Investment News articles from October 2007

Investment News archives from October 2007

Business exit strategy planning; This critical but often overlooked client retention tool offers a big opportunity for advisers.(Practice Management)
October 1, 2007... Byline: John M. Leonetti Financial advisers who fail to help business owners plan for the liquidation of their companies are leaving a growth niche untapped. The often-overlooked specialty of offers a big opportunity for advisers to...

CME on the lookout for further expansion; CEO sets sights on developing economies, with an eye on CBOE.(News)
October 1, 2007... Byline: Isabelle Clary Fresh from its acquisition of the Chicago Board of Trade, CME Group Inc., the world's largest exchange, is already mulling its next move. With a $29 billion market capitalization and deep coffers, Chicago-based...

Alternatives, ETFs deplete stock funds; Net flows into U.S. equity portfolios hover at $0.(News)
October 1, 2007... Byline: Sue Asci Investors' increasing appetite for ETFs and alternative investments is sapping money from stock funds - a trend that some say could last for several years. Net flows into stock funds are averaging about $11 billion a...

Retail gains strength as institutional biz wanes; Morgan Stanley, Edwards report robust activity.(News)
October 1, 2007... Byline: Dan Jamieson Although a crisis of confidence has shaken Wall Street in recent months, the industry's retail business appears to be holding up relatively well. Both Morgan Stanley of New York and A.G. Edwards & Sons Inc. of St....

Aggressive offers help indie B-Ds recruit; National Planning Holdings, GunnAllen claim success in luring reps.(News)
October 1, 2007... Byline: Bruce Kelly Independent broker-dealers making lucrative and inventive offers to recruits appear to be gaining interest and attracting reps, with two firms saying they have recently found traction with advisers. In April, the...

Privacy and a fiduciary standard of care; Other voices.(Viewpoint)
October 1, 2007... Byline: Knut A. Rostad It was just this past March 30 that the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of the Financial Planning Association and overturned the SEC's fee-based-brokerage-account rule. ...

Inflation fears haunt some money managers; Predicting a swell, some advisers hedge their bets.(News)
October 1, 2007... Byline: Ilana Polyak Despite the Federal Reserve's cut in interest rates two weeks ago, many investors remain worried about inflation and are taking steps to mitigate the risks it might pose to their portfolios. "Inflation risk is much...

Lord Abbett chief grooms an heir apparent; Significant growth spurs need for a `more direct senior authority'.(News)
October 1, 2007... Byline: Mark Bruno Lord Abbett & Co.'s top executive, managing partner Robert Dow, is tweaking the firm's management structure to install his eventual successor and shape the next generation of leadership for the $117 billion money...

NAPFA to offer platform for low-cost annuities; Aims to provide fair market price for retail investors.(News)
October 1, 2007... Byline: Aaron Siegel In an effort to drive down the cost of annuities, The National Association of Personal Financial Advisers is providing access to a platform through which fee-only financial planners can purchase institutionally priced...

PLAN SPONSORS WARM TO AUTOMATIC FEATURES AS RULE CHANGES AWAIT; Auto-escalation of pretax dollars and auto-enrollment are seen as ways to enlarge nest eggs.(Special Report: 401(k) Market Overview)
October 1, 2007... Byline: Lisa Shidler Automatic features are gaining momentum in the 401(k) arena, according to financial advisers. Automatic enrollment in defined contribution plans and automatic escalation of participants' pretax dollars were given...

Large firms warming to FPA, but formal program is stalled; Lower entry hurdle intended to spur Alliance effort.(News)
October 1, 2007... Byline: Charles Paikert Although more large financial firms and their employees are becoming involved in Financial Planning Association activities, retail financial giants - those with 100 or more employee or affiliate advisers - remain...

PaperPort, Explorer pose difficulties; Our technology columnist addresses readers' questions.(Tech Tips)
October 1, 2007... Byline: Davis D. Janowski Several of my columns have generated questions from readers. I decided to share two of those questions, as well as my responses. First, there has been no shortage of interest in paperless office solutions and...

IN events.(Short Interests)
October 1, 2007... Oct. 10 Adviser to Adviser Webcast: Succession-Planning Strategies Register to listen to our panel of experts and advisers discuss the latest in succession-planning trends. Sponsored by Pershing Advisor Solutions LLC of Jersey City,...

