The reductions are being made across all companies and departments among the firm’s 9,000 employees, said Chuck Freadhoff, spokesman for American Funds.
Job losses will continue to mount as the nation is expected to lose an average of 500,000 to 600,000 jobs each month for the next few months, the report said.
The Malvern, Pa.-based fund firm will merge the $6.7 billion Vanguard Treasury Money Market Fund (VMPXX) into the lower-cost $21.8 billion Vanguard Admiral Treasury Money Market Fund (VUSXX).
Money managers saw assets sold through unaffiliated third-party defined contribution record keepers shrink less than their retail mutual funds last year, according to a report released yesterday by Boston-based Financial Research Corp.
The Reserve Management Co. of New York has announced that the liquidation of the Reserve U.S. Treasury Fund (RUTXX) and distribution concluded May 29.
Private-equity firm Brookstone Partners today announced the launch of Brookstone Partners Asset Management, an independently operated investment advisory group.
Independent advisory firms have stepped up their outreach efforts, and the largest firms continue to open accounts even though their assets under management have dropped.
In what may be a reprieve for advisory firms, Securities and Exchange Commission Chairman Mary Schapiro seems to have backed off from an idea that would require some advisory firms to face third-party compliance procedure audits.
Federated Investors Inc. announced today that the firm has reached a definitive agreement to acquire $233 million in assets of two of Cincinnati-based Touchstone Investments’ mutual funds.
Variable annuity net sales rose nearly $1 billion from the fourth quarter of 2008 to the first quarter of 2009, according to a report released today by NAVA Inc., a Reston, Va.-based VA trade group.
