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Fidelity: Average 401(k) balance up 12.9% in last 12 months
trueThe average account balance for participants in 401(k) plans administered by Fidelity Investments rose to $91,000 for the quarter ended June 30, the company reported Friday.
J O Hambro takes 4 from Pyramis to launch U.S. smidcap strategy
trueThorsten Becker, Arun Daniel and Vincent Rivers have been named portfolio managers and Eric Yi has been hired as a trader at J O Hambro Capital Management, said company spokesman Tucker Hewes.
Vanguard vaults past Fidelity in total DC assets
trueVanguard jumped past Fidelity to become the largest manager of U.S. defined contribution assets, a post Fidelity had held since 1998, Pensions & Investments' annual survey of money managers shows.
Great-West walking new path to growth
trueGrowth of Great-West Financial's record-keeping business will be organic from now on, even though the company gobbled up J.P. Morgan's large-plan defined contribution business and merged Putnam Investments' record-keeping business into Great-West's.
Tussey decision puts question mark over other float-income suits
trueFidelity Investments' recent victory in Tussey vs. ABB Inc. creates questions for plaintiffs in several other lawsuits alleging a similar fiduciary breach by Fidelity in its handling of float income.
Fidelity considering formation of trading venue
trueFidelity Investments is exploring the possibility of creating a trading venue with other money managers.
SIFMA study responds to stability oversight council
trueAs the U.S. Financial Stability Oversight Council and the Financial Stability Board in Basel consider ways to monitor risk among large money managers, the industry is trying to fill in some of the information gaps.
Bon Secours Health chooses Fidelity as record keeper
trueBon Secours Health System Inc. hired Fidelity Investments as record keeper of its defined contribution plans, according to its website.
Fidelity Investments names new chief of fixed-income division
trueNancy D. Prior was named president of Fidelity Investments’ fixed-income division and vice chairman of subsidiary Pyramis Global Advisors.
Fidelity Investments names successor to O'Hanley
trueCharles Morrison was named president of Fidelity Investments' asset management unit.
Fidelity: Cashout rates stay high among 401(k) clients
trueCashout rates among participants in 401(k) plans for which Fidelity Investments is record keeper remain persistently high, reaching 35% as of the nine months ended Sept. 30, according to a Fidelity news release Thursday.
Fidelity's AUM grows 15% in 2013
trueFidelity Investments' assets under management rose 15% to a record $1.94 trillion as of Dec. 31, boosted by a 30% rally for the Standard & Poor's 500 index in the year, the company said Wednesday in its annual report to shareholders.
DC plans are slowly increasing their default rates
trueService providers and defined contribution consultants say DC plans are slowly — albeit too slowly — chipping away at the traditional 3% default rate for automatic enrollment.
O'Hanley's departure from Fidelity described as inevitable
trueRonald O'Hanley's pending departure from Fidelity Investments, while seeming to come from nowhere, was inevitable, a number of industry sources said.
O'Hanley to depart from Fidelity
trueRonald O'Hanley, president of asset management and corporate services at Fidelity Investments, announced plans to leave the firm at the end of February.