Miller CHICAGO - William F. Sharpe, the Nobel laureate in economics whose capital asset pricing model set the framework for optimizing investment portfolios, is researching how baby boomers can optimize their income streams in...

Emerging-markets fund explores new frontiers.(Street Wise)
May 9, 2005... Byline: Jeff Benjamin In the world of global investment opportunities, there are emerging markets, and then there are markets sometimes referred to as way out on the frontier. Cliff Quisenberry, manager of the $237 million Eaton Vance...

Were Fidelity traders living the high life?(Reverse Spin)
May 9, 2005... Byline: Frederick P. Gabriel Jr. This gives "pay to play'' a whole new meaning. Federal investigators are looking into whether some traders at Boston-based Fidelity Investments accepted drugs from Wall Street brokers in exchange for...

Closing Quote.(Quotes)
May 9, 2005... "This is going to be the Cadillac of any designation like this. Let's call it the Mercedes, because [General Motors Corp.] is not doing well these days.'' Brian Graff, executive director and chief executive of the American Society of...

BDO Seidman buying its way to a higher profile; Midtier accountant looking to acquire about 3 firms a year.(News)
May 9, 2005... Byline: Shruti Date Singh CNS CHICAGO - BDO Seidman LLP, a second-tier accounting firm, is looking to bulk up, with plans to snap up a string of smaller accounting firms in as many as 18 cities over the next three years. The goal is to...

The FPA's lawsuit deserves support.(Editorial)
May 9, 2005... The Financial Planning Association is right to continue its lawsuit against the Securities and Exchange Commission over the so-called Merrill Lynch Rule. It should continue the suit in an effort to hold the SEC's feet to the fire in the...

Delaware targeting the management teams of other firms; Likes lift-outs, though some say they pose challenges.(Mutual Fund Report)
May 9, 2005... Byline: David Hoffman NEW YORK - Delaware Investments is continuing to upgrade its money management capabilities by targeting management teams at other companies. Industry experts said that it is a strategy that has worked for other...

People.
May 9, 2005... Northern Trust Corp. in Chicago has promoted John Diefenbach, 39, to senior vice president. He will head the investments department for the Deerpath Financial Center in Lake Forest, Ill., overseeing more than $1 billion in client assets. ...

Latest mutual fund offerings are pure vanilla; Gimmicky funds, such as Golf Associated, no longer on the menu.(Mutual Fund Report)
May 9, 2005... Byline: Ilana Polyak NEW YORK - Judging by the types of mutual funds that have been launched recently, investors have turned decidedly boring. Funds tailor their product launches typically to match perceived investor interest. And over...

N.Y. Life policy based on new mortality table.(Product Watch)
May 9, 2005... New York Life Insurance and Annuity Corp. has introduced NYLIAC Protector 2005, a universal-life-insurance policy. It is among the first life insurance products designed and priced under the new 2001 CSO Mortality Table, developed by the...

Putnam fee case could have big consequences; Ruling allows plaintiffs to move to discovery phase.(Mutual Fund Report)
May 9, 2005... Byline: David Hoffman NEW YORK - Lawsuits brought against mutual fund companies for charging "excessive fees'' in violation of their fiduciary duty are usually tossed out before they ever get off the ground, according to some securities...

CFPs dole out advice to young planners.(Conference Calls)
May 9, 2005... Byline: Charles Paikert NEW YORK - Dozens of new and would-be planners in New York recently received advice on what to expect and how to proceed from certified financial planners who recently made the transition themselves to being...

Bankruptcy law will protect 529-plan assets; Key provision will likely appeal to wealthy professional clients.(News)
May 9, 2005... Byline: Charles Paikert NEW YORK - Executives in the 529 college savings plan industry are praising an unheralded provision in the new bankruptcy law that protects assets in college-savings accounts. As it turns out, the Bankruptcy...

Calendar.(Calendar/Datebook)
May 9, 2005... MAY 10-11 - Independent Firms Conference and Exhibit, Securities Industry Association. Marriott Harbor Beach Resort and Spa, Fort Lauderdale, Fla. (212)618-0587 or sia.com. 11 - Career Chat: The Value of Professional Designations, New...

