Money fund assets fall to $2.710T in latest week
NEW YORK (AP) — Total money market mutual fund assets fell $36.18 billion to $2.710 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell $1.87 billion in the latest week to $917.21 billion.
Assets of taxable money market funds in the retail category fell $150 million to $717.45 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets fell by $1.71 billion to $199.76 billion.
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Assets of institutional money market funds fell $34.31 billion to $1.793 trillion for the same period. Among institutional funds, taxable money market fund assets fell $31.03 billion to $1.683 trillion; assets of tax-exempt funds fell $3.28 billion to $110.12 billion.
The seven-day average yield on taxable money market mutual funds in the week ended Tuesday remained unchanged from the previous week at 0.02 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 0.02 percent from 0.03 percent in the previous week, according to Money Fund Report.
The seven-day compounded yield remained at 0.02 percent, the same as the previous week, while the 30-day compounded yield fell to 0.02 percent from 0.03 percent in the previous week, Money Fund Report said. The average maturity of the portfolios held by money funds remained at 45 days.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts were unchanged from the week before, as of Wednesday, at 0.17 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking remained unchanged from the week before at 0.08 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit remained fell to 0.28 percent from 0.29 percent the week before. Yields on one-year CDs fell to 0.46 percent from 0.47 percent; were unchanged at 0.73 percent on 2 1/2-year CDs; and were unchanged at 1.71 percent on five-year CDs.
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Northern Trust Focus Funds top $1 billion in assets
Northern Trust's target-date retirement solution, the Northern Trust Focus Funds™, recently exceeded $1 billion in assets. The series of target-date funds is a growing part of Northern Trust's Defined Contribution Solutions business, with more than $45 billion in assets under management.
"Defined contribution plan sponsors and participants have welcomed an approach that combines institutional-quality investment management with a sophisticated asset allocation framework and a client service team dedicated to helping them with their fiduciary and retirement goals," said Jim Danaher, Senior Product Manager for Defined Contribution Solutions at Northern Trust. "The Northern Trust Focus Funds are a collective trust fund series designed to provide efficient, globally diversified investments for participants at each stage of the retirement planning lifecycle."
The Northern Trust Focus Funds are offered in five-year increments for retirement dates through 2055. Each fund has broadly diversified asset class exposure and systematically adapts portfolio allocations over time with strategies that roll down a "glidepath" from aggressive to conservative investments as the target date nears. The funds rely primarily on index strategies, for performance with less risk or volatility against market benchmarks, and utilize a collective fund structure for cost-effective implementation that capitalizes on more than $120 billion in assets already invested in the underlying individual component strategies.
Asset allocation decisions for the Northern Trust Focus Funds begin with forward-looking capital market assumptions that are reviewed annually. Northern Trust recently adjusted allocations along the target date glide path, increasing the exposure to international equities and making slight modifications to cash, bond and inflation hedge weightings to reflect changes in market conditions.
"A static asset allocation constructed by a defined contribution plan participant today may not be appropriate 10 years from now. Our asset allocation process is built to adapt strategically while maintaining targeted risk levels," said Susan Czochara, Senior Product Manager at Northern Trust. "We also believe that diversification and a global focus are important to a target-date solution, so the Northern Trust Focus Funds encompass traditional domestic, developed international and emerging markets asset classes as well as exposure to alternative asset classes, with the objective of providing inflationary hedge protection."
The Northern Trust Focus Funds qualify as a default investment option for defined contribution retirement plans, so participants who do not select an investment option can automatically be invested in the age-appropriate Focus Fund based on a target retirement age of 65. Northern Trust's glidepath is designed to support the U.S. Department of Labor's desire for plan sponsors to provide well-diversified Qualified Default Investment Alternatives for defined contribution plans. In addition to inflationary hedge allocations, comprised of global real estate, commodities and U.S. Treasury Inflation-Protected Securities, the Northern Trust glidepath provides for a meaningful allocation to fixed income securities at every stage.
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Janus Capital Group Inc. announces first quarter results
Janus Capital Group Inc. ("JCG") (NYSE: JNS) reported first quarter net income of $37.9 million, or $0.21 per diluted share, compared with net income of $65.9 million, or $0.36 per diluted share, in the fourth quarter 2010 and net income of $31.3 million, or $0.17 per diluted share, in the first quarter 2010.
