SunGard Data Systems Inc. this week launched its Cost Basis Reporting Engine, which is intended to help financial services companies and institutions with required tax lot accounting. The product, according to SunGard, can work with any back-office system or combination of systems to meet new cost-basis-reporting requirements

A new regulation that would have placed more responsibility on life insurers for producers’ bad annuity sales has been delayed. The National Association of Insurance Commissioners’ new draft of the Suitability in Annuity Transactions Model Regulation was supposed to be considered by the group’s Life Insurance and Annuities Committee at the NAIC’s winter national meeting this week in San Francisco.

Financial advisers and branch managers chose American Funds as the firm which best meets their needs for marketing materials, according to a study released today by Financial Research Corp. The popular mutual fund manager, part of Capital Research and Management Co., was followed by Franklin Templeton Investments, Fidelity Investments and the iShares exchange-traded fund business of BlackRock Inc. What made those firms stand out

December 8, 2009 WTI, Brent see declines on stronger dollar by Elaine Frei Crude oil prices were lower again Tuesday, dropping for a fifth session in a row, as the US dollar strengthened and after disappointing reports on manufacturing from Germany and the U.K. January contracts for West Texas Intermediate crude was down $1.31 to $72.62 per barrel on the New York Mercantile Exchange, while January Brent crude dropped 91 cents to $75.52 per barrel on the ICE Futures Europe exchange in London.

Having expertise with retirement income products and issues is paying off for many advisers, according to a study published today by the Financial Planning Association. Over the past 12 months, 91% of advisers surveyed have been able to use their retirement income background in acquiring clients.

State insurance regulators yesterday cleared an accounting change that would allow insurance companies to bulk up their capital and statutory-surplus levels. At the National Association of Insurance Commissioners’ winter meeting in San Francisco this week, regulators voted 33 to 22 in favor of a tax treatment that would allow insurers to apply deferred tax assets toward more of their statutory surplus. Deferred tax assets reflect likely reductions in future income taxes

Morgan Stanley elevated its chief financial officer to a new role as co-chief of investment banking and global securities trading Tuesday as part of a management shake-up ahead of James Gorman’s assumption of the CEO role on Jan. 1. Gorman, who is 51, succeeds John Mack, 65, who will remain as chairman.