Two trade groups that represent the investment management industry want the Securities and Exchange Commission to hold a public hearing on the liquidation plan for a money market fund that collapsed in September.
Grail Advisors LLC said today that it has filed a registration statement for two actively managed exchange traded funds, the Grail American Beacon International Equity ETF and the Grail American Beacon Large Cap Value ETF.
The two money management operations have been divisions of the same parent company since last January when Rydex of Rockville, Md., was acquired by Security Benefit Corp. of Topeka, Kan.
The number of properties facing foreclosure proceedings jumped 81% and the number of American households losing their homes through foreclosure surged 66% in 2008, according to two studies.
Nomura Asset Management Co. Ltd. of Tokyo today announced the launch of Nomura Partners Funds Inc., a group of mutual funds with an Asian and global focus.
Putnam Investments of Boston today announced that it has launched four target absolute-return mutual funds designed to seek annualized total returns of 1%, 3%, 5% or 7% above those of U.S. Treasuries over a period of three years or more.
Foreign investors plan to spend significantly more money on U.S. real estate in 2009 than they did last year.
Last year was among the worst ever in the history of hedge funds, with $210 billion in losses during the third quarter alone, 693 funds closed through Sept. 30 and an average 16% decline through November.
Financial advisers will likely be drawn to the allure of exchange traded funds in 2009, thanks to an anticipated rise in open-end mutual fund expenses, according to industry experts.
Historically low interest rates, coupled with a torrent of new cash from investors, are forcing many mutual fund companies to close the doors on their Treasury money market funds.
Although most funds performed dismally last year, a Vanguard fund and its exchange traded fund share class bucked the trend with spectacular results, returning more than 50%.
Wash sale rules prohibit an investor from recognizing a loss for tax purposes if securities are sold and "substantially identical" securities are purchased within 31 days.
Union Bancaire Privée is threatening to pull billions of dollars of assets from some of the largest U.S. hedge funds, according to a spokesman for the Geneva bank.
Hedge funds suffered another body blow in December when, according to one index, the S&P 500 stock index outperformed the alternative class strategies.
American Century Investments expects to open an office in Hong Kong in the next few months.
