June 1st, 2023 Insight on Plan Design & Investment Strategy Every Weekday Deals and People Franklin to Add Retirement AUM With Putnam Acquisition Great-West, parent of Empower, will shed its asset management division but gain a 6.2% stake in Franklin. Data and Research Young Adult Retirement Confidence Linked to Worries About Uncertain Future This generation’s outlook on climate change, social injustice and political turmoil can very much affect how young adults feel about their finances and saving for retirement, according to new data from TIAA.  Most Read Administration From Auto-IRAs to PEPs: How Small Employers Can Offer Retirement Savings Compliance Bristol-Myers Squibb, State Street Targeted in Lawsuit Over PRT Administration No Matter How Small, Businesses Have Retirement Plan Options MARKET MIRROR Wednesday, the Dow fell 134.51 points (0.41%) to close at 32,908.27, the Nasdaq fell 82.14 points (0.63%) to close at 12,935.29 and the S&P 500 fell 25.69 points (0.61%) to close at 4,179.83. The Russell 2000 lost 17.64 points (1.00%) to close at 1,749.65, and the Wilshire 5000 gained 606.59 points (1.46%) to close at 42,053.18. The price of the 10-year Treasury note fell 2/32, bringing the yield to 3.647%. The price of the 30-year Treasury bond fell 1/32, bringing the yield to 3.862%. Deals and People EFE Names Former Personal Capital Head Jay Shah as CEO Shah, who until January was running Empower’s consumer wealth management division, will head EFE as current CEO Larry Raffone takes the role of chairman. Compliance Vanguard to Pay FINRA $800,000 for Money Market Errors The firm cited ‘technical’ issues in a letter of acceptance for overstating projections for 8.5 million accounts. SMALL TALK ON THIS DATE: In 1926, motion-picture star Marilyn Monroe, who became a cultural icon, was born in Los Angeles. In 1968, blind and deaf author Helen Keller died in Westport, Connecticut. In 1980, Ted Turner’s Cable News Network, headquartered in Atlanta, began 24-hour live news broadcasts. In 1990, President George H.W. Bush and Soviet leader Mikhail Gorbachev agree to end production of chemical weapons. In 2009, comedian Conan O’Brien made his debut as host of The Tonight Show, NBC’s long-running late-night talk show; however, he left after less than one year. In 2009, General Motors filed for Chapter 11 bankruptcy protection; it soon emerged from the reorganization and in 2010 returned to the stock market with one of the largest IPOs in U.S. history.  Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850