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Weekday news and analysis for retirement plan advisers
Thursday, July 22, 2021
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M&A in Focus
With Prudential Acquisition, Empower Aims for Supercharged Growth
Empower CEO Ed Murphy spoke with PLANADVISER about the firm’s plans for additional acquisitions and what this latest deal means for the plan advisers, participants and sponsors it serves. Murphy also touched on why Empower was interested in Prudential’s recordkeeping business in the first place, and how it will be integrated into the Empower platform.
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Empower to Acquire Full-Service Retirement Business of Prudential
Empower will acquire Prudential’s DC, DB, non-qualified and rollover IRA business, in addition to its stable value and separate account investment products and platforms.
Today’s Most Read
1. Franklin Templeton to Acquire Putnam for $925 Million
2. Congress Says It Will Fix at Least 4 Errors in SECURE 2.0
3. Smart Acquires Managed Account Provider ProManage
ProNvest Launches Fintech Platform
It can cull data for advisers, banks, credit unions, insurance firms and other institutions to give an overview of a person’s defined contribution plan holdings.
Sponsored by Securian Financial
The Personalized Choice
Plan sponsors find added value of the managed account as a qualified default investment alternative.
Schwab Faces Failure-To-Monitor Scrutiny in Massachusetts
The firm is accused of failing to take sufficient steps to monitor customer accounts for further payments to a former adviser—himself accused of substantial wrongdoing—whose registration last lapsed in 2014.
Spark Institute Issues Recommendations for Cybersecurity
The standards it’s developing provide ‘more explicit guidance’ to decrease cyber fraud.
MetLife Accused of Favoring Proprietary Index Funds in 401(k)
The lawsuit suggests that MetLife had an imprudent and disloyal preference for its index fund products, in part because of fees and tax deductions it received.
Market Mirror Market Mirror Graph

Wednesday, the Dow increased 286.01 points (0.83%) to 34,798.00, the Nasdaq closed 133.08 points (0.92%) higher at 14,631.95, and the S&P 500 was up 35.63 points (0.82%) at 4,358.69. The Russell 2000 climbed 39.74 points (1.81%) to 2,234.04, and the Wilshire 5000 gained 418.73 points (0.93%) to finish at 45,463.73.

The price of the 10-year Treasury note decreased 7/32, bringing its yield up to 1.298%. The price of the 30-year Treasury bond fell 1 26/32, increasing its yield to 1.940%.

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