Updated Saturday, May 18, 2013 as of 12:19 PM ET
The state-chartered trust company said it has resolved a problem with fractional shares that result from trading in ETFs that have kept such funds from being kept in retirement plans. The firm said it will buy and sell whole shares in the market and hold fractional shares as necessary. This will allow “dollar certain” transactions that until this have prevented the information systems that keep track of funds from recognizing and tracking ETF shares.
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Principal Life Insurance Co. plans to roll out a variable annuity called Principal Lifetime Income SolutionsSM on Aug. 1. more »
Only 12% of employers sponsoring 401(k) plans feel that their employees will be financially prepared for retirement, down from 15% a year ago. more »
The Internal Revenue Service has published 2010 statistics on foreign trusts indicating an increasing interest in foreign investment by U.S. taxpayers, and the impact of changes made in 1996 to information reporting requirements. more »
Two or three years ago, institutional investors primarily used ETFs for tactical purposes, holding them for less than one year. But now they are using them strategically as well, according to the 2013 Greenwich Associates study of trends in institutional usage of ETFs, which was sponsored by iShares. more »
Vanguard is establishing an intermediary business in Hong Kong. Along with the new business unit, Vanguard also said the announcement of its first locally domiciled product offering in Hong Kong is imminent. more »
Thomson Reuters has launched a proprietary index designed to measure trust in global financial institutions called the Thomson Reuters TRrust Index. more »
A difference of 1% in fees could reduce an investor’s balance at retirement by as much as 28%, according to the Department of Labor. more »
For years, Lincoln Financial has effectively been raising prices on its variable annuities, yet consumers keep buying. The company’s VA business exceeds desired levels now, so further price increases have been announced: cutbacks in benefits offered to consumers. The expected result is a boost in second-quarter business but a slowdown in the second half of 2013. more »
Chairman Mary Jo White told the general membership meeting of the ICI that the SEC will “propose meaningful money market reform.’’ And that developing its next round of reform measures will be made with international regulation in mind. more »
Globally, exchange traded products are scooping up assets on a faster pace than in 2012, according to BlackRock’s April 2013 ETP Landscape Report. more »
Independent broker-dealers and RIAs have the edge over wirehouses when it comes to adding mutual fund assets under management, according to Access Data and Strategic Insight. more »
SEC chairman Mary Jo White made no comment Friday on what new reforms for the money market fund industry will come out of her administration, except that its proposal will be “appropriate and balanced.” more »
The Goldman Sachs chief is bullish on China, calls proposals for taxes on financial transactions "screwy," and believes that his firm needs to do a better job of repairing its image. more »
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