The week ahead.(Short Interests)(Calendar)
October 1, 2007... Oct. 1 The Financial Planning Association's sixth annual Financial Planning Week gets under way. The festivities take place until Oct. 7 with events across the country. The Institute for Supply Management's September manufacturing...

401(k) fee disclosure garners attention from Congress; Hearing is set for this week; index fund mandate is at issue.(News)
October 1, 2007... Byline: Sara Hansard New legislation is being written as congressional interest in 401(k) fee disclosure rules heats up in advance of a round of hearings set for this week. House Education and Labor Committee Chairman George Miller,...

Congress is unwilling to give up AMT addiction.(Viewpoint)
October 1, 2007... Seven months into the session, Congress has done nothing to fix the alternative minimum tax mess. It has now become highly unlikely that Congress will enact a permanent fix for the AMT this year, though it could affect 27 million middle-class...

Insurance regulators flubbing their jobs.(Viewpoint)
October 1, 2007... State insurance regulators have only themselves to blame for a renewed push by parts of the insurance industry for federal insurance agent registration and an optional charter from Congress for insurance companies. For years, the industry...

Closing quote.(Short Interests)
October 1, 2007... "It's like holding JELL-O on a wall.'' -Stuart N. Speer, a certified financial planner and securities principal with Heritage Advisors LLC in Overland Park, Kan., on the risks of weather forecasting for his clients. Page 40

Fewer clients waiting till death to part with charitable dollars; Charity bequests down, foundation grants up in 2006.(News)
October 1, 2007... Byline: Liz Skinner More clients are interested in charitable donations while they are still alive to oversee how the money is being spent. Americans left a record $295 billion to charities last year, according to the Giving USA...

Advisers joining push to boost financial literacy; Consumer debt, low savings rate prompt volunteers to provide education.(News)
October 1, 2007... Byline: Jeff Benjamin With consumer debt reaching a record $2.5 trillion and personal savings rates around zero, a growing number of financial advisers are joining an eclectic push for greater financial literacy. Last month, the...

Housing prices could fall 20% more, report says.(Short Interests)
October 1, 2007... Byline: Sara Hansard Median home prices could fall another 15% to 20%, pulling the economy into a recession, according to a new report. What's more, home prices would have to drop much further to make housing as affordable as it was...

Muslims have pent-up demand for financial services; Products scarce in U.S. because of Shariah restrictions.(News)
October 1, 2007... Byline: Deborah Nason Muslims in the United States number anywhere from 7 million to 10 million, and many are professionals, according to studies. Yet for the majority, there are almost no outlets for their financing and investment needs....

Clients want advice - preferably from one provider.(Prime Numbers)
October 1, 2007... Older and wealthier households are more likely than others to seek advice from a financial professional before making financial decisions. And like 78.4% of all U.S. households, the top tier would prefer to use one financial adviser or...

GIPS compliance levels playing field; Standard helps establish credibility around the performance and ensure a high level of accuracy.(Investment Strategies)
October 1, 2007... Byline: Eric Clarke In a perfect world, smaller investment firms would be judged on their performance within defined investment objectives without being penalized for being "too small'' or having less established market awareness. But...

Steering clear of 72(t) problems; FINRA is concerned about abuses related to early distributions from qualified plans.(Compliance Watch)
October 1, 2007... Byline: James Eccleston FINRA has put advisers on notice about "early-retirement investment pitches that promise too much.'' Specifically, the Financial Industry Regulatory Authority is concerned about abuses related to early distributions...

Pride of the quants.(Short Interests)
October 1, 2007... Byline: Jeff Benjamin Increasingly popular quantitative investment strategies that maintain consistent long and short exposures, commonly known as 130/30s, passed a significant test by holding fast during market volatility last month,...

Florida joins in Financial Planning Week, gives planners greater political voice; Florida has become the 26th state to declare the first week of October Financial Planning Week.(News)
October 1, 2007... Byline: Sara Hottman More than 50 cities also are taking part in the weeklong national promotion that starts today. The Denver-based Financial Planning Association conceived of the promotion last year to raise awareness about financial...

There's gold in them thar chills; Race for returns leads money managers to watch the weather.(News)
October 1, 2007... Byline: Darla Mercado Hedge fund managers, traders and analysts are keeping a close eye on the weather - and not just to get an idea of what the weekend will be like. In the never-ending quest to get a leg up on their competitors,...

