Charles Haldeman retiring as Putnam chairman Jul 1, 2009
Charles E. Ed Haldeman came to Boston seven years ago to rebuild Putnam Investments reputation as a venerable money manager after its mutual funds plummeted when the tech bubble burst ... On the investment front, Haldeman replaced the go-go investment strategy of the 1990s that produced eye-popping returns at some of Putnam s mutual funds ... Some mutual funds continued to perform badly throughout much of the decade, others had brief bright spots, and only now are a few of the company s... (Boston Globe)
So Many Shoes, So Little Money by L... Jun 30, 2009
There s also a guide on how to choose a broker as well as information and tips on investments like stocks, bonds and mutual funds. Professional Help. (Suite101.com)
Slowdown-hit real estate bets big on Budget Jun 30, 2009
In the current economic slowdown, real estate mutual funds (REMFs) could provide the necessary financial support to the cash-starved housing sector. However, since their introduction a year back, REMFs have not found any takers due to unclear regulations and absence of guidelines for their tax treatment. (India Times)
UK Sinha, Chairman and MD, UTI AMC Jun 30, 2009
Mr Sinha gave a thumbs down to market regulator SEBIs move to ban entry load for mutual funds ... Those changes will decide the way mutual funds are sold in the country. (India Times)
It's raining dividends at MFs Jun 30, 2009
00004000 MUMBAI: Equity mutual funds are handing out dividends to investors like never before ... More than anything else, the near-80% market rise over the past four months has helped mutual funds to distribute surplus profits ... Mutual funds pay dividends out of the surpluses (gains) they generate over a fixed period, say six months to one year. (India Times)
Morningstar Australasia Completes Acquisition of Intech Pty Ltd From IOOF Jun 30, 2009
Morningstar provides data on more than 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 19 countries and minority ownership positions in companies based in three other countries. (PR Newswire)
Digging out of the hole Jun 30, 2009
Putnam s largest, most important stock mutual funds have been infamous for appallingly bad investment performance in recent years ... Now the catch: The world is full of products you can fairly judge over a period of six months, but mutual funds don t qualify. (Boston Globe)
Infrastructure new buzzword for MFs Jun 30, 2009
It is just that some mutual funds are rediscovering it now,'' says Mukesh Dedhia, director, Ghalla ali, a wealth management firm. There are two ways to fuel growth in the economy: consumer spending and government spending on infrastructure. (India Times, India -- Intl Business)
UK Fund Manager Settles US Market-Timing Case Jun 30, 2009
A London-based hedge fund manager and its chief investment officer have agreed to a nearly $18 million settlement resolving U.S. regulators' allegations that one of its funds defrauded U.S. mutual funds and investors through trading practices such as market-timing ... The SEC alleged the hedge fund secured about $198 million in illicit profits through the alleged scheme, at the expense of U.S. mutual funds and their shareholders. (ABC News -- Wire)
Buy-and-hold stock strategy can be big loser in bear market Jun 29, 2009
Mutual funds are less risky. Investment professionals worry investors will confuse the prudent strategy of buying and holding a diversified mutual fund, which owns many stocks, with the dangerous practice of buying and holding individual stocks. (USA Today -- Money)
SEC Vote Prohibits Mutual Funds From Directed Brokerage Jun 29, 2009
That includes a plan that would require more disclosure to investors about fees at the point of sale and another that would impose new fees on quick trades in and out of mutual funds. "We now have a system we ought to give a chance to work and see the improvements I hope it will bring," he said. (Yahoo News -- Corporate Reform)
Small investors saved day for state Jun 29, 2009
Scores made the minimum purchase of $5,000, or bought in $10,000 increments - a departure from the typical multimillion-dollar purchases made by institutions such as banks and mutual funds. There was almost a war bond mentality to it, state Treasurer Timothy P. Cahill said of the buying climate. (Boston Globe)
Market share of PSU players in mutual fund industry declining Jun 28, 2009
MUMBAI: Public sector mutual funds , once dominant players in the industry, have gradually ceded market share to the private sector ,a report by CII-KPMG said. "Public sector mutual funds comprised 21 per cent of Assets Under Management (AUM) in 2009 against 72 per cent of the AUM in 2001," the report said ... It is not only in terms of AUM but even the number of PSU mutual funds has declined from 11 in 2001 to five in 2009. (India Times)
How to Avoid Rising Monetary Fees Jun 28, 2009
Learn how to avoid paying extra fees on credit card, mortgage and mutual funds ... This includes banks, credit card companies and mutual funds ... Get Rid of Mutual Funds. (Suite101.com)
