Money Management Executive articles from December 2006

Money Management Executive archives from December 2006

NASD, NYSE to Merge Regulatory Oversight.(New York Stock Exchange, Inc)(National Association of Securities Dealers )(Brief article)
December 4, 2006... The NASD and NYSE Group have agreed to merge their regulatory operations into a single self-regulatory organization that will oversee all U.S. securities broker/dealers. The name of the organization will be determined at a later date and will...

Demand Rising for Independent Research: Brokers Pairing Providers With Money Managers.(The Bank of New York's online services)
December 4, 2006... For fund managers seeking independent research, a new service from The Bank of New York is like online dating. Money managers indicate what they look for in a research report-perhaps it's coverage of four specific mid-cap retail clothiers,...

Globalization Driving Record M&As: Firms Also Looking to Broaden Product Array.(Mergers and acquisitions )
December 4, 2006... Mergers and acquisitions (M&As) among investment companies reached a record this year, and the feverish deal making may continue into the new year as the move toward open architecture and globalization drives companies to seek attractive...

Firm Offers Auction' Investment Method.
December 4, 2006... A former fund company president is betting that investors will embrace the ability to predetermine the return on an investment and achieving that return via an online auction site that would pit anonymous investor/bidders against each other...

Ex-Principal Worker Accused of Stealing $167K.(cases of Paul N. Germain)(Brief article)
December 4, 2006... A former worker of Principal Financial Group has reportedly been charged with draining $167,000 from mutual fund accounts, and the Des Moines, Iowa, police last Wednesday issued a warrant for the arrest of Paul N. Germain, 62. If convicted, he...

Judge Calls for Arrest Of Hedge Fund Manager.(cases)(Brief article)
December 4, 2006... John Kim, the head portfolio manager of KL Group, a collapsed hedge fund in West Palm Beach, Fla., was reportedly ordered arrested last week by U.S. District Judge Kenneth Ryskamp for defying an asset freeze on money intended to be returned to...

CFAs Vote Putnam CEO One of Most Influential.(certified financial analysts)(chief executive officers)(New appointments )(Brief article)
December 4, 2006... A poll of 86,000 certified financial analysts by the CFA Institute has found that Charles "Ed" Haldeman, CEO of Putnam Investments, is one of three executives they believe to be the most influential in the investment management industry. The...

Executive Moves.(new appointments)
December 4, 2006... Franklin Templeton Selects Two New Wholesalers Franklin Templeton Investments has hired Scott Mansfield as a vice president and wholesaler for the independent and bank division channel, in charge of training and educating financial advisers...

Investors Warned Against Buying Index Funds Via Brokers.
December 4, 2006... Investors may be getting a raw deal when investing in index mutual funds through their broker, as they pay a steep "broker penalty." The extra operating costs paid over time for broker-sold load index funds are triple those paid by investors in...

Eaton Vance: Investors Don't Like Taxes.
December 4, 2006... Twenty-six-year-olds and their grandfathers may not share the same investment philosophies, but there are a few ideas that transcend generations, according to the results of a recent survey published by Eaton Vance. For one thing, everyone...

Jefferies Settles With SEC Over Illegal Gifts.(Securities and Exchange Commission )(Brief article)
December 11, 2006... Jefferies & Co. and two of its executives settled with the Securities and Exchange Commission last Monday over providing mutual fund traders at Fidelity Investments with $2 million worth of illegal gifts and entertainment to secure their...

Demand For Data Gets More Specific: Reuters Report Outlines Trends, Opportunities.
December 11, 2006... NEW YORK-Mutual funds want more specific market data, more succinctly delivered, according to a research paper released by Reuters' enterprise information division. And it's going to be up to the data providers to figure out how to create...

Get Ready For the Rollovers: New Products Should Provide Retirees Stability, Security.
December 11, 2006... BOSTON-By 2011, Baby Boomers will move roughly $2.1 trillion out of individual retirement accounts (IRAs), according to analysts. And approximately $1.9 trillion is likely to roll out of the control of whichever company holds them now and into...

Investment Executives in High Demand: Compensation Expected to Rise 20%-Plus Over Next Year.
December 11, 2006... Complying with new regulations, preparing to capture the assets of retiring Baby Boomers and offering alternative investments is prompting investment firms to seek out and retain top talent-with increased compensation as a key leverage. In...