First quarter 2011 includes a $0.03 per share non-operating charge from the early retirement of debt while fourth quarter 2010 included a $0.12 per share net benefit from an insurance recovery, the sale of JCG's structured investment vehicle securities, the reversal of income tax reserves and the cumulative effect of correcting a hedge accounting issue.
The company's operating margin for the first quarter 2011 was 32.1% compared with 34.7% for the fourth quarter 2010 and 27.3% for the first quarter 2010.
Additionally, JCG today announced that the Board of Directors declared a regular quarterly cash dividend of $0.05 per share. This quarterly rate represents an annualized dividend payout of $0.20 per share of common stock, a significant increase from the $0.04 annual cash dividend paid in 2010. The initial quarterly dividend will be paid on May 13, 2011 to shareholders of record at the close of business on May 2, 2011. Subject to the declaration of each quarterly cash dividend by the Board of Directors, the following cash dividend schedule will be in place:
| Record Date | Payment Date | |||
| May 2, 2011 | May 13, 2011 | |||
| July 29, 2011 | August 12, 2011 | |||
| October 31, 2011 | November 14, 2011 | |||
| February 3, 2012 | February 14, 2012 | |||
"Today's announced change to our dividend policy is a testament to the improved financial position of the company and demonstrates Janus' commitment to return capital to our shareholders," said Dick Weil, Chief Executive Officer.
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John Hancock Emerging Markets Fund (JEVAX) now available in retail share classes
John Hancock Mutual Funds has added retail share classes to the John Hancock Emerging Markets Fund (JEVAX), which previously was available as an underlying portfolio to investors in John Hancock's Lifestyle and Lifecycle Funds. As a result, the Fund, which has a four year track record and approximately $2.1 billion in assets, is now available for sale to investors through their financial advisers.
"We are very pleased to now offer investors access to the John Hancock Emerging Markets Fund, having included it in our popular Lifestyle and Lifecycle Funds for the past four years where it posted a strong record," said Keith F. Hartstein, President & CEO of John Hancock Funds. "Dimensional Fund Advisors is one of the most highly-respected managers in this asset class. Indeed, DFA's solid performance was recently recognized by Lipper, which honored the Fund with a trophy for three-year results in the Emerging Markets category at the Lipper Fund Awards event in March."
Since its inception (May 1, 2007), John Hancock Emerging Markets NAV has returned 9.03 percent versus the Lipper Emerging Markets Funds category average of 4.41 percent. Over this time period, it outperformed 96 percent of the category. Over the most recent three years ending March 31, 2011, John Hancock Emerging Markets NAV has returned 8.49 percent versus the Lipper Emerging Markets Funds category average of 2.21 percent. Over this time period, it out-performed 93 percent of the Lipper Emerging Markets category. The annual total returns for the fund over the one-, three- and since inception-performance, with a five percent sales charge, are 12.98 percent, 6.84 percent and 7.76 percent, respectively.
The Dimensional Fund Advisors team managing the John Hancock Emerging Markets Fund includes: Karen E. Umland, Senior Portfolio Manager and Vice President and a member of the fund management team since 2007; Stephen A. Clark, Senior Portfolio Manager and Vice President; Joseph H. Chi, CFA, Portfolio Manager and Vice President; and Jed S. Fogdall, Portfolio Manager and Vice President, all of whom have been members of the portfolio management team for the Fund since 2010.
The John Hancock Emerging Markets Fund seeks long-term capital growth through investment primarily in emerging market equity securities. The fund seeks to achieve its investment objective by investing in companies associated with emerging markets, including frontier markets (emerging market countries at an earlier stage of development), authorized for investment by the Investment Committee of the sub-adviser ("Approved Markets") from time to time, with an increased exposure to securities of small cap issuers and securities that it considers to be value securities. Under normal circumstances, the fund will invest at least 80 percent of its net assets in companies associated with emerging markets.
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Gemini Fund Services helps advisors launch seven new alternative mutual funds in first quarter
Gemini Fund Services, LLC (Gemini), an engaged partner to independent advisors as a provider of comprehensive, pooled investment solutions, today announced the launch of seven alternative mutual funds in the first quarter of 2011. The launches reflect Gemini's ongoing focus on helping advisors successfully launch alternative investment funds amid increased interest in alternatives among high net worth clients.
"Gemini partners with advisors to develop the investment product that meets their specific vision and needs, drawing on years of industry knowledge and insight to find creative solutions at the best cost," said Andrew Rogers, President of Gemini Fund Services. "We are very pleased to help launch these Funds and enable more advisors to compete in an increasingly costly and regulated environment."