EPFO to invest in stock markets? Jun 28, 2009
The Finance Ministry in August last year had suggested an investment pattern to the EPFO under which the organisation could park up to 15 per cent of its funds in the companies listed on the Bombay Stock Exchange and National Stock Exchange and also equity-linked schemes of Sebi-regulated mutual funds. During the FIC meeting on March 26, committee member and Hind Mazdoor Sabha Secretary A D Nagpal had suggested that the Finance Ministry should be asked whether it still wanted to have 15 per cent... (India Times)
Stocks: Is it time to dive in again? Jun 28, 2009
Investors pulled nearly 40 billion from the safe haven of money-market funds by the end of April, while stock and bond mutual funds gained 138 billion, according to the Investment Company Institute. But that is a fraction of the money still on the sidelines, and not everyone is convinced by the market s recent rise. (La Crosse Tribune, WI)
Variable cost structure for MFs Jun 28, 2009
The variable cost structure is set to be kicked off in the mutual fund industry, whereby there won't be any entry load while investing in mutual funds ... Now, investors don't need to pay an entry load on the investments made in mutual funds, irrespective of the channel asset management company (AMC) or mutual fund distributor they choose ... Variable cost structure is set to be kicked off in the mutual fund industry, whereby there won't be any entry load while investing in mutual funds.... (India Times)
Standard & Poor's to Ring The NASDAQ Stock Market Closing Bell Jun 27, 2009
Standard & Poor's will provide expanded coverage across the entire wealth management spectrum of products and asset classes including stocks, ETFs, mutual funds, variable annuities, and fixed income. In addition to expanded asset class coverage, MarketScope Advisor will provide interactive tools such as alerts, watchlists and hypothetical and model portfolios that enable advisors to stay connected to the market and their investments. (Primezone Releases)
Spring Rally Lifts Broad Range of Mutual Funds Jun 27, 2009
Strong market injects mutual funds with double digit returns; large-cap growth jumps 15 ... Wall Street's spring rally has allowed many mutual funds to score an achievement that has eluded them throughout the credit crisis and recession: a winning quarter. (ABC News -- Wire)
Quantum offers maiden fund of funds Jun 27, 2009
Number of equity funds in India has doubled to more than 300 in the last five years, according to data from the Association of Mutual Funds in India (AMFI), creating a problem of plenty for mutual fund investors ... Fund of funds managed just over Rs 700 crore in India's Rs 6,00,000-crore-plus mutual funds industry in May, AMFI data showed. (India Times)
NASDAQ Closing Cross Had a Record Day for the Sixth Year On Russell Index Reconstitution Jun 27, 2009
NASDAQ official closing prices (NOCPs) determined by the NASDAQ Closing Cross are widely used throughout the industry, including by Russell Indexes, Standard & Poor's, Dow Jones, and mutual funds across the country. "Yet another record-setting performance by the NASDAQ Closing Cross can be attributed to the willingness of market makers and other industry professionals to use a premier price discovery facility that provides unparalleled transparency," stated Brian Hyndman, Senior Vice President,... (Primezone Releases)
Fed chairman questioned on role in bank takeover Jun 27, 2009
The Fed will allow one program intended to support money market mutual funds to lapse by Oct. 31, and is reducing the amount it will lend to banks under two others. The Fed also is extending through Feb. 1, 2010, five other programs scheduled to expire Oct. 31. (Honolulu Advertiser)
Banks up Borrowing From Fed's Emergency Program Jun 26, 2009
It will allow one program intended to support money market mutual funds which hasn't been used to expire Oct. 30. And it's reducing the maximum it will lend to banks under two other programs. (ABC News -- Wire)
Zero-entry load in Ulips unlikely Jun 26, 2009
MUMBAI: The decision by market regulator SEBI to allow investors get into mutual funds (MFs) with variable entry charges has put the spotlight on the life insurance industry. For years, fund managers in asset management companies (AMCs) have accused the life industry of imposing higher charges on unit-linked insurance plans vis--vis mutual funds. (India Times)
ULIP charges likely to be cut Jun 26, 2009
It has also scrapped the entry load on mutual funds and the commission payable to distributors will now be mutually agreed upon by the distributor and the investor. The commission structure for insurance agents is front-loaded as a large chunk of the money is paid in the first year. (India Times)
Banks withdraw funds with MFs Jun 26, 2009
Banks withdraw surplus funds with MFs to reduce CAR burden- MF News-Mutual Funds-Personal Finance-The Economic Times ... MUMBAI: Banks have begun withdrawing surplus funds parked with mutual funds, a move aimed at conserving capital that they would otherwise have to set aside because of these investments ... Although such fund withdrawals are common and happen at the end of every quarter, bankers say the net amount this time around could be significant, with investments by banks in mutual funds... (India Times)
