American Funds Distributors

The recession has forced a makeover of sorts at The Hartford Financial Services Group Inc., where financial advisers are contending with a significantly different insurer than they did five years ago.

Maybe American Funds Growth Fund of America should be renamed American Funds Index Fund of America. The $115 billion fund, the largest equity mutual fund in the world, is tracking its benchmark more closely than ever before — and it is not alone.

The following is excerpted from the July issue of the No-Load Fund Analyst newsletter published by The Litman Gregory Cos.

A star financial adviser for Royal Alliance Associates Inc., who courted controversy last year when she criticized the firm's parent company, American International Group Inc., has joined Sterne Agee Financial Services Inc.

State regulators are seeing fewer problems with variable annuity sales but continue to see violations in some areas of supervision at broker-dealers, according to a review of 236 exams conducted in the first half.

Arkansas Securities Commissioner Heath Abshure, the newly elected president of the North American Securities Administrators Association Inc., last week called on state regulators to get more aggressive on the legislative front in protecting their interests, as well as those of investors.

Midsize advisers who haven't completed their switch to state registration from the SEC could have their registrations withdrawn — possibly by the end of the year.

State regulators brought almost twice as many enforcement actions against registered investment advisory firms last year as in 2010. They expect to bring even more cases this year, now that about 2,400 advisory firms previously overseen by the SEC have come under their purview.

American Funds and T. Rowe Price Group Inc. were the big mutual fund winners in Chinese offshore oil producer CNOOC Ltd's announcement last week of plans to buy Nexen Inc.

American Funds and T. Rowe Price Group Inc. are the big mutual fund winners in Chinese offshore oil producer CNOOC Ltd's acquisition of Nexen Inc. (NXT).

American International Group Inc. has emerged as the likely buyer of Woodbury Financial Services Inc., an independent broker-dealer being shopped by The Hartford Financial Services Group Inc., according to two sources with knowledge of the impending sale.