Changes by new fund execs reflect regulatory times; MFS, Putnam, Janus officers get passing grades.(Mutual Fund Report)
May 9, 2005... Byline: Ilana Polyak NEW YORK - More than 18 months after the first accusations from New York Attorney General Eliot L. Spitzer surfaced against a slew of mutual fund companies, the culpable executives have been shown the door and a new...

Guidelines for talking to reporters do exist.(Monday Morning)
May 9, 2005... Byline: Jim Pavia As someone who has earned a living as a journalist for 24 years, I am still amazed by the lack of understanding many people have about this profession. It has been my experience that many people, including some in the...

MetLife sets structured-settlement sales record; Financial advisers advocate such settlements for minors.(News)
May 9, 2005... Byline: Gary S. Mogel NEW YORK - Structured settlements increasingly make financial sense for claimants who win large awards in personal injury claims and lawsuits, as evidenced by New York-based MetLife Inc. writing a company record $907...

Specialists, market makers take big stock hits; NYSE, Nasdaq deals send the shares of three firms reeling.(News)
May 9, 2005... Byline: Bruce Kelly NEW YORK - Stock specialist firms and market makers are reeling in light of the New York Stock Exchange's plan to purchase Archipelago Holdings Inc. and the Nasdaq Stock Market Inc.'s impending acquisition of Instinet...

Waddell & Reed case helps spotlight pitfalls of the 1035 exchange; The $18 million settlement may be wake-up call for advisers who use VAs.(News)
May 9, 2005... Byline: Gary S. Mogel NEW YORK - The recently announced $18 million settlement of variable-annuity-switching charges involving Waddell & Reed Inc., NASD and state regulators serves as a warning about the care required when advising clients...

Vanguard PAC drawing flak from advocates; Firm says its political committe will push for issues that are supported by shareholders.(News)
May 9, 2005... Byline: David Hoffman NEW YORK - When it comes to political action committees connected to mutual fund companies, "very few of them are there to stand up for shareholders,'' said John Bogle, founder of the Vanguard Group Inc. in Malvern,...

One on One With Glenn A. Fogle of American Century Investment Management Inc.(One on One)
May 9, 2005... Byline: Frederick P. Gabriel Jr. Glenn A. Fogle and Tammy Wynette have nothing in common. While the late country singer promised abiding loyalty in her signature song, "Stand by Your Man,'' Mr. Fogle, 44, certainly makes no such...

Need for sensible long-range planning was never greater.(Other Views)
May 9, 2005... Byline: Peter Burton Retirement isn't what it used to be. Neither is paying for it. While the future of Social Security will almost certainly be the No. 1 domestic issue of President George W. Bush's legacy, almost no one thinks...

If 401(k) accounts were a howling success, wouldn't we know it?(Other Views)
May 9, 2005... Byline: William Berg In the Sherlock Holmes mystery "Silver Blaze,'' the key clue was that a watchdog in a stable didn't bark on the night of the murder of a racehorse trainer. Holmes was able to conclude from this that the perpetrator...

Life insurance top pick to pre-fund final expenses; Single-payment annuity is option for terminally ill.(News)
May 9, 2005... Byline: Gary S. Mogel NEW YORK - Agents use mainly pre-need life insurance, as opposed to annuities, for clients who want to make certain that there is enough immediate cash available at their death to pay final expenses, according to a...

ICI president welcomes new phase for industry; Says the industry is hitting new highs and is healthy moving forward.(Mutual Fund Report)
May 9, 2005... Byline: Sara Hansard WASHINGTON - The mutual fund industry is putting the trading scandals behind it. As the Securities and Exchange Commission enters the final phase of issuing new regulations to improve fund governance, Paul Schott...

Fund firms boost ad spending to polish their image; Many target advisers as they boost budgets by as much as 15%.(Mutual Fund Report)
May 9, 2005... Byline: Liz Skinner WASHINGTON - Many U.S. mutual fund companies have increased their advertising spending this year as they race to attract the attention of 77 million boomers who are beginning to retire. Through television and print...

State accountancy boards join securities cases.(Conference Calls)
May 9, 2005... Byline: Sara Hansard WASHINGTON - State boards of accountancy are the latest group of state regulators to pile into securities enforcement cases. That was pointed out to securities lawyers by Samuel Winer, a partner in the Washington...

Independent financial planners on rise in Japan; Expectations of boom from postal bonds fueled spike in ranks.(News)
May 9, 2005... Byline: Brooke Southall SAN FRANCISCO - The hope that trillions of dollars of cash from expired postal-savings bonds would accrue to the client accounts of financial advisers never happened, according to Masayuki Kihira, senior executive...