Federal Reserve cuts back on credit auctions Jun 26, 2009
The Fed also reduced the frequency of a second auction program, the Term Securities Lending Facility, and eliminated a program designed to support money market mutual funds. "It tells us the financial markets are healing. Actually, it's a positive sign," said John Lonski, chief economist for Moody's. (USA Today -- Money)
Building America With Obama Bonds Signals Losing Appeal of Municipal Debt Jun 26, 2009
Most of the buyers are institutions such as mutual funds and pension funds that dont pay taxes, he said. If sales reach $80 billion, the cost of the subsidies could exceed $1 billion a year, he said. (Bloomberg)
Money Fund Assets Rose to $3.709T in Latest Week Jun 26, 2009
Assets of the nation's retail money market mutual funds fell by $6 ... The seven-day average yield on money market mutual funds in the week ended Tuesday was 0. (ABC News -- Wire)
Hard time for Fininvest: Relegated Jun 26, 2009
The main businesses of Mediolanum, Fininvest s third pillar banking, mutual funds and life insurance have also been weakened by the global crisis. Between the end of 2007 and the end of last year, assets under its management in Italy fell from 27. (The Economist)
Sahara MF launches Super 20 Fund Jun 25, 2009
Sahara MF launches Sahara Super 20 Fund- MF News-Mutual Funds-Personal Finance-The Economic Times. . (India Times)
Infrastructure shares are hot commodities for MFs in India Jun 25, 2009
MUMBAI: Infrastructure shares are hot commodities for funds in India after the recent elections, and their attraction is only set to grow as the new government lays out plans to improve the country's overburdened roads and bridges in next month's budget. Fund managers are hoping the new government will bolster spending on infrastructure, remove policy bottlenecks by easing land acquisition rules and environmental clearances, amend labour laws and simplify procedures for project approvals. (India Times)
No clarity yet on MF fee structure Jun 25, 2009
MUMBAI: Leading private sector banks, among major distributors of mutual funds (MFs), have approached market regulator Sebi, highlighting administrative and commercial issues relating to the flexible commission structure mandated by the regulator last week. With Sebi banning entry loads altogether, the commission payable to a distributor will now be mutually agreed upon by the investor and the distributor. (India Times)
IDRs may be put on par with listed securities Jun 25, 2009
Recently, foreign institutional investors and mutual funds have been allowed to invest in IDRs. The official said that the government hopes the clarity on tax related issues will kindle some interest in the instrument which is still unused by foreign companies even as some issuers such as Standard Chartered have evinced interest in floating an IDR issue. (India Times)
Canadian company re-launches Lawrence India Fund Jun 25, 2009
TORONTO: Lawrence Asset Management Inc has announced the re-launch of Lawrence India Fund, an open-ended mutual fund for Canadian investors. The Fund will be available for purchase from July 2009, providing retail investors with the opportunity to gain direct investment exposure to one of the world's fastest growing economies and to the knowledge and investment expertise of Reliance Asset Management, one of India's top mutual fund managers, the company said in a press release. (India Times)
Report: Burris didn't disclose stock options Jun 25, 2009
They include publicly traded stocks, life insurance and mutual funds, and one-quarter interest in a trust that owns land in Lynwood. Information from: Chicago Tribune, http://www. (Mattoon Journal-Gazette, IL)
Telecare program announces July schedule of events Jun 25, 2009
Clients must bring to the appointment the following information required by the State of Illinois: Social Security card or letter from Social Security stating the name and SS number; Medicare card; proof of all household income for the year 2008 (Social Security, pension, bank statements for direct deposits are accepted, etc); proof of all rent paid during 2008 (a canceled check, or a copy of lease); the name, address and phone of your landlord; property or mobile home tax bill paid in 2008;... (Mattoon Journal-Gazette, IL)
SEC proposes tougher money-fund rules Jun 25, 2009
WASHINGTON - Federal regulators yesterday proposed tightened rules for money-market mutual funds that would require them to hold some assets that could be easily converted to cash and to invest only in the highest-quality securities ... The commissioners punted, however, on more fundamental changes, such as substituting a floating share price that would make them more akin to investments like conventional mutual funds, whose value goes up and down. (Boston Globe)
In Today's Market, Where Do You Put Your Cash? Jun 25, 2009
