Word: sunamerica
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Individual investors who want to bet on biotech should check with fund expert Morningstar, which ranks SunAmerica Biotech/Health 30 A (YTD: -6.92%) and Orbitex Health & Biotechnology A (-9.7%) as top performing sector mutual funds...
...even at that optimistic pace the measure may be rendered moot before it's law. SunAmerica, a financial-services giant with $142 billion of managed assets (though a relative upstart in the area of 401(k) plans) is sure to make a splash with its application last month for an exemption that would allow it to bring a third-party adviser to the plans it administers. I'm told that Labor is looking favorably on the prohibited-transaction exemption and could approve it by September...
...SunAmerica initiative is a bell ringer because it is an exemption and requires no change of law. If Labor approves it, other plan administrators, including mutual-fund powerhouses Fidelity and Vanguard, would probably go for their own exemptions, and conceivably within a year, access to full-service advice would be part of most large 401(k) plans, as well as 403(b)s for nonprofits and 457s for government workers...
...even at that optimistic pace the measure may be rendered moot before it's law. SunAmerica, a financial-services giant with $142 billion of managed assets (though a relative upstart in the area of 401(k) plans) is sure to make a splash with its application last month for an exemption that would allow it to bring a third-party adviser to the plans it administers. I'm told that Labor is looking favorably on the prohibited-transaction exemption and could approve it by September...
...SunAmerica initiative is a bell ringer because it is an exemption and requires no change of law. If Labor approves it, other plan administrators, including mutual-fund powerhouses Fidelity and Vanguard, would probably go for their own exemptions, and conceivably within a year, access to full-service advice would be part of most large 401(k) plans, as well as 403(b)s for nonprofits and 457s for government workers...