Fidelity unveils new planning tool aimed at advisers; Web-based application focuses on retirement income distribution.(News)
October 1, 2007... Byline: Sue Asci In an effort to meet a growing demand, Fidelity Investments has introduced an online retirement planning program that can help financial advisers prepare a customized plan - in some cases, in 20 minutes or less. Some...

Advanced Equities emerges as big player in venture capital; Firm looks to raise $715M this year and $1B in 2008.(News)
October 1, 2007... Byline: Brooke Southall One broker-dealer is turning financial advisers into a key source of funding for venture capitalists and their high-risk, high-return deals. Chicago-based Advanced Equities Financial Corp. is increasingly...

Morningstar stewardship ratings sink; Poor grades are the result of new, tougher standards.(News)
October 1, 2007... Byline: David Hoffman The number of mutual funds receiving the highest possible stewardship grades from investment research provider Morningstar Inc. dropped, while the number receiving the lowest grades increased as a result of the...

Subprime crisis breeds opportunity; Liquid long-term munis, their yields identical to taxables', are likely to rebound soon.(The Tax-Conscious Adviser)
October 1, 2007... Byline: Robert N. Gordon As shock waves from the subprime meltdown have rippled through the financial markets, they have created a startling opportunity in the otherwise staid market for tax-free municipal bonds. Liquid long-term munis...

Do your clients know your plans? There's no reason they shouldn't; it's their money, after all.(Succession Planning)(Company overview)
October 1, 2007... Byline: Larry M. Elkin Nearly six years ago, I told the readers of my company's newsletter how the firm would function if I got run over by a beer truck. Apparently, the editors of InvestmentNews found this openness so odd that they...

LPL in position to launch IPO; Indie firm has made the right moves to pick its moment in the market.(News)
October 1, 2007... Byline: Bruce Kelly LPL Financial Services has yet to file for an initial public offering, but certain steps the nation's largest independent-contractor broker-dealer has taken over the past several months leave it much better prepared to...

Go figure.(Prime Numbers)
October 1, 2007... $7T: Projected assets in personal trusts in 2010, up from $3 trillion today. Source: Tiburon Strategic Advisors 70%: The percentage of millionaires who work with at least one financial adviser. Source: Fidelity Investments 5:...

New bank focuses on creative types.(Short Interests)
October 1, 2007... Byline: Aaron Siegel A banking corporation and an organization that promotes the arts have launched a bank to cater to the needs of the creative community. First Creative Bank, which was formed in New York by Bancorp Bank of...

Wachovia-Edwards deal seen as a balancing act; Set to close today, but firm faces challenges.(News)
October 1, 2007... Byline: Dan Jamieson The merger of Wachovia Securities and A.G. Edwards, scheduled to close today, will be the biggest retail-securities transaction since July 2000, when Swiss banking giant UBS AG acquired New York-based Paine Webber...

Investors scramble to hedge diluted dollar; Options abound but it can be treacherous, experts say.(News)
October 1, 2007... Byline: David Hoffman With the U.S. dollar in free fall, investors are scrambling to adjust their portfolios, but relatively new, potentially dangerous investment options can make a hedge against the dollar's decline a risky proposition....

Maximizing rollover opportunities; Three key areas can benefit from the expertise of financial advisers.(Retirement Watch)
October 1, 2007... Byline: Tim Hill The United States has one of the most mobile work forces in the world. Every year, some 5 million of us change jobs. In addition, a growing number of the 78 million baby boomers are entering retirement. This all...

529s need to raise profile, studies show; Nearly half of parents in separate surveys ignorant about plans.(News)
October 1, 2007... Byline: Charles Paikert College savings plans may be receiving record amounts of money, but nearly half of American parents still don't really know what they are, according to two surveys released late last month. One study, by the...

A dip into the bond pool for talent; Multiproduct firms taking leaders from fixed-income side.(News)
October 1, 2007... Byline: Jay Cooper Large, multiproduct asset management firms are frequently delving into the ranks of fixed-income managers to find someone to lead their organizations. Some of the recent hires: Margo Cook, senior managing director...

Blending bonds, high-dividend stocks; IMS portfolio's unusual strategy aims to outperform the typical income fund.(Street Wise)
October 1, 2007... Byline: Jeff Benjamin It isn't every day that you can get a bond fund manager to elaborate on a portfolio's equity exposure, but the IMS Strategic Income Fund (IMSIX) isn't exactly your garden-variety income fund. "We're looking at...