There are multiple ways to invest in stocks -- index funds, actively managed mutual funds, exchange-traded funds and individual stocks -- but keep in mind the basic requirements of any portfolio: a high degree of diversification and low costs. Building your own portfolio is something you can do yourself or with the help of an objective advisor who understands your goals, time horizon and risk tolerance (and is committed to keeping costs down). (Townhall.com)
SEC Pitches Tightened Rules for Money-Market Funds Jun 25, 2009
Federal regulators on Wednesday proposed tightened rules for money-market mutual funds that would require them to hold some assets that could be easily converted to cash and to invest only in the highest quality securities. The Securities and Exchange Commission proposal came after a $60 billion money fund "broke the buck," exposing investors to losses that could ultimately reach about 8 cents on the dollar. (ABC News -- Wire)
LIC will invest Rs 50k crore in equities Jun 25, 2009
Besides investing Rs 50,000 crore in equity, the company will invest Rs 65,000 crore in government securities, and Rs 10,000 crore would go towards term loans, mutual funds, venture capital etc ... During the same period, domestic mutual funds had invested only Rs 7,000 crore in the stock market. (India Times, India -- Intl Business)
Interest rates a pointer to investment climate Jun 25, 2009
But did it ever cross your mind that a lower (or a rising) interest rate can be useful pointer towards your investments, especially in mutual funds ... This means there will be a tendency among investors to transfer money into equity mutual funds, says Hemant Rustagi, CEO, Wiseinvest Advisors ... Lower interest rates dont mean doom for debt mutual funds at all. (India Times, India -- Intl Business)
Bharti AXA declares dividend on fund Jun 25, 2009
Bharti AXA Regular Return fund declares dividend- MF News-Mutual Funds-Personal Finance-The Economic Times. . (India Times)
Yen Falls Most in 3 Weeks Versus Euro as Japan Investors Buy Assets Abroad Jun 25, 2009
Finance companies in Japan are looking to raise 520 billion yen for mutual funds focused on foreign assets this week, according to data compiled by Bloomberg. The benchmark interest rate is 0. (Bloomberg -- Japan)
Ex-MFS VP found liable in bonds case Jun 24, 2009
WASHINGTON - A former manager of fixed-income mutual funds for Massachusetts Financial Services Co. was found liable for insider trading of 30-year Treasury bonds, federal securities regulators said yesterday. Steven Nothern, former MFS senior vice president, was accused of generating $3. (Boston Globe)
CORRECTION FROM SOURCE: Clairvest Reports Fiscal 2009 Fourth Quarter and Year-End Results Jun 24, 2009
"Clairvest filed a new normal course issuer bid enabling it to make market purchases of up to 797,678 of its common shares in the 12-month period commencing March 6, 2009. As at June 23, 2009, Clairvest had repurchased a total of 5,709,578 common and non-voting shares over the last six years.Subsequent to year end, Clairvest declared an annual dividend of $0.10 per share, which will be payable July 27, 2009 to common shareholders of record as of July 10, 2009. This is an eligible dividend for... (CCNMatthews Press Releases)
Sparx Said to Plan U.S. Unit Closure, Investment Firm Tie-Up to Cut Costs Jun 24, 2009
The company said in November it would withdraw from the U.S., except for mutual funds, to reduce costs. Sparx offers two mutual funds in the U.S., with $60. (Bloomberg -- Japan)
Wall Street Falling Behind In The Race For Chinese IPOs Jun 23, 2009
The Shanghai and Shenzhen exchanges are closed to foreign investors, though U.S. mutual funds and other institutional investors are active in Hong Kong. Hong Kong is still awash in cash, making it attractive for Chinese firms, says Eric Guja, analyst at IPO tracker Renaissance Capital. (Investors Business Daily)
MFs' profits take a hit on rising debt assets Jun 23, 2009
Though investment management fee as a percentage of AUM has been in the range of 55-58 bps, the money is not reflected on the balance sheets of mutual funds as a result of low-revenue earning debt schemes (targeted at institutional investors). Also Read. (India Times)
Distributors to boycott products sale Jun 23, 2009
General (non-banking) distributors of mutual fund schemes are up in arms against the recent Sebi directive, giving investors the right to negotiate commissions while buying MF products through them. As a mark of protest, some mutual fund agents associations have decided to boycott sale of MF products starting July. (India Times)
Advisories to benefit from MF entry load removal Jun 23, 2009
00004000 MUMBAI: With SEBI removing the entry load from mutual fund unit buying, wealth advisory firms find reason to rejoice such a decision foreseeing huge market potential for them. Going forward, such a decision is expected to give big push to the wealth management services which is still at a nascent stage in India. (India Times)
One in 3 Mutual Funds below Sept '08 levels Jun 23, 2009
