Delaware Management Holdings Inc. hired Fred Alger Management Inc. to manage part of its $900 million multimanager Optimum Large Cap Growth Fund (OILGX), beginning on Tuesday.
“Putnam’s money market funds have maintained their $1 share price ... however the program is well worth the peace of mind we hope it provides investors,” Robert L. Reynolds, president and chief executive, said in a statement.
One week after buying a 21% stake in Morgan Stanley, Mitsubishi UFJ Financial Group Inc. took a $506 million paper loss as a result of the extreme drop in the markets following Congress’ rejection of a $700 billion bailout package yesterday, according to Bloomberg.
Reserve Management Co. Inc of New York said yesterday that its board has voted to liquidate the $20 billion in assets of the Primary Fund (RPRXX), which will be distributed on Oct. 13.
Investors trained to believe that exchange traded funds don't trade at premiums or discounts to their net asset value might be in for a surprise.
The Calvert Group Ltd. is looking to broaden its market and expand socially conscious investment policies with a new series of funds.
Investors who maintain self-directed 401(k) accounts or individual retirement accounts are increasing their investments in exchange traded funds.
The departure last week of Kevin Cronin as head of investments at Putnam Investments is a sign of more change to come at the beleaguered mutual fund company, some observers say.
In times like these, when the equity markets swing wildly and just about everything can look cheap from certain angles, the focus on value has to be especially precise.
Some mutual fund companies are deciding that the cash their funds earn from lending stocks doesn't justify the risk in light of unpredictable markets and the Securities and Exchange Commission's crackdown on short sales of selected financial stocks.
Ameriprise Financial Inc. has no immediate plans to bail out clients of advisers of its independent broker-dealer subsidiary, Securities America Inc., which saw $60 million erased last week when a giant money market fund, the Reserve Primary Fund, “broke the buck."
Under the agreement, the Putnam fund purchased shares in Federated fund with cash and portfolio securities valued at $12.3 billion, said Putnam spokeswoman Laura McNamara.
Third Avenue Institutional International Value Fund LP, a fund of Third Avenue Management LLC, filed a class action Friday against Reserve Management Corp. hinging on the firm's redemption process last week, when the net asset value of the Reserve Primary Fund fell to 97 cents.
Redemptions from U.S. money market mutual funds declined on Friday, with investors pulling out $5.2 billion compared to $47.7 billion the day before, according to the Westborough, Mass.-based research firm iMoneyNet.
Barclays PLC won’t be “assuming the obligation” of traditional structured products and exchange traded notes issued by Lehman Brothers Holdings Inc., according to a source close to the situation.
A suit filed by Ameriprise alleges that The Reserve gave special treatment to its largest clients just as the Primary Fund was losing value and about to “break the buck,” or dip below $1 per share.
The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds.
Reserve Management Corp. New York filed with the SEC on Friday to suspend all redemptions from its Primary Fund and the U.S. Government Fund and postpone the date of payment of redemption proceeds for a period longer than seven days after the tender of shares for redemption.
Mutual fund families are cutting expenses because asset levels have dropped, reflecting the rocky markets.
The Congressional Human Rights Caucus is pressuring mutual fund companies voluntarily to divest their holdings in companies that do business in Sudan.
