Net VA flow ebbs to $1.5 billion in 3Q 2013: Morningstar
“Shifts in market share this year have been massive,” writes Morningstar VA analyst Frank O’Connor in his third quarter and year-to-date sales report, issued yesterday.
A Fool for a Client?
MassMutual is the latest target of the St. Louis plaintiff's attorney Jerry Schlichter, who has won eight-figure judgments and settlements in a series of "excessive fee" cases against high-profile...
The Hangover
Publicly held annuity issuers could be handicapped in the future by lingering liabilities, and should have foreseen the impact of IRA money flowing into VAs starting in 2002, says...
Sign of the times: Fidelity adds short duration bond funds
The funds are: Fidelity Limited Term Bond Fund, Fidelity Conservative Income Municipal Bond Fund and Fidelity Short Duration High Income Fund (Advisor and retail share classes.)
Vanguard tops mutual fund flow charts in October
Vanguard gathered just over $6 billion in the quarter ($60 billion YTD) to lead all fund companies. American Funds, PIMCO, Columbia and Janus all saw outflows of more than...
Hedge fund managers’ eyes are bigger than customers’ budgets: E&Y
The growth ambitions of managers may not be matched by sustained investor appetite," said Art Tully, EY’s Global Hedge Fund Services co-leader said in a release.
More DB sponsors intend to off-load risk
“Pension plan sponsors remain under tremendous pressure to reduce the financial liabilities of their DB plans,” said Michael Archer, leader of the client solutions group for retirement, North America...
The ‘haves’ have retirement plans; the ‘have-nots,’ not so much
White, male, well-educated, healthy and married full-time workers are more likely to have access than non-whites, women, single people, the less educated and the less healthy.
FINRA Talks a Good Game
FINRA's recent report on conflicts of interest at brokerages laid bare some dingy practices. Some say it's a move to burnish FINRA's credentials as a candidate for regulator of...
Driven by VA de-risking, managed-vol funds grow
Assets in funds in this category reached $200.1 billion by mid-2013 after rising to $153.9 billion at year-end 2012 from $30.9 billion at year-end 2006, an annualized growth rate...
Cincinnati voters opt to reform, not replace, an underfunded public pension
Voters apparently reacted negatively to a requirement in the proposal that would have required the city on the Ohio River to pay off the pension’s $862 million liability in...
MetLife and ING benefit from Romanian pension growth
Dutch insurance giant ING, with the biggest Romanian DC fund by assets and membership, recorded the highest profit so far this year, of RON146.7m (€33.1m). As of the end...
Vanguard consolidates three managed payout funds into one
“The funds have faced challenges in meeting their objectives, given a financial market environment marked by a prolonged period of historically low bond yields,” said a Vanguard release.
The Bucket
Brief or late-breaking items from Bankers Life and Casualty Company, New York Life, The American College, Vanguard, Mass Mutual, Jackson National Life, Jefferson National and Cerulli Associates.
Quote of the Week
"In an economic system in which a sovereign government operates through its own monetary system, spending (or lending) must occur before taxing. In addition, taxes are not a funding...
A Second Look at the ‘Floor-Leverage Model’
Two weeks ago we reported on new research by Jason Scott and John Watson of Financial Engines about a retirement income strategy that combines 85% safe assets with a...
Send MetLife’s ‘regards to Broadway, remember it to Herald Square’
MetLife announced that it will open a global technology hub in Cary, N.C., and create thousands of jobs there to complement its retail headquarters in Charlotte.
American General launches ‘Power Index Plus’ FIA
The new fixed indexed annuity offers three interest-crediting strategies, a one-year fixed interest account and two that are pegged to the S&P500 (excluding dividends): an annual point-to-point index interest...
Low COLA: The pause that doesn’t refresh
Since 2000, Social Security benefits have lost 31% of their buying power, according to The Senior Citizen League's 2013 Survey of Senior Costs. During that period, benefits rose 38%...
Second issue of new scholarly journal on retirement published
There are nine new articles in the fall edition of The Journal of Retirement, edited by George A. (Sandy) Mackenzie.
