Money Management Executive articles from June 2005

Money Management Executive archives from June 2005

SEC, Citigroup Units Settle Over TA Fraud Charges For a Total of $208 Million.(Securities and Exchange Commission )(Brief Article)
June 6, 2005... The Securities and Exchange Commission has settled fraud charges against two Citigroup subsidiaries, related to the use of an affiliated transfer agent that had been serving the Smith Barney mutual funds. The company has consented to the...

$14M Windfall for Tucker, Waddell & Reed Ex-CEO.(Keith Tucker)(chief executive officer)(Brief Article)
June 6, 2005... The former chief executive of Waddell & Reed will leave the mutual fund firm with more than $14 million in stock, cash and benefits, a Kansas City Star report reveals through documents it obtained from a Securities and Exchange Commission...

Jury Deliberates in BoA Broker Trial: Canary Tapes Could Send Sihpol Up the River.(Bank of America)
June 6, 2005... NEW YORK - Ted Sihpol's future hangs in the balance. The jury in the criminal case against former Bank of America broker Theodore C. Sihpol III began deliberations on Thursday, as jurors spent the latter part of the week considering the 33...

SEC's Donaldson Set to Step Down: ICI President Throws Support Behind New Leadership.(Securities and Exchange Commission)(William Donaldson )
June 6, 2005... In a surprise move, Securities and Exchange Commission Chairman William Donaldson said late Wednesday that he will step down on June 30 after two and a half years at the helm, prompting President Bush to nominate California Rep. Christopher...

Demographic Shifts Create Slippery Slope: NASD: Industry Faces Equal Measures of Opportunity, Risk.(National Association of Securities Dealers)
June 6, 2005... As the nation's largest demographic enters retirement in the coming years, the financial services industry will likely be presented with incredible opportunities to meet their investing needs. But according to Mary L. Schapiro, vice...

Former Janus Executives Truly Enjoy The Afterlife'.(Brief Article)
June 6, 2005... Sometimes, the grass truly is greener. Several of the young rising stars who once occupied the Denver offices of Janus Capital Group during the highflying 1990s have exited the financial services business entirely and don't regret it for a...

Executive Moves.
June 6, 2005... Northern Trust Taps Jacobs To Guide Product Strategy Northern Trust has hired Peter Jacobs as senior investment product manager for mutual funds and managed accounts, including the Northern Funds and Northern Institutional Funds, which have...

Schwab Seeks to Adopt Growth Manager.( Charles Schwab Corp)
June 6, 2005... The Charles Schwab Corp. of San Francisco is on a crusade and hoping to find just the right large-cap growth manager to adopt. The goal? To round out the newest of its proprietary mutual fund families, the Laudus Funds group, which now includes...

Munder Takes Control Of Troubled Amerindo Fund.(Brief Article)
June 13, 2005... Munder Capital Management has been appointed to manage the $100 million Amerindo Technology D Fund, whose previous managers were jailed on charges they misappropriated a client's funds, Munder Capital said in a regulatory filing last Monday....

NASD Cracks Down On Broker/Dealers - Again.(National Association of Securities Dealers)(Brief Article)
June 13, 2005... The NASD announced last Wednesday it has fined 15 broker/dealers more than $34 million in total for directing brokerage in exchange for preferential treatment for certain mutual fund companies. The broker/dealers violated NASD's...

Cox Unlikely to Reverse Reforms: Experts See New SEC Chair Focusing on Bread and Butter' Issues.
June 13, 2005... While President Bush's nominee to replace outgoing SEC Chairman William Donaldson is likely to bring a free-market, libertarian spirit to the post, don't expect him to charge in like a bull in a china shop. The selection of Rep....

Not Guilty: Sihpol Beats Grand Larceny Rap: Jury Acquits on 29 Counts, Mistrial Declared on Four Others.
June 13, 2005... Former Bank of America broker Theodore C. Sihpol III was acquitted last Thursday of 29 criminal charges, including seven counts of grand larceny, for allegedly helping a hedge fund make illegal late trades after the closing bell. The jury...

SMA Sector: New Entrants, Clients, Evolving Technology.
June 13, 2005... Despite heading into the usually slower summer months, the separately managed account industry is buzzing with activity. BISYS, the outsourced services provider based in New York has signed the second client to its new WealthManager...

Informant Complicates AIG Investigation.(American International Group)
June 13, 2005... As if the American International Group (AIG) case was not complicated enough, a deal cut with Joseph H. Umansky may further complicate cases being brought forth by the Justice Department and the Securities and Exchange Commission, The New York...

Executive Moves.(appointments in financial services)
June 13, 2005... Karen Fang, Thomas Bruch Join AIG Financial Products AIG Financial Products has hired Karen Fang and Thomas Bruch as managing directors for its Investor Coverage and Hedge Fund Coverage Groups. Fang's most recent experience is as...

SEC Retools Recordkeeping, Ethics Guidelines: Key Regulator Counters Lawmakers' Criticisms.( Securities and Exchange Commission)
June 13, 2005... Despite a sudden turnover in its leadership ranks, reports of a looming budget crisis and new criticisms that it is failing in its mission to police the mutual fund industry, Securities and Exchange Commission Director Lori A. Richards is...

Securities and Exchange Commission Office of Compliance Inspections and Examinations Enhancements Yielded Through New Risk-Based Methodology.(Brief Article)
June 13, 2005... * Focused routine examination on high-risk firms and increased examination frequency from once every five years to once every two or three years (prior to 1998, examinations were as infrequent as once every 12 years to 24 years * Increased...

