Refco Group Ltd. is negotiating to buy Forstmann Leff Associates as part of an attempt to break into institutional money management, industry sources say. An announcement of a deal, estimated to be valued around $70 million by one consultant, could come today.
Sources said futures broker Refco seeks to create a multiasset class firm, combining departed fixed-income executives from UBS Asset Management (New York) with the equity-focused offerings of Forstmann Leff.
Executives for Refco and Forstmann Leff either declined comment or didn't return phone calls.
Du Pont added six investment options to its $13 billion 401(k) plan, including three asset allocation funds that will be automatically rebalanced each quarter.
The asset allocation funds - conservative, moderate and aggressive - will hold predetermined mixes of equities and fixed income. The plan also will add an index fund tracking the Russell 2000 index and an international index fund tracking the EAFE. A mutual fund window option also will be added.
The new options will be provided through Merrill Lynch, the fund's bundled provider.
The PBGC is simplifying the reporting of missed quarterly pension contributions for small defined benefit pension plans with 100 or fewer participants.
Companies need only to file one notice for all missed payments in time to make the PBGC's deadline for premium payments Sept. 15 for calendar year plans. Previously, companies needed to separately report each missed payment within 30 days after the payment's due date. About 10,000 small companies that sponsor 40,000 pension plans are affected, the agency reported.
