Survey: 401(k) assets at record high
Total assets for 401(k) retirement plans exceeded $4 trillion at the end of last year, up 14 percent from 2009 and easily surpassing the previous high set two years earlier according to a survey by Asset International, publisher of PlanSponsor.
The Stamford-based company said the number of 401(k) participants also hit a new high with more than 82 million people in all, up 1.9 percent from 2009. PlanSponsor said that could be due to automatic enrollment programs.
Still, benefits professionals say that people need to significantly increase their savings from current levels to avoid running out of money in retirement.
Hedge funds still trail overall markets
Hedge fund returns dropped 1.8 percent in May, according to an index published by Hedge Fund Research, tipping the sector into negative territory for the year.
By comparison, the S&P 500 index published by Standard & Poor”™s was down only 1.4 percent in May.
Fairfield County is home to one of the largest clusters of hedge funds in the world, including the world”™s biggest in Bridgewater Associates of Westport as ranked by Institutional Investor.
Webster hires NewAlliance CFO
Fresh off the sale of NewAlliance Bancshares Inc., CFO Glenn MacInnes joined Waterbury-based Webster Financial Corp. in an identical role.
Buffalo, N.Y.-based First Niagara Financial Group Inc. acquired New Haven-based New Alliance earlier this spring.
MacInnes replaces as CFO Jerry Plush, who remains chief operating officer and vice chairman of Waterbury-based Webster Financial.
Before joining NewAlliance in 2009, MacInnes worked 11 years at Citigroup.
Fieldpoint buys into Big Apple market
Fieldpoint Private Bank & Trust acquired Analytic Asset Management Inc., which has some $275 million in assets under management and five employees.
Fieldpoint said the merger establishes a New York City office for its private banking services.
“The acquisition is yet another big step forward for the firm,” said Fieldpoint CEO Robert Matthews, in a prepared statement.
Duff back from layoff
Two years after Duff Capital Advisors dissolved in Greenwich, founder Philip Duff reportedly has launched a new financial advisory firm in Greenwich called Massif Partners.
According to the New York Times, Massif is offering investment and advisory services to institutional investors, including in the area of risk management. Duff Capital hired more than 100 people in its brief history before shutting down following the collapse of the financial markets in 2008.
RBS executive admits embezzlement
A former managing director in Royal Bank of Scotland”™s Stamford offices pleaded guilty to a federal charge in connection with an embezzlement scheme.
West Harrison, N.Y., resident James Glover, 54, admitted to funneling more than $600,000 to a New Jersey bank account, then withdrawing some of that money for his own use. After being confronted, Glover returned the money but faces up to 10 years in prison and more than $1.2 million in possible fines.
CMR takes Fairfield lease
CMR Associates took a lease for nearly 4,000 square feet of space at 1375 Kings Highway in Fairfield.
New York City-based CMR Associates advises corporate human resource staff on group benefit plans, property and casualty insurance and other issues.
Westport-based Abbey Road Advisors owns the multi-tenant office building at 1375 Kings Highway.