Exams Among Possible CCOutreach Topics for 07.
December 11, 2006... The Securities and Exchange Commission has announced possible topics for its ongoing CCOutreach seminars across the country next year, among them examinations, risk assessment and brokerage arrangements. The seminars, to be held in April,...

Waddell Former CEO Testifies at Tax Trial.
December 11, 2006... Keith Tucker, the former chief executive officer of Waddell & Reed who has been charged with evading $1.2 million in Kansas City, Mo., taxes, testified that was never his primary residence. The city, however, maintains that was his...

Hedge Fund Assets Reach $2 Trillion Worldwide.(Brief article)
December 11, 2006... Global assets controlled by hedge funds have reached $2 trillion, an increase of about 18% since April. The figure is based on a bi-annual survey from trade publication HFM Week of 57 hedge fund administrators that service the vast majority of...

Executive Moves.(appointments and resignations)
December 11, 2006... Mellon Gives Maisano Additional Responsibilities Phil Maisano, head of alternative investments at Mellon Asset Management has accepted the additional responsibility of serving as chief investment officer and vice chairman of the firm's...

401(k) Administration Business Rapidly Consolidating.
December 11, 2006... Over the past six years, 50 investment management companies have opted out of providing 401(k) plans, and more will continue to consolidate or exit the business, according to New York Life Investment Management (NYLIM). Scale, money and...

NASD Fines Four Firms For Not Waiving Charges.(National Association of Securities Dealers)(Brief article)
December 18, 2006... The NASD fined four brokerage firms $850,000 for failing to waive front-end sales charges for customers buying Class A shares by not having adequate supervisory systems and procedures in place. In addition, the companies must repay $43.8...

SEC Adopts More Moderate Stance: Haunted By Ghosts of Meetings Passed.
December 18, 2006... The Ghost of Christmas Past seemed to float through the Securities and Exchange Commission's end-of-year meeting, with regulators re-visiting the haunting issues of hedge fund regulation and the composition of mutual fund boards. Like...

DWS Scudder Turns to Structured Products: Retirees Could Represent Right Market, Right Time.(DWS Investments GmbH)
December 18, 2006... BOSTON-DWS Scudder plans to grow with the aging. And in the race to capture its share of the billions of dollars pouring out of 401(k) and other retirement savings accounts, the U.S. mutual fund distribution channel of German giant Deutsche...

Legg Sees Performance Rising in 2007.(Legg Mason Inc.)
December 18, 2006... NEW YORK-The market has the potential to perform well next year, better than this year, as the pre-presidential election cycle begins, the Federal Reserve has been pausing rates and investor confidence is high, all factors that could influence...

SEC Working on Rule to Speed up ETF Approvals.(Securities and Exchange Commission, exchange-traded funds)
December 18, 2006... Responding to an influx of applications for new exchange-traded funds, the Securities and Exchange Commission is reportedly working on a new rule that would speed up their approval process. Because the products are hybrids somewhere in between...

Don't Merge Regulation By NASD, NYSE: Galvin.(National Association of Securities Dealers, New York Stock Exchange, William Galvin)(Brief article)
December 18, 2006... William Galvin, Massachusetts secretary of the commonwealth, has taken issue with a recent Wall Street Journal editorial praising the proposed merger of the regulatory units of the NASD and the New York Stock Exchange. More...

Investor Confidence Index Of Millionaires Declines.(Brief article)
December 18, 2006... Confidence among wealthy investors declined last month for the first time in three months, according to an index compiled by Spectrem Group. The Spectrem Millionaire Investor Index fell three points from October, to 12, after two months of...

Executive Moves.(appointments)
December 18, 2006... Wilmington Trust Selects Gaynor, Urbon as Advisers Wilmington Trust has hired Peter M. Gaynor and Mark A. Urbon as wealth advisers serving high-net-worth clients in southeastern Pennsylvania and southern New Jersey. Gaynor's title is...

Fund Websites Deficient on 529 Information.
December 18, 2006... Now that the Pension Protection Act extends 529 college savings plan features that were set to expire after 2010-the most important being tax-free withdrawals-assets in 529 plans could surge even faster than the 30% clip at which they have been...