RSS 2.0 FeedIndustry Views
Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
November 23, 2011, The Decumulation Beat
Signature of the Times
After the report of a $900 million charge in the third quarter, Manulife’s decision to limit distribution of John Hancock annuities can’t have shocked many people.
In 2005, John Hancock Life was riding the pre-crisis boom in variable annuity sales. In U.S. banks alone, it sold $1 billion worth of its Venture variable annuity with the Principal Plus for Life living benefit rider, doubling its 2004 sales. Over the next six years, the company would amass more than $56 billion in total VA assets.
But the financial crisis messed things up, as it did for many VA issuers. In 2009, John Hancock initially shifted its focus to a new, simplified VA contract called AnnuityNote, which had less exposure to market risk. AnnuityNote flopped however; it didn’t have the flashy features that independent advisors crave and it was pulled from the market last March.
By last May, journalists in Canada, the home of Manulife Financial Corp., John Hancock’s parent company, were starting to scoff...
We look forward to sharing this valuable article with you! Subscribers may Log In below.
- Not a member? Register now to become a subscriber to Retirement Income Journal. Register Now
- Or, start your 30-day FREE TRIAL: See offer for FREE TRIAL
- purchase this single article for personal use only for a fee of $25.00.
For group discounts, licensing, and reprints, contact kerry.pechter@retirementincomejournal.com.
Forget your subscriber password? It's easy to reset here: Reset your password.
