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John Hancock Financial Services today released a variable annuity called the John Hancock AnnuityNote. The product is a simplified A-share variable annuity with just one underlying diversified portfolio: a lifetime income benefit and a total annual fee of 1.74%, the Boston-based firm said in a statement. Of the fee, 1.20% covers the cost of the [...]
The new entity, Morgan Stanley Smith Barney was supposed to launch in the third quarter Morgan Stanley and Citigroup Inc. said today they closed early on the launch of their joint venture that combines Morgan Stanley’s wealth management unit with Citi’s Smith Barney brokerage division. The new venture, called Morgan Stanley Smith Barney, was supposed [...]
Seven years after being spun off by Citigroup Inc., Travelers Cos. is supplanting its former parent as a member of the Dow Jones industrial average. Travelers’ selection helps maintain the representation of financial companies in the Dow. The property and casualty insurer has suffered less than many other financial firms during the credit crisis and [...]
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., has been sitting on a letter that he wrote to Treasury Secretary Timothy Geithner seven months ago after his bank accepted $25 billion in federal bailout funds. The banker, who spoke at a hospitality conference at the Waldorf Astoria Hotel today, said the letter [...]
Situation: Your client is considering either a surrender or sale of a life insurance policy and asks about the income tax consequences. Solution: Life settlements have become increasingly popular in the past few years. Until now, there was no official Internal Revenue Service guidance about the tax treatment of these sales. However, even though the [...]