Change in Custody Rule for Assets

A No Action letter released by the SEC in February 2017 clarified its interpretation of the rule1 for asset custody. Quoting from a précis on the subject prepared by Fidelity Investments: The SEC has clarified that an adviser who has the power to disburse client funds to a third party under a standing letter of… Read more »

Money Market Reform: What You Should Know

The ubiquitous money market mutual fund has been a hot topic at the U.S. Treasury Department and the Securities Exchange Commission (SEC) since the Great Recession and Financial Crisis of 2008/2009. The Government’s concerns are based on actions taken by institutional investors during the crisis when a large institutional money market fund could no longer… Read more »

Selecting Vendors for Your Defined Contribution Plan

Individuals responsible for their company’s qualified retirement plan face numerous difficult decisions when selecting plan service vendors. As technologies change, and as plan sponsors seek to shift additional responsibilities to external vendors, the complexity of the assignment increases. In selecting providers for the plan, each vendor’s fees, capabilities and experience must be assessed in each… Read more »

Pound Foolish

It is interesting to observe how financial industry trade journals reacted to the recent publication of the book Pound Foolish, by financial columnist Helaine Olen. The book has mostly been condemned as a biased example of muckraking journalism (although Business Week has given it a fair review). But only a few trade publications have even… Read more »