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Weekday news and analysis for retirement plan advisers
Wednesday, May 31, 2023
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Deals & People
Franklin Templeton to Acquire Putnam for $925 Million
PA-053123-Franklin Acquires Putnam-1169990358-web
The deal would boost Franklin’s defined contribution asset management to $90 billion in AUM, while Great-West, parent of Empower, will gain a stake in Franklin.
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Compliance
Democrats Trade Budget Cuts for Debt Ceiling Extension
The House is scheduled to vote on the proposal Wednesday before passing it to the Senate.
Today’s Most Read
1. Fidelity Data Breach Exposed Info of 77,000 Clients
2. Who Is Most at Risk for Retirement Savings Shortfall?
3. 401(k) Traders Shifting to Fixed Income
Advisory M&A
Ameriprise Financial welcomes team of female advisers; Concurrent launches RIA; Merit Financial acquires Planned Futures; and more.
Smart Acquires Managed Account Provider ProManage
Following Smart’s recent $95 million Series E funding round, the acquisition takes Smart’s global assets under management total to more than $10 billion.
FINRA Fines Vanguard for Overstating Money Market Projections
A ‘technical’ issue led to overstated projections of yield and income for nine money market funds for about 8.5 million accounts.
Market Mirror Market Mirror Graph

Tuesday, the Dow fell 50.56 points (0.15%) to close at 33,042.78, the Nasdaq rose 41.74 points (0.32%) to close at 13,017.43 and the S&P 500 rose 0.07 points (0.00%) to close at 4,205.52. The Russell 2000 lost 5.73 points (0.32%) to close at 1,767.29, and the Wilshire 5000 gained 9.33 points (0.02%) to close at 41,446.59.

The price of the 10-year Treasury note increased 31/32, bringing the yield to 3.699%. The price of the 30-year Treasury bond increased 32/32, bringing the yield to 3.899%.

Industry Intel Roundup
Featured Thought Leadership
PLANADVISER is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring thought leadership sponsored by or featuring experts in the industry. The content was created to supply actionable insights to retirement plan advisers regarding client service and practice management.
Interest Grows in Finding New Uses for Stable Value
MetLife’s 2024 Stable Value Study found that defined contribution plan sponsors and plan advisers understand the benefits of stable value investments and are open to using the vehicles in new ways. PLANADVISER spoke with Thomas Schuster, senior vice president, stable value and investment products, and Warren Howe, national sales director, stable value and DCIO [defined contribution investment only] markets, at MetLife, about the study findings.
Inside TIAA’s $294B Investment Engine
TIAA CIO Emily Wiener discusses the firm’s approach to its General Account portfolio.
The Retirement Income Dilemma
What are we solving for and what have we learned so far?
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