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Deals and People
New OCIO Head for U.S. Bancorp’s Institutional Business
New OCIO Head for U.S. Bancorp’s Institutional Business
The bank-owned asset manager promoted a new head for the practice to expand its market share.
ERISA Case Against Dish Network Likely to be Dismissed
A federal magistrate judge found that the plaintiffs did not adequately state a claim of excessive fees.
Most Read
Bills to Nullify the Retirement Security Rule Proposed in Congress
Dealing with Stress, Burnout in the HR, Benefits Department
Deals and People
BlackRock’s Retirement Head Ackerley Moving to Adviser Role
New orders for manufactured durable goods in December 2022, up four of the last five months, increased $15.2 billion or 5.6% to $286.6 billion, unchanged from the previously published increase, the Census Bureau reported. This followed a 1.8% November decrease. Transportation equipment, also up four of the last five months, drove the increase, $15.6 billion or 16.9% to $108.0 billion. New orders for manufactured nondurable goods decreased $5.2 billion or 1.9% to $265.9 billion.

Interest on a 30-year fixed-rate mortgage averaged 6.09% for the week of February 2, down from last week when it averaged 6.13%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 3.55%. Interest on a 15-year fixed-rate mortgage averaged 5.14%, down from last week when it averaged 5.17%. A year ago at this time, the 15-year FRM averaged 2.77%.

In the week ending January 28, the advance figure for seasonally adjusted initial claims for unemployment insurance was 183,000, a decrease of 3,000 from the previous week’s unrevised level of 186,000, the Labor Department reported. The four-week moving average was 191,750, a decrease of 5,750 from the previous week’s unrevised average of 197,500.
Thursday, the Dow lost 39.02 points (0.11%) to close at 34,053.94, the Nasdaq increased 384.50 points (3.25%) to close at 12,200.82 and the S&P 500 increased 60.55 points (1.47%) to close at 4,179.76. The Russell 2000 gained 40.41 points (2.06%) to close at 2,001.22 and the Wilshire 5000 increased 633.98 points (1.54%) to close at 41,832.32.

The price of the 10-year Treasury note was unchanged, bringing the yield to 3.398%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.549%.  
Plans Use Digital Nudges to Move Plan Participants Toward Retirement Goals
Duke University's Dan Ariely finds that loss aversion can be used to help participants reframe savings.
Investment Product and Service Launches
Morningstar debuts personalized investment planning tool; eMoney Advisor has tax-planning solution incorporating SECURE 2.0 changes; Morgan Stanley Investment Management launches ESG-driven ETF fund platform; and more.
CIO’s Transition Management Survey
Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
ON THIS DATE: In 1690, Massachusetts issued the first paper money in the American colonies. In 1870, the Fifteenth Amendment to the Constitution of the United States was ratified, guaranteeing the right to vote regardless of race and intending to ensure, with the Fourteenth Amendment, the civil rights of former slaves. In 1847, Gertrude Stein, a feminist poet, author and art critic, was born. In 1913, the Sixteenth Amendment to the Constitution of the United States, granting Congress the authority to levy income taxes, was ratified. In 1995, astronaut Eileen Collins became the first woman to pilot a space shuttle, the Discovery. In 2002, the New England Patriots defeated the favored St. Louis Rams, 20-17, to take home their first Super Bowl victory. In 2005, lawyer Alberto R. Gonzales was sworn in as the attorney general of the United States, becoming the first Hispanic to occupy the post.
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