Shares of Charles Schwab Corp (NYSE:SCHW) ended Friday session in green amid volatile trading. The shares closed up +0.29 points or 0.94% at $31.27 with 6,039,262 shares getting traded. Post opening the session at $31.12, the shares hit an intraday low of $30.68 and an intraday high of $31.37 and the price vacillated in this range throughout the day. The company has a market cap of $41.76 billion and the numbers of outstanding shares have been calculated to be 1.32 billion shares.
On August 10, 2016 A new survey from Schwab Retirement Plan Services, Inc. finds that saving enough money for a comfortable retirement is the most common financial stress inducer for people of all ages. The survey also reveals that most people view the 401(k) as a “must-have” workplace benefit and believe they would benefit from professional saving, investment and financial guidance.
The nationwide survey of 1,000 401(k) plan participants finds that building adequate retirement savings was cited most often (40%) as a significant source of financial stress in respondents’ lives – even more than job security (24%), paying off credit card debt (21%) or keeping up with monthly expenses (20%).
Despite having more time to accumulate retirement savings, Millennials still named saving for retirement (38%) a significant source of financial stress – above all others. This included monthly expenses (29%), credit card debt (26%) and even student loans (24%).
About half (49%) of survey respondents feel it is impossible to save enough in their 401(k) for a comfortable retirement. Only 43 percent know how much money they may need for a comfortable retirement, which is significantly lower than awareness of other important targets in their lives, including ideal credit score (91%), weight (90%) or blood pressure (77%).
“With so many competing obligations and priorities, it’s natural for people to worry about whether they’re saving enough for retirement,” said Steve Anderson, president, Schwab Retirement Plan Services, Inc. “Roughly nine out of ten respondents told us they are relying mostly on themselves to finance retirement. It’s encouraging to see people of all ages taking responsibility for their own future and making this a top priority.”
Shares of AllianceBernstein Holding LP (NYSE:AB) ended Friday session in green amid volatile trading. The shares closed up +0.42 points or 1.95% at $22.01 with 218,048 shares getting traded. Post opening the session at $21.65, the shares hit an intraday low of $21.57 and an intraday high of $22.03 and the price vacillated in this range throughout the day. The company has a market cap of $2.17 billion and the numbers of outstanding shares have been calculated to be 96.43 million shares.
AllianceBernstein Holding LP (AB) on Aug. 31, 2016 announced that it has entered into a definitive agreement to acquire RASL, which is jointly owned by Ramius LLC (the investment division of Cowen Group, Inc. [NASDAQ: COWN]) and the two principals of RASL, Stuart Davies and Vikas Kapoor. With more than $3 billion in assets under management as of July 1, 2016, RASL offers a range of customized alternative investment and advisory solutions to a global institutional client base. These solutions provide access to return sources that can complement an investor’s existing alternative strategy, and offer the benefits of improved liquidity, reduced cost and greater transparency to overall portfolio construction. The acquisition adds new investment capabilities in factor-based and Alternative Risk Premia solutions to AB and expands the firm’s offerings in the multi-asset and alternatives investment space. Stuart Davies and Vikas Kapoor will join AB, along with investment and support team members of RASL.
“The RASL acquisition represents a natural extension of our factor completion strategies for multi-manager equity portfolios,” said Vadim Zlotnikov, Co-Head of Multi-Asset Solutions at AB. “They bring an excellent reputation among the most sophisticated institutional investors for their ability to construct and manage a wide range of alternative investment solutions utilizing alternative risk premia and other factors based investments. And they share AB’s investment discipline and cultural mindset: research-driven, solutions-oriented, accountable and client-focused.”
Stuart Davies, Co-CEO of RASL, added, “We are very excited to join AB, a firm with a history of research excellence, and impressive global distribution capabilities and robust infrastructure that will enhance our ability to continue developing customized alternative solutions that meet the complex investment needs institutional clients face.”