Skittish 401(k) participants escape to safer investments; Stock market volatility in August sparked a flight from equities.(News)
October 1, 2007... Byline: Lisa Shidler Fearful of the effect of recent market volatility on their portfolios, 401(k) plan participants hastily moved money out of equities and into safer investments in August. Their decision to seek a safe haven...

LETTERS.(Viewpoint)
October 1, 2007... We're not responsible for others' bad decisions In response to Dan Jamieson's July 23 article quoting Bill Gross calling for a "Rooseveltian response'': Why is it our responsibility to bail out homeowners who consciously and in receipt of...

Research-focused firms let analysts invest; Companies find benefit in using `best ideas' in portfolio.(News)
October 1, 2007... Byline: Douglas Appell Giving analysts the chance to invest money has become a key retention tool - and in some cases, a money spinner - at research-driven money management firms such as T. Rowe Price, MFS and Janus. Giving research...

CEO Gary Black expects Janus' boom to continue; Says staff departures won't affect the asset manager's growth.(News)
October 1, 2007... Byline: Raquel Pichardo CEO Gary Black expects business to keep booming at Janus Capital Group Inc. despite a recent wave of departures. The Denver-based mutual fund company this year lost its top marketer and five portfolio managers...

This contrarian has no rose-colored glasses; David H. Putnam predicts migration from funds of hedge funds.(News)
October 1, 2007... Byline: Christine Williamson As might be expected from a man who wrote a seminal white paper in 2005 titled "Adapt or Die Trying: Darwinism and Intelligent Design in the Hedge Fund Industry,'' Donald H. Putnam has a contrarian view of the...

At the bell.
October 1, 2007... Chamber CEO: Keep markets competitive U.S. markets are losing business to emerging markets around the world, partly because U.S. businesses are saddled with too much regulation, litigation and taxes, the head of the U.S. Chamber of...

Report: Independent SRO needed for global markets, exchanges; Current system of self-regulation seen as inefficient.(News)
October 1, 2007... Byline: Sara Hansard An independent self-regulatory organization should be created to oversee the world's financial exchanges and markets, according to a report released last month by the CFA Institute Centre for Financial Market...

Envestnet is rejuvenating the PMC brand name; Decision was made to give a boost to its bottom line.(News)
October 1, 2007... Byline: Brooke Southall Envestnet Asset Management Inc. has much to gain and little to risk in reviving its PMC brand name. In 2001, Envestnet purchased Portfolio Management Consultants Inc. It changed its name to Envestnet Management...

MMI's international spinoff to focus on global distribution of advice at its conference; Group is intent on avoiding `ugly American' image.(News)
October 1, 2007... Byline: Jeff Benjamin The International Money Management Institute will focus on the distribution and evolution of the advice business outside the United States at its second annual gathering in London Nov. 13 and 14. The...

TOP MANAGERS, MOSTLY FAMILIAR FACES, OUTPACE MARKET; Worldwide assets of top 10 rose 8.4% to $5.6 trillion.(Special Report: Index Managers)
October 1, 2007... Byline: Rob Kozlowski Indexed assets continued to be dominated by familiar names in money management, with the top 10 managers' assets continuing to grow slightly ahead of the market, according to sister publication Pensions & Investments'...

It shouldn't be open season on open architecture; Other voices.(Viewpoint)
October 1, 2007... Byline: Steven D. Lockshin After reading Charlotte Beyer's comments ["Open architecture - how your clients see it,'' Sept. 10], I feel compelled to respond. My firm and I, personally, have known Charlotte for many years. We are fortunate...

People.
October 1, 2007... Oxford Financial Group Ltd., an Indianapolis-based wealth management firm, has hired Lorelei Tolson as director and client service adviser in its Indianapolis office. As a director and client service adviser, she will serve established...

InvestmentNews Online Opinion Poll.(Viewpoint)
October 1, 2007... Previously, we asked you: What should the Fed do next? 147 respondents said: Hold rates steady: 57.8% Cut rates: 30.6% Raise rates: 11.6% This week's question is: Will your clients be paying higher fees as a result of...

Profiling the 50 biggest players in the industry.(Special Report: 401(k) Market Overview)
October 1, 2007... 1 Fidelity Investments 82 Devonshire St. Boston, MA 02109 (800) 343-3548 fidelity.com 401(k) total: $396,871 (millions) Total DC assets: $502,943 Internally managed DC: $474,450 Investment vehicle: ...