ASPPA launches credentialing program; QPFC designation is its first to be aimed at investment pros.(News)
May 9, 2005... Byline: Rick Miller CHICAGO - Seeking to fill a void for advisers and brokers who sell qualified retirement plans, the American Society of Pension Professionals and Actuaries today is expected to announce the launch of a credentialing...

Gemini thrives by helping advisers launch funds; Firm also provides support service, compliance oversight.(News)
May 9, 2005... Byline: Jeff Benjamin DETROIT - Michael Miola has spent much of the past 20 years proving that you don't have to be Fidelity Investments to start a mutual fund. As the chief executive of Gemini Fund Services LLC in Hauppauge, N.Y., he...

At the Bell; Former Marsh execs start insurance broker.(Late News)
May 9, 2005... Integro Ltd. announced Friday that it is ready to begin operations after raising $300 million from private-equity investors. The new company, formed by industry heavyweight Robert Clements and two other high-ranking former executives of New...

Schwab touts savings from managed accounts; But some question way the firm reached its conclusions.(News)
May 9, 2005... Byline: Rick Miller CHICAGO - Schwab Corporate Services has found that 401(k) participants who get advice with its managed-account services save more than 10% of their eligible income, nearly twice the national average. Participants...

IRS offers amnesty on S corporation charitable scam.(Tax Watch)
May 9, 2005... Byline: Mark Battersby Once again, the Internal Revenue Service is offering amnesty to investors in tax strategies that may violate the law. The IRS is offering settlement terms to some S corporations that invested in...

Russell reshuffles stock indexes.(Short Interests)
May 9, 2005... Byline: Aaron Siegel NEW YORK - Russell Investment Group will reconstitute its indexes in late June, and according to a Merrill Lynch & Co. Inc. report, there will be fewer changes made than in previous years. As it does each year,...

Move to extend reach could prove costly to GunnAllen Financial; Hiring indicted broker `an additional risk'.(News)
May 9, 2005... Byline: Bruce Kelly NEW YORK - GunnAllen Financial Inc. is trying to broaden its reach and has made moves to make a mark in both retail brokerage and investment banking. However, its recent furious efforts to build the firm's number...

Do what you do best, and delegate the rest.(Fiduciary Corner)
May 9, 2005... Byline: Donald B. Trone Investment returns and risks are determined largely by asset allocation decisions. But what begins as strategy must be translated into reality through implementation. Fiduciary legislation doesn't expressly...

You need to be plugged in for the light bulb to appear.(Practice Management)
May 9, 2005... Byline: Joni Youngwirth Is there really anything new under the sun? Think about it: New ideas and inventions are hard to come by. It isn't every day that somebody invents the printing press, discovers penicillin or wakes up with an...

Fed's rate-raising gets mixed reaction; Some express concern over the prospect of inverted yield curve.(News)
May 9, 2005... Byline: Jeff Benjamin DETROIT - Even before the Federal Reserve's decision last Tuesday to increase short-term interest rates by a quarter of a percentage point, much of the financial services industry was already thinking ahead to June....

Fidelity's new mantra: Research, research; Firm is reorganizing and beefing up its analyst team.(News)
May 9, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Facing lackluster performance and a more difficult environment for extracting information from public companies, Fidelity Investments plans to overhaul its stock research unit dramatically. By...

People.
May 16, 2005... Brown Advisory in Baltimore has named Benjamin H. Griswold IV, 64, a partner and chairman of the boards of its two principal operating businesses, Brown Investment Advisory and Trust Co. and Brown Advisory Securities. Previously, he worked...

Sponsors call consultant fees low, study finds; They're willing to write larger checks.(News)
May 16, 2005... NEW YORK - About 80% of plan sponsors responding to a recent survey on the consulting industry reported that fees paid to investment consultants were low. The survey, by the Investment Management Institute in New York and its online...

Annuities, automatic enrollment part of DC's new look; Plans are starting to look more like defined benefit kind.(News)
May 16, 2005... Byline: Phyllis Feinberg NEW YORK - Defined contribution plans are beginning to look and act like defined benefit plans. "There is a movement back to a more paternalistic view'' of how pension plans should be run for employees, said...