Gemini partners with advisors to deliver comprehensive pooled investment solutions such as mutual funds, hedge funds, and alternative investments – including collective investment trusts. Gemini helps advisors bring their product to market with a broad range of turnkey services. Its industry leading pooled investment solutions consist of comprehensive fund servicing, variable annuities, retail and variable trusts, shared compliance services, EDGAR filing and printing services. The recently launched alternative mutual funds are as follows:
- Arrow Commodity Strategy Fund (CSFFX)
- Bandon Isolated Alpha Fixed Income Fund (BANIX)
- Equinox Market Neutral Commodity Strategy Fund (EQCIX)
- FX Strategy Fund (FXFIX)
- Grant Park Managed Futures Strategy Fund (GPFNX)
- James Alpha Global Enhanced Real Return (GRRAX)
- Navigator Equity Hedged Fund (NAVCX)
"These recently launched Funds represent Gemini's ability to help advisors improve operational efficiency and distribution, and streamline the launch of new products to meet the growing demand for alternative strategies that meet the needs of investors," Mr. Rogers said. "We feel very optimistic about the future success of these Funds and Gemini's continued growth in this investment space."
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Turner Funds reopens Turner Emerging Growth Fund
The Turner Funds has reopened to new investors the Turner Emerging Growth Fund. The Investor Class shares of the fund are ranked seventh out of 245 small-cap growth funds for the 10-year period ended March 31, 2011, by Lipper Inc., an independent performance-analysis service. The fund had been closed to new investors for 11 years.
The Turner Emerging Growth Fund invests primarily in stocks of U.S. companies with small and very small market capitalizations that Turner Investments, the investment adviser, believes have strong potential earnings growth. The fund has been managed by Frank L. Sustersic, senior portfolio manager/global security analyst, since its February 27, 1998, inception.
For the 10-year period ended March 31, the Investor Class shares of the fund gained an annualized 10.71%, compared with the Russell 2000 Growth Index's 6.44% annualized return. Since its inception, the Investor Class shares of the fund returned an annualized 20.06%, beating the Russell 2000 Growth Index's 3.93% annualized performance by 16.13 percentage points.
| Total returns | ||||||||||||||||||||
| Periods ended March 31, 2011 | ||||||||||||||||||||
| Past three | Past 12 | Past five | Past 10 | Since | ||||||||||||||||
| months | months | years | years | inception | ||||||||||||||||
| (annualized) | (annualized) | (annualized)* | ||||||||||||||||||
| Turner Emerging Growth Fund, Investor Class | 11.22 | % | 31.43 | % | 4.22 | % | 10.71 | % | 20.06 | % | ||||||||||
| Turner Emerging Growth Fund, Institutional Class | 11.28 |
| 31.75 | 4.33 | 10.77 | 20.11 | ||||||||||||||
| Russell 2000 Growth Index | 9.24 | 31.04 | 4.34 | 6.44 | 3.93 | |||||||||||||||
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Bandon launches Absolute Return Long-Short Fixed Income Mutual Fund
Bandon Capital Management, LLC, a Portland, Oregon-based investment management firm focused on the Democratization of Alternative Investment Strategies, announced the launch of the Bandon Isolated Alpha Fixed Income Fund (NASDAQ: BANIX), a global absolute return-oriented fixed income strategy. The fund, sub-advised by two institutional specialist investment managers, is intended to be for investors seeking consistent returns through all market environments. In the pursuit of its objectives, the fund has the flexibility to invest in an unconstrained fashion across global fixed income securities and sectors including strategies that go both long and short in an attempt to capitalize on market opportunities in both directions.
The underlying philosophy is to incorporate an absolute return approach in the management of the two principal risk/return drivers for fixed income investing — interest rates and credit — within predefined exposure bands and a rigorous, quantitative risk management framework.
Logan Circle Partners, LP is a $12 billion Philadelphia-based, institutional, credit specialist fixed income manager, and a wholly owned subsidiary of Fortress Investment Group, LLC (FIG). The manager follows a bottom up, research driven, duration neutral, global unconstrained multi-sector absolute return credit strategy comprised of their best ideas across liquid credit markets.
Dix Hills Partners, LLC is a $1 billion New York-based, institutional alternative investment manager focused on active duration strategies in developed sovereign markets. The manager follows a fundamentally based, systematized, credit neutral (excluding sovereign credit risk), directional active duration strategy.
