State Street Research & Management announced two promotions. Dan Strelow and Mark Marinella have been named co-chief investment officers for the firm's fixed income department. Strelow and Marinella are replacing Tom Shively who will be retiring from his position as chief investment officer-fixed income.
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The Employer-Employee Relations (EER) subcommittee will hold a hearing on Portman-Cardin on April 5 in 2175 Rayburn. Rep. Sam Johnson, (R-TX) will chair the hearing.
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American Express Retirement Services announced today that it plans to add a new feature to its Web site that allows 401(k) plan participants to view and download their quarterly account statements. This new feature will be available to plan sponsors who elect to provide web-based statements to their participants. However, participants will still receive a paper copy each quarter.
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The CommonWealth of Massachusetts has added a Domini investment option for the 111,000 participants of its $2.8 billion deferred compensation plan.
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As the MFWire reported on March 20, Deutche Asset Management has launched three global sector funds. They are: Global Biotechnology Fund, Global Financial Services Fund and Global Technology Fund.
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The Securities Investor Protection Corporation will restore more than $5 million to more than 100 investors who had assets stolen at Donahue Securities. Stephen Donahue, former president of Donahue Securities, has been accused of misappropriating at least $6 million of his clients' funds by enticing them to invest in a phony tax-free mutual bond fund.
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In what might be a white knight situation, AIG announced today that it has offered to acquire American General in a stock transaction of $46 per share common stock, or approximately $23 billion. The announcement comes after the market expressed some dissatisfaction with the idea of a Prudential-American General merger.
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