Oppenheimer Set to Launch International Fund-of-Funds.(OppenheimerFunds)(Brief Article)
June 20, 2005... OppenheimerFunds is planning to launch a new international diversified fund that will invest primarily in other Oppenheimer international funds, the company said in a recent filing with the Securities and Exchange Commission. The proposed...

Manager Selection Undergoes Sea Change: Sideways Market Leverages Expert People Pickers'.
June 20, 2005... As Wall Street continues to stabilize after a prolonged bear market and the mutual fund scandal remains top-of-mind among industry executives, the scrutiny behind selecting a portfolio manager has heightened, as has the popularity of the...

Some Fund Names Can Be Misleading.
June 20, 2005... Funds sporting religious names may not always answer to a higher power. At first glance, two new mutual funds coming to market appear to be joining the ranks of morally responsible funds that align themselves with one religion or another....

Future of Amerindo Appears Perilous: Dissolution a Likely Scenario, Experts Say.(Amerindo Technology fund)
June 20, 2005... While Amerindo Investment Advisors founder and CEO Alberto Vilar anxiously awaits his next day in court, all indications are that his struggling Amerindo Technology fund is gasping its last breaths. The 64-year-old Vilar is accused of using...

Marsh & McLennan Ends Noisy Spin-Off Speculation.(Brief Article)
June 20, 2005... Insurance giant Marsh & McLennan quieted rumors that it was planning to spin off one of its major business units, including fund manager Putnam Investments. The New York-based company admitted through a press release that a strategic...

Fidelity Hires Career Mgrs. To Beef Up Research Dept.(Brief Article)
June 20, 2005... Fidelity Investments, the nation's third-largest mutual fund complex, has embarked on a hiring initiative that would create career stock-analyst posts to oversee its research department. For the first time, the Boston fund shop will look...

Executive Moves.
June 20, 2005... Purcell Set to Retire Amid Intense Scrutiny Morgan Stanley Chief Executive Philip Purcell announced his retirement last Monday, answering repeated calls for his ouster from investors who have become disenchanted with the firm following the...

JPMorgan, Envision, PFPC Take Top Honors.
June 20, 2005... WELLESLEY, Mass. - JPMorgan Funds, Envision Financial Systems and PFPC Worldwide took top honors in SourceMedia's 2005 Fund Operations Awards. Now in its third year, the awards program is sponsored by Money Management Executive, judged by a...

SEC Commishes to Vote On Indy Chair Rule...Again.(Securities and Exchange Commission)(Brief Article)
June 27, 2005... So much for riding off into the sunset. The Securities and Exchange Commission last week scheduled a June 29 vote on a controversial mutual fund governance rule that is likely to end Chairman William Donaldson's tenure on a sour note. ...

Fidelity Taps Carey to Run Registered Advisor Group.(Fidelity Invsetments)(William C. Carey)(Brief Article)
June 27, 2005... Fidelity Invsetments, the nation's third-largest mutual fund company, last Tuesday named William C. Carey president of its brokerage arm Fidelity Registered Investment Advisor Group. Carey, 44, previously oversaw the Boston-based fund...

New SMA Breed to Adopt Household' Approach: MMI Message Shifts Toward Unified Managed Account.(Money Management Institute)(Special Memorandum Account )
June 27, 2005... In an effort to clear up confusion over a new breed of separately managed accounts, the Money Management Institute held a media briefing last week to unveil a narrower definition of the product and discuss its prospects for growth among the...

Advice-Giving Banks Seen as Ideal For Pessimistic Wealthy.
June 27, 2005... Banks, private banks, and trust companies are well positioned to gain market share in an environment that, for the first time in four years, is dominated by pessimism among the wealthiest investors, says an executive of U.S. Trust Corp., the...

Hedge Funds of Funds Feeling the Pain Too.
June 27, 2005... The heat is on this summer, but the temperature of the registered hedge fund of funds marketplace is anything but sizzling. In fact, it is getting a downright chilly reception. Registered hedge fund of funds' managers are facing...

SunGard to Launch New Trade Surveillance Product.(Brief Article)
June 27, 2005... Back-office financial services giant SunGard plans to launch a new product that will combine its Synapse and BrokerAudit services. Designed for wealth management companies, the new product will promote ethical practices by evaluating...

OppenheimerFunds' 529s Hit $1 Billion Milestone.(Brief Article)
June 27, 2005... OppenheimerFunds announced last Monday its 529 business has reached $1 billion in assets under management, citing its customization features, competitive expense ratios and solid investment performance. The New York fund complex serves as...

Barclays Plans to Bring Silver ETF to Market.(Brief Article)
June 27, 2005... Barclays Global Investors, the largest provider of exchange-traded funds (ETFs), said in a recent regulatory filing with the Securities and Exchange Commission that it seeks approval for a new ETF tracking silver, it was reported last week. ...

New MassMutual Chief Cleans Up the C-Suite.(Stuart "Stu" Reese)(Brief Article)
June 27, 2005... Two weeks after being hired as the new CEO of MassMutual Financial, Stuart "Stu" Reese is rolling up his sleeves to bring back positive publicity for the insurance giant, MassMutual announced last Thursday, in a press release. Reese has...

MFS Stock-Pickers See Strong Earnings, Jobs: Vital Signs Portend Double-Digit Gains in Second Half of 05.
June 27, 2005... The investment pros at MFS Investment Management, the nation's oldest mutual fund firm, aren't seeing any signs of the type of slowdown in the U.S. economy that Wall Street has been predicting. In fact, the Boston-based fund shop believes vital...

Personalizing the High-Net-Worth Client Relationship.(financial services)
June 27, 2005... Everywhere we look it seems financial services firms are focused on catering to high-net-worth customers by promoting their wealth management services. While these customers maintain high balances, those balances are usually spread among many...