COIMBATORE: The surge in capital markets may have brought huge gains for mutual fund (MF) investors, enabling them to make an exit at a good price. But those who invested when markets were on a high last year would have to wait longer. (India Times)
Join Congress, see the world Jun 22, 2009
Sam and Lesley Graves sold investments last year in Rydex Mutual Funds, Janus mutual funds, and stock in and Corp. worth between $7,300 and $91,300. But they have money in various checking accounts and stock in. (St. Louis Business Journal, MO)
SunGard and RBC Dexia Launch Integrated Service to Deliver a Global Fund Marketplace Jun 22, 2009
STN Funds provides customers with access to global mutual funds, UCITS and exchange traded funds, and facilitates straight-through processing between fund companies and a variety of bank, brokerage and retirement recordkeeping and accounting systems ... Rob Wright, global head, product t segments at RBC Dexia, said, "In ever changing global markets, maintaining optimal levels of operational efficiency can be challenging, particularly when managing multiple products and specialist investment... (Canada Newswire)
Employers Cutting Back 401(k) Plans Jun 22, 2009
A 401(k) account allows workers to defer taxes on some income and typically put the money in a mix of stock and bond mutual funds and other investments. Companies often match all or part of employee contributions. (ABC News -- Wire)
New tax-saving scheme to fund infra in Budget? Jun 22, 2009
Currently, collective tax benefits are given for an investment of Rs 1 lakh in insurance, pension schemes, bonds, mutual funds, children's education and housing loans, etc. An additional benefit of up to Rs 1. (India Times, India -- Intl Business)
Barney Frank's portfolio unfazed by stock-market tumble Jun 22, 2009
Representative Markey and his wife have seen the same type of losses in their mutual funds as many other Americans have experienced last year, said Daniel Reilly, a spokesman for the Malden Democrat. He noted that Markey does not personally choose his stocks, which are made through various investment funds. (Boston Globe)
Innovation from SEBI Jun 22, 2009
In a clutch of decisions SEBI has taken away mutual funds right to levy an entry load, rationalised the disclosure norms for rights issues, lowered select service and registration fees and introduced the concept of anchor investor in public issues. These reform measures are mostly unexceptionable. (India Times)
Notice From Blum & Silver, LLP and Sallah & Cox, LLC to All UBS Clients Who Purchased Structured Notes and Preferred Stock Issued by Financial Services Companies Jun 21, 2009
This firm has represented investors against most major Wall Street brokerage firms in claims involving stocks, options, hedge funds, mutual funds, and bonds. Blum & Silver's and Sallah & Cox, LLC's attorneys speak English and Spanish, and they are licensed to practice law in Florida, Colorado, New York and New Jersey. (Primezone Releases)
Measuring mutual fund performance Jun 21, 2009
Performance of mutual funds is keenly followed by both investors and fund managers alike. Investors seek this information to make investment decisions, while a fund manager's compensation is usually tied to it. (India Times)
Investing in debt funds Jun 21, 2009
What are debt-related mutual funds ... Debt-related mutual funds come in numerous flavours - income funds, liquid funds, fixed maturity plans and gilt funds ... Debt mutual funds, though managed by experts, carry their share of risk and inflation is a major threat. (India Times)
Steve Jobs' Illness No Longer a Mystery Jun 21, 2009
Judgments The coming transformation of ETFs into mutual funds. Judgments How the chicken business got so fried. (Slate)
Diversify and invest at corrections for higher yield Jun 21, 2009
Many equity mutual funds also performed well during the last few months. Investors should look at the track record of mutual funds (both in market corrections and rallies) before taking investment decisions ... Investors should invest in new mutual funds only after a thorough understanding of the objectives of the fund and track record of the fund manager. (India Times)
Funds to see long-term inflows as loads curbed Jun 21, 2009
India's stock market regulator said on Thursday mutual funds can not levy any entry charges for investments but allowed distributors to claim a fee for their advise from investors ... "This will certainly help in bringing long-term quality assets to the mutual funds. It will help stop churning," said Chintamani Dagade, a senior research analyst with Morningstar ... 2 trillion rupees equity assets of the funds industry was less than two years old at the end of March, data compiled by the... (India Times)
Your Money: Bull market runs while bear market slumbers (1) Jun 21, 2009
In the late '90s, we put a good share of our savings into mutual funds and were very happy about our returns ... Dear Baffled: Since the year 1900, it's been shown that buying stocks, bonds and mutual funds is the best way to accumulate funds over the long haul. (Sioux Falls Tri-State Neighbor, SD)
