Multiple Employer DC Plans: Safety in Numbers?

Daniel A. Notto

Smaller US defined contribution (DC) plans face a host of fee difficulties simply because of the size of their plans. This has led to a growing interest in multiple employer plans as a potential cost-effective solution.

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Rethinking Revenue Sharing

Daniel A. Notto

While revenue sharing may be a legitimate way to pay for the costs of operating a plan, both US courts and the Department of Labor (DOL) have made it clear that plan sponsors have a significant responsibility as fiduciaries to fully understand, evaluate and monitor their revenue-sharing arrangements and determine whether they are reasonable. Therefore, the most prudent response for plan sponsors may be to rethink the practice of revenue sharing altogether.

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Will Small-Cap Stocks Close the Gap with Large-Caps?

Vadim Zlotnikov

Small-cap stocks have lagged large-cap stocks by a substantial margin over the past few months, but a close look at the causes makes us think they could be in for a reversal of fortune.

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Cold Facts in Emerging Market Fridges

Tassos Stassopoulos

It’s not easy for investors to grasp the dynamics of consumer spending in diverse emerging markets. We think the best way is to look inside the refrigerators of people across the developing world.

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Tax Inversions: Tail Wags Dog?

James T. Tierney, Jr.

The uproar over Pfizer’s failed bid for AstraZeneca has faded, but the tax inversion debate is just heating up. This week, Medtronic’s offer for Covidien has again raised questions about why companies are so eager to move their tax homes abroad—and what it means for investors.

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Multisector Plan Can Help Avoid the Crowd in Credit

Ashish Shah


Chasing returns into—and out of—specific credit sectors happens so often in bond markets that it hardly rates a raised eyebrow. But running with the herd can be risky, which is probably why Federal Reserve officials reportedly have discussed slapping exit fees on bond funds to avoid a disorderly rush to the exit.

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Coming to Grips with Excess Revenue Sharing

Daniel A. Notto

US defined contribution (DC) plan fees have been hit with heavy scrutiny recently—from Department of Labor (DOL) disclosure regulations to a rash of lawsuits that have cost several large plan sponsors millions of dollars in settlements and judgments. But perhaps one of the most interesting fee issues today focuses on revenue sharing.

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Is Opportunity Bubbling in Oil Pricing?

Vadim Zlotnikov

Longer-dated oil futures contracts have been on the rise so far in 2014, and we think there’s a good case to be made that they’ve got further to go. The potential for an upside oil-price surprise may point to investment opportunity.

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Who’s Afraid of Low, Low Rates?

James T. Tierney, Jr.

Falling yields on Treasuries are often seen as a signal of a weakening economy that could undermine stocks. We think there are other explanations that don’t threaten the outlook for equities.

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Muni Investors Should Watch Both Ends of the Curve

Guy Davidson

In early 2013, we urged investors to take a hard look at the interest-rate risk in their bond portfolios. If they didn’t do it then, they have a chance to do it now.

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