New bank focuses on creative types.(Short Interests)
October 1, 2007... Byline: Aaron Siegel ***** Correction: An article in the Oct. 1 issue, "New bank focuses on creative types,'' incorrectly stated that First Creative Bank, which was formed by First Creative Capital of New York and The Bancorp Bank of...

At the bell.
October 8, 2007... ICI names Murphy its chairman The Investment Company Institute of Washington has chosen as its new chairman John V. Murphy, chairman and chief executive of New York-based OppenheimerFunds Inc. Mr. Murphy, who will serve a one-year...

FINRA board candidates jockey for position on eve of election; Regulatory burden is aspirants' common issue.(News)
October 8, 2007... Byline: Dan Jamieson With the election just around the corner, candidates for the board of the fledgling Financial Industry Regulatory Authority are vowing that constituent firms will be better represented if they triumph over the...

Tax changes mean fiduciary issues; Hedge and private-equity funds have specific responsibilities.(Fiduciary Corner)
October 8, 2007... Byline: Don Trone There are special fiduciary issues associated with hedge and private-equity funds. I testified before the Senate Finance Committee last month, and the committee was particularly interested in my opinion on the likely...

Annuities for 401(k)s meeting resistance; Some advisers say the products are confusing, lack portability and are expensive.(News)
October 8, 2007... Byline: Lisa Shidler Financial advisers are resisting using annuities designed for 401(k) plans which are created by insurance firms. Insurance companies began targeting the defined contribution plans of larger corporations with the...

B-Ds, advisory firms likely to clash on 'principal trades'; Regs cause most harm to firms that are not dually licensed.(News)
October 8, 2007... Byline: Sara Hansard The next battle over how brokerage and investment advisory firms should be regulated is likely to center on the issue of "principal trades.'' Brokers may push for further liberalization of a new rule allowing them...

RIA assets changing hands already up 35% over '06; Focus Financial deals put announced M&A at $70 billion.(News)
October 8, 2007... Byline: Bruce Kelly The mergers-and-acquisitions market for registered investment advisers continues to boom and has already outpaced last year's total by 35%, when tallying total RIA assets under management that have been bought and sold....

Advisers, providers remain skeptical on ETF-based annuities; Is product a real advance or a gimmick?(News)
October 8, 2007... Byline: Darla Mercado More than two years after the launch of the first variable annuity based on exchange traded funds, VA providers and financial advisers are still approaching the product with caution. As separate products, ETFs and...

License to sell.(Short Interests)
October 8, 2007... Byline: Darla Mercado Lincoln National Corp. has received approval to sell its MoneyGuard Reserve life insurance in New York. That brings to 49 the number of states in which the company can sell the product; Residents in the state of...

Enforcement shifting to traditional violations? Review of actions taken in '05 and '06 shows fewer big fines.(News)
October 8, 2007... Byline: Bruce Kelly Securities regulators' issuing big-ticket enforcement actions against broker-dealers may be a thing of the past, according to a new review of enforcement actions that compares last year's with 2005's. The number of...

Regulators: B-Ds must bolster compliance; More vigilance needed on money laundering, `front running,' employee e-mail.(News)
October 8, 2007... Byline: Bruce Kelly Broker-dealers have a lot of work to do on a number of key compliance issues, a variety of regulators said at an industry meeting last week. One matter is the oversight of how some analysts give out confidential...

Financial fiction gaining popularity; More Wall Street-related transcripts cross desks of HarperCollins' editors.(News)
October 8, 2007... Byline: Liz Skinner Trader Dave Ackerman lost $112 million in two hours going naked on an options trade. Meanwhile, George Wilhelm, a rookie Wall Street bond trader, is trying to make his mark in emerging-markets funds. And Mumbles is...

B-D exemption rule dead, but the debate rages on; NASAA panel topic: Do brokers or advisers face most regulation?(News)
October 8, 2007... Byline: Dan Jamieson The debate over issues related to the broker-dealer exemption rule continues. On Oct. 1, the very day the rule died, industry participants and investor advocates were debating whether stockbrokers should be held to...

Others likely to follow lead of Fidelity, Vanguard; Firms target retirees with managed payouts.(News)
October 8, 2007... Byline: David Hoffman In its bid to win over retirees, the fund industry may finally have found its Holy Grail: mutual funds that offer shareholders a steady stream of income that will last well into their sunset years. And now that...

