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Investment Service and Product Launches
John Hancock launches equity income portfolios; RBC launches U.S. mutual funds with exposure to global markets; FundFront unveils third liquid alternative investment product; and more.
Democrats Suggest SEC Should Reform Scope 3 Climate Disclosure Proposal
Scope 3 disclosure requirements are losing support in Congress.
Fintech SMB Plan Providers Saw Growth in ’22 On Low-Fees, State Mandates
Firms offering low-cost smaller company retirement plans say business is booming despite market volatility, but opinions are mixed on how impactful SECURE 2.0 would be for small business...
Morningstar Launches Platform to Compare, Sell Annuities
The investment research firm has built the Annuity Intelligence Center for advisers amid a boom in the insurance product due to higher interest rates and retirement income demand.
Investment Advisers Seek Talent Amid Staff Shortage
Investment advisers are prioritizing talent acquisition and retention due to client growth and strong business performance, according to Charles Schwab.
Retirement Industry People Moves
Northwestern Mutual names new CFO; Lockton has a new U.S. chief counsel; HUB keeps expanding with insurance and benefit buys; and more.
District Court Dismisses Two ERISA Lawsuits Challenging BlackRock TDFs
A series of lawsuits brought against plan sponsors that use the BlackRock funds as their QDIA received a setback last week when two of the eleven cases were...
SEC and Goldman Sachs Settle for $4 Million for ESG Policy Infractions.
GSAM did not follow its own policies in selecting funds with ESG label despite appealing to those policies in promotional materials.
Bear Market Draws Attention to Actively Managed Funds
Active and passive funds have both found success in retirement saving plans, but recent volatility is providing further analysis for a decades-long debate.
Retirement Industry People Moves
DWS names head of alternative investing; WTW appoints head of data intelligence; Mercer acquires $5B RIA; and more.
Financial-Market Upheaval Overtakes Best Intentions of Pension Legislation
Pension plan balance sheets improved in 2022 despite market fluctuations. Now corporate plan sponsors have to consider their funding strategy for the year ahead.
Judge Dismisses Charge of “Unreasonable” 401(k) Fees by Electronics-Maker Ricoh
A federal district court bounced two fiduciary breach claims brought by participants against Ricoh USA, saying plaintiffs failed “to plausibly allege the committee breached its ERISA-imposed fiduciary duty...
AARP Finds Major Gap Between Retirement Goals and Preparedness
A new AARP study finds there is still a wide gap between the importance people put on retirement planning and their sense of preparedness.
Retirement Industry People Moves
Voya expands distribution team; Ryan Financial Group joins Commonwealth; DigitalOcean names chief financial officer and more.
Investment Product and Service Launches
Hartford Funds launches new factor-based equity ETF; BenchMine creates free search engine for 401(k) industry plan data; and Corebridge Financial introduces Dimensional Index designed for Power Series of Index...
Judge Recommends Dropping Most of $4.2B Retirement Plan Suit Against Nestlé
A U.S. District Court judge sided with Nestlé’s motion to dismiss most of the claims in a 401(k) class action lawsuit alleging unreasonably high fees and self-dealing.
Adviser Product Partnerships
DPL partners with Corebridge Financial on RIA advisory annuity solutions; Fidelity Institutional enhances adviser technology; Choreo partners with Pontera on held away asset management solution; and more.
S&P Global Settles Mortgage-backed Security Case with SEC
Ratings agency agrees to $2.5 million fine over charges its sales and marketing team influenced analytics.
SEC Collects Record $6.44B On 760 Enforcement Actions in Fiscal 2022
The regulator raked in close to $4.2 billion in civil penalties, nearly three times the $1.46 billion collected the previous fiscal year.
Retirement Industry People Moves
$5 billion multi-family office and investment firm Nordwand Capital launches in Pennsylvania; Millennium Trust names new CEO; Cetera bolsters business development team with three new hires; and more.