Word: iras
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...enormous influx of cash held by pension funds and other institutions. Another source: $35 billion from individuals seeking to set up their own Keogh plans and individual retirement accounts, the latter provided under a law opening such benefits to all employees as of January 1982. Much of the IRA money was switched out of bonds and money market funds and into equity mutual funds (see chart). So was a great deal of non-IRA money. As interest rates dropped and private individuals saw they could make more money in securities, money market investments declined by $62 billion, even...
David Irons, a consultant to the Business School communications office, will take over the primarily public relations-oriented job in September, K-School Executive Dean Hale Champion said yesterday. Irons will replace Ira A. Jackson '70, who left the school to become Massachusetts Commissioner of Revenue...
Money flowing into Individual Retirement Accounts (IRAs) is giving a hefty boost to the latest boom. Consumers poured at least $10 billion into the tax-deductible instruments between Jan. 1 and the April 15 deadline for filing 1982 tax returns. "Our IRA volume has been tremendous," says a Los Angeles fund manager. "It's coming from small investors, and they are providing additional muscle for the market." Notes Edward Yardeni, chief economist for Prudential-Bache Securities: "There's a tidal wave of money coming in through IRAs...
People can put their IRAs into a wide range of investments, including bank accounts, insurance annuities or credit union plans, but many have been attracted by the bull market and gone to Wall Street. At the Boston-based Fidelity Group, for example, consumers put two-thirds of the 35,000 new accounts that arrived during the week of April 15 into stock market funds. Says Susan Clapsaddle, market manager for group retirement plans: "The money just keeps rushing in.' Small investors seem particularly at traded to the market at present. Millions of them stopped putting money into stocks during...
Merrill Lynch, which has more IRA and similar Keogh accounts than any other firm (700,000), found the rush breathtaking. A fortnight ago the broker signed up 39,000 customers in a single five-day period. Then last week it nearly tripled that by entering 100,000 accounts. Merrill Lynch helped stimulate business by holding last-minute seminars in New York, Chicago and 70 other cities to explain the various kinds of IRAs. In the offices of the E.F. Mutton brokerage firm last week, $20 million per day went into new accounts. Said Gary Strum, head of pension services...