Website to rank financial advisers on investment results; Cake Pro hopes to steal a page from Facebook, LinkedIn.(News)
October 8, 2007... Byline: Aaron Siegel An upstart financial networking website is looking to create a forum for financial advisers to showcase their investing prowess. Taking a page from what Facebook Inc. of Palo Alto, Calif., is doing for social...

National database is in works; FINRA to develop CRD-like system for mortgage brokers.(News)
October 8, 2007... Byline: Rosalyn Retkwa The Financial Industry Regulatory Authority is developing for mortgage brokers a national database similar to the Central Registration Depository. Working under contract for the Conference of State Bank...

Divorce adds another wrinkle to retirement planning; Some older clients seek guidance as they end their marriages.(News)
October 8, 2007... Byline: Darla Mercado As if baby boomer retirement and estate planning weren't enough, financial advisers are now grappling with another issue brought to the fore by boomers: late-in-life divorce. Advisers are reporting that more of...

SMA pioneer Reinhart to retire in February; Lockwood's president plans to step down; its chief operating officer will succeed him.(News)(Company overview)
October 8, 2007... Byline: Jeff Benjamin Leonard Reinhart, a pioneer of the separately managed accounts industry, will retire in February from Lockwood, leaving at the top of his game, according to both colleagues and competitors who have known him during...

New software promises users an all-in-one experience; Glimpse of future financial software at Finovate 2007.(Tech Update)
October 8, 2007... Byline: Davis D. Janowski Secure, simple and inexpensive personal-computer or cell phone access to all an investor's financial data is the promise that was being offered by companies taking part in Finovate 2007, a financial-technology...

At long last, regulators to define 'promptly'; Firms stumble over retrieving e-mails once they have been archived.(News)
October 8, 2007... Byline: Davis D. Janowski Under regulations governing the securities industry, it's not enough for firms merely to archive e-mails; they must be able to furnish them to regulators "promptly.'' But regulators never defined the term,...

ING takes carbon-neutral path.(Short Interests)
October 8, 2007... Byline: Aaron Siegel ING Investment Management Americas will purchase wind energy credits for its domestic operations equal to all of its electricity needs in the hopes of becoming carbon neutral by the end of the year. The idea behind...

Prime numbers.
October 8, 2007... Go figure 70%: The percentage of investment professionals who said their sell decisions are based on something other than "highly disciplined, research-based and objective criteria.'' Of those, 65% said their approach to selling is based...

Tool lets advisers create client investment plans; In wrong hands, it could confuse investors, some say.(News)
October 8, 2007... Byline: Aaron Siegel To introduce brokerage customers to its life cycle mutual funds, John Hancock Financial Services Inc. has unveiled a free Internet tool that allows advisers to generate investment plans for clients. With the recent...

Help investors diversify intelligently; Editorial.(Viewpoint)(Editorial)
October 8, 2007... Financial planners and investment advisers apparently are doing their jobs well - their clients and other individual investors are diversifying their investments as never before. That is the implication of the report in InvestmentNews last week...

Asset class seen as key in active/passive choice; But skeptics of study's findings warn that historical norms may not hold in the future.(News)
October 8, 2007... Byline: Sue Asci Asset class is the key basis for deciding among active versus passive management strategies for mutual funds. That's the conclusion reached in a study conducted by FundQuest Inc., a Boston-based wealth management...

Michigan slaps 6% tax on investment advice; Characterization of planning as non-essential service infuriates advisers.(News)
October 8, 2007... Byline: Jeff Benjamin Financial planners in Michigan were blindsided last week when the state's Legislature emerged from a late-night budget session with a new 6% tax on investment advice. Both the Financial Planning Association of...

Top fund firms' ad budgets up, but less spent to tout products; Overall ad spending topped $230M in 2006.(News)
October 8, 2007... Byline: Sue Asci Although top mutual fund managers increased their advertising budgets by 20% last year, to almost $231 million, overall ad spending on mutual fund products - by all types of financial providers - declined by about 14%. ...

People.
October 8, 2007... The Hartford Financial Services Group Inc. in Connecticut has appointed David Levenson president and chief executive of its Japan subsidiary, Hartford Life Insurance K.K. Mr. Levenson, 41, who was chief operating officer of Hartford Life...