Products June 30, 2009

T. Rowe Unveils Large-Cap Offering

June 30, 2009 (PLANSPONSOR.com) - T. Rowe Price has launched the U.S. Large-Cap Core Fund.
Reported by

A news release said the fund seeks long-term capital growth with moderate risk by investing in a concentrated portfolio across the spectrum of both value and growth large-cap domestic stocks. The fund will be available via Advisor Class shares offered through the adviser channel as well as to retail customers, the company said.

The portfolio, constructed of 50 to 75 companies, selects the top picks from the company’s equity analysts. Normally, the fund will invest at least 80% of its net assets in the stocks of U.S. large-cap companies.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

The new fund will be managed by Jeff Rottinghaus, who has developed a successful track record during his eight years with T. Rowe Price, both as an analyst and portfolio manager. After joining the firm as an analyst covering technology, Rottinghaus became the portfolio manager of the T. Rowe Price Global Technology Fund from 2006- 2008.

The minimum initial investment in both the U.S. Large-Cap Core Fund (TRULX) and the U.S. Large-Cap Core Fund-Advisor Class (PAULX) is $2,500 or $1,000 for retirement plans or gifts or transfers to minors (UGMA/UTMA) accounts.

More information is available at  troweprice.com .

Administration June 29, 2009

SEC to Consider SSgA Charges on Fixed Income Fund Activities

June 29, 2009 (PLANSPONSOR.com) - Staff investigators at the Securities and Exchange Commission (SEC) have announced their intention to get permission from commissioners to file civil charges against State Street Bank and Trust Co. in connection with the activities of its State Street Global Advisors (SSgA) unit.
Reported by

The revelation came Monday in a State Street securities filing with the SEC, which said the potential civil charges concern SSgA activities in connection with “certain active fixed-income strategies during 2007 and prior periods.” State Street has been hit with a series of lawsuits alleging that its Daily Bond Market Fund took significant positions in risky subprime mortgage-backed securities without properly revealing that fact to investors (see Minn. Firm Slaps State Street with Subprime Mortgage Suit ).

State Street said in the SEC document that it had received a “Wells Notice” that alerts a potential target to possible charges and provides for the target to present its case before the commission before an enforcement action is determined. The investment manager reported it has been cooperating with the federal agency and continues to work with the Massachusetts Secretary of State, the Massachusetts Attorney General, and other regulators in their related probes (see MA Investigating State Street Wrongdoing in Pension Investments .)

Get more!  Sign up for PLANSPONSOR newsletters.

The firm set aside a reserve of $625 million in 2008 to deal with potential lawsuits involving some of its fixed-income strategies (see  State Street Names New SSgA Chief, Takes $279M Reserve ).

The State Street SEC filing is available  here .

«