The class action suit claimed the fund managers failed to uphold their fiduciary duties by reducing record-keeping costs and by allowing two supposedly underperforming funds to remain as investment options.
NAIC members will be meeting on Saturday to discuss whether to adopt a suitability-plus or best interest model rule for the sale of annuities. Bill Mandia weighs in in the context of the recently finalized New York rule.
Axel Weber makes salient points to the FT on the need for the ‘plumbing’ of ESG to improve, particularly greater product availability across asset classes (e.g., high yield debt and alternatives), more meaningful benchmarks (to help measure fiduciary duty compliance) and simplification of terminology.
I remarked to Melanie Waddell that the “nature and timing” of the promised DOL guidance in the aftermath of the Fiduciary Rule remains uncertain and discussed what we can expect from the states now that we have a better sense of where they may be going. The interview is in the August edition of Investment Advisor magazine.
Larry Stadulis spoke to Ignites about the unusual letter Senate Democrats Elizabeth Warren (D. Mass.), Cory Booker (D. NJ) and Sherrod Brown (D. Oh.) sent to FINRA regarding proposed Regulation Best Interest. The article can be found here.