The Isolated Alpha name was chosen to highlight several important themes, primarily the concept of "active decision making" within an asset class. Being unconstrained relative to a benchmark, enables tactical responsiveness to changing market environments with greater potential for risk managed results.
"When we listen to investors we hear two primary themes — concern about the risks associated with long only strategies especially on the heels of 2008 and fear regarding the impact of rising rates on fixed income portfolios," said Bill Woodruff, Managing Principal of Bandon. "We believe this fund represents a solution for both those concerns by having the tactical flexibility navigate volatile markets and the philosophical disposition to have no long or short bias."
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Putnam Investments Launches FundVisualizerTM to help advisors evaluate universe of mutual funds
In an effort to provide financial advisors with a modern experience to comprehensively research and more clearly visualize mutual fund comparison data, Putnam Investments today officially announced the launch of FundVisualizerTM, an open-architecture analytical tool — created for iPad and desktop usage — enabling in-depth evaluations of over 10,000 investment choices in real time, using more than 60 different selection criteria.
"Advisors who have tested the FundVisualizer have found it to be a fast, easy way of performing the comparisons and analyses they need to more quickly and thoroughly decide what is best for their clients."
FundVisualizer* is part of an ongoing series of Putnam initiatives designed to provide advisors with rich, highly transparent content, delivered through leading technology. The new, dynamic tool provides visually compelling, side-by-side comparisons of multiple products, including Putnam funds, as well as choices from funds across all categories — both load and no-load — arming advisors even further in making informed investment decisions.
"We believe that advisors and their clients benefit when they have access to greater information, clarity and transparency around investments. FundVisualizer provides the real-time comparative information that advisors need to guide their clients in making the right decisions as they build portfolios to meet their personal financial goals," said Bill Connolly, Head of Global Distribution. "Advisors who have tested the FundVisualizer have found it to be a fast, easy way of performing the comparisons and analyses they need to more quickly and thoroughly decide what is best for their clients."
"By giving this powerful analytical tool an open architecture, we enable advisors to choose which funds — and data points — they want to compare. If advisors choose to evaluate Putnam funds, we are confident that our solutions will stand up well in comparison with those of any other fund family," Connolly continued.
FundVisualizer Designed for iPad and Desktop Application
The tool, which will be regularly updated to reflect the latest user interface improvements, is currently being introduced to advisors by Putnam wholesalers. After registering with Putnam, advisors can have direct access to FundVisualizer by logging into Putnam's advisor website (www.putnam.com/advisor), where they can perform comparisons of funds across all categories using data points related to performance, risk and other crucial factors and obtain prospectuses for any fund. Putnam, which was one of the first financial services firms to make iPads available to its sales teams, has specifically created a version of FundVisualizer for iPad usage — expected to be rolled out more broadly to advisors in the future.
Putnam and Financial Advisors
Since Robert L. Reynolds became Putnam's president and chief executive officer in 2008, the company has even further bolstered its commitment to the advisor channel through launching a series of innovations and initiatives designed to help advisors meet the needs of their clients, especially through the use of thought leadership content, leading technology, and advanced analytics, and greater levels of transparency, including:
- The Wealth Management Center www.putnam.com/wmc, accessible through Putnam's advisor website, features ongoing commentary on a variety of financial planning subjects, including the latest developments around taxes, planning for retirement and other wealth-related strategies, and a wide range of investment and wealth management information, planning ideas, and tools.
- A thoughtful Roth IRA Conversion Resource Center provides a full range of information about traditional IRA conversions and calculators to help determine whether a conversion makes sense and what investors should consider before converting.
- An online Global Sector Portfolio Modeling Tool allows advisors and investors to build model portfolios of the Putnam Global Sector Funds and compare the characteristics of such portfolios with the MSCI World Index. By adjusting the sector weightings to see how they affect portfolio characteristics and achieve various investor goals, advisors can more effectively customize global portfolios for investors.
- Putnam's proprietary Lifetime IncomeSM Analysis Tool helps advisors and their clients model how much monthly income their current savings might generate in retirement and help them determine what investors can do to maintain their current lifestyle once they stop working. Early results from a study of participants in Putnam-managed 401(k) plans show that after using the tool a significant number of employees changed their savings deferral, with the overwhelming majority choosing to increase their savings rate.
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