Money Management Executive articles from November 2006

Money Management Executive archives from November 2006

GAO to Review SEC's Exam, Compliance Units.(Government Accountability Office )(Brief article)
November 6, 2006... At the request of the chairman of the Senate Finance Committee, the Government Accountability Office will review two divisions of the Securities and Exchange Commission-the enforcement unit and the office of compliance, inspections and...

Well Implemented, Tech Can Drive Sales.(application of information technology by investment companies)
November 6, 2006... LAS VEGAS, Nev.-Since the burst of the Internet bubble, investment companies' enthusiasm for web-based applications and the potential for technology to help grow their business has steadily deflated. And so has their investment in...

Closed-End Funds Raise Awareness.
November 6, 2006... NEW YORK-In the flurry of newly issued exchange-traded, lifecycle and lifestyle funds that have dominated investors' attention in recent years, one product has failed to capture the attention some say it deserves: the closed-end mutual fund....

Large-Cap Growth Poised for Rebound.
November 6, 2006... While value funds have been flying high for the past several years, large-cap growth funds have shown lackluster performance. However, earnings at large-cap companies have been high in recent months, while their valuations have been beaten...

SEC Fines Former Chair Of PIMCO Equity Funds.(Securities and Exchange Commission fined Stephen Treadway)(Brief article)
November 6, 2006... The Securities and Exchange Commission fined Stephen Treadway, former chairman of the equity mutual funds at PIMCO, $572,000 for allowing improper trading of mutual funds. Treadway has also been banned from serving as an officer or a director...

Debt Distracting Investors From Retirement Goals.(Brief article)
November 6, 2006... While retirement is still the No. 1 goal of a majority of investors, its importance has fallen slightly since 2003, while other financial concerns have risen in importance. This is according to a survey released by Mercer Human Resources...

Funds' Online Transaction Capabilities Rated Highly.(Brief article)
November 6, 2006... Mutual fund companies have developed robust online transaction capabilities, according to a report from Corporate Insight. Of the 18 surveyed, only one firm offered no transaction capabilities, while a second didn't allow investors to sell...

Executive Moves.(New York Life Investment Management L.L.C. promoted Don Salama)(Touchstone Investments promoted Mary Mock)(SEC Compliance Consultants appointed Victoria G. Hogan)
November 6, 2006... New York Life Promotes Salama to Retirement Chief New York Life Investment Management has promoted Don Salama to head its NYLIM Retirement Plan Services unit. Salama, who will maintain the title of senior managing director, previously...

Expectations of Offerings, Service in 401(k) Plans on the Rise.
November 6, 2006... Administrators of 401(k) plans have been strategizing to decide what products to offer and how to capture Baby Boomers assets. According to a new report from Cerulli Associates of Boston, 401(k) providers should consider nine factors: revenue...

Wilmington Shifts Focus to Organic Growth.(Wilmington Trust Corp.)
November 6, 2006... After a buying push in the past five years to expand nationally, Wilmington Trust said it plans to focus on organic growth to expand its assets before looking to acquire in other wealthy markets. "We don't have a burning desire right now to...

Chase, MetLife Fined for Not Supervising 529 Sales.(Brief article)
November 13, 2006... The NASD slapped both Chase Investment Corp. and MetLife Securities with a $500,000 fine for failing to establish systems and procedures to supervise the sales of 529 college saving plans. Also, the firms must compensate customers...

As Outsourcing Becomes More Common, Challenges Get More Complex.
November 13, 2006... NEW YORK-Outsourcing isn't just for the back office anymore. As the practice of contracting out certain middle and even front-office operations becomes increasingly common among asset management companies, it's not getting any simpler, said...

SEC Targets Another Fund Servicer: SEI Must Reveal All About Client Marketing Arrangements.
November 13, 2006... The Securities and Exchange Commission is investigating another third-party back-office service company for potential improper marketing arrangements with mutual fund clients. SEI Investments of Oaks, Pa., is the latest provider of...

Rydex Launches Equal-Weight ETFs.(Rydex Investments, exchange-traded funds)
November 13, 2006... Investors looking for diversification in their portfolio might want to consider equal-weight sector exchange-traded funds, which are a savvy way for investors to spread single-stock risk and provide full sector exposure to the market. ...

Barclays Global to Acquire Indexchange for $307M.(acquisitions)(Brief article)
November 13, 2006... Barclays Global Investors (BGI) has signed an agreement to acquire Indexchange Investment from Bayerische Hypo-und Vereinsbank for $307 million in cash. With $19.5 billion of assets under management, Indexchange is Germany's leading provider of...

BISYS Offers to Settle With SEC on Restatements.(Securities and Exchange Commission)(Brief article)
November 13, 2006... BISYS has made an offer to the Securities and Exchange Commission to settle charges related to financial restatements filed Aug. 10, 2004 and April 26, 2006. If the SEC and the court overseeing this case accept the settlement, BISYS will pay...

2006 Tax Distributions To be Third Largest Ever.
November 13, 2006... The mutual fund industry is gearing up to deliver the largest tax distributions in six years and the third-largest ever. Funds will pay out an estimated $200 billion in capital gains and income to investors, up from $129 billion last year....

Executive Moves.(Janus Group's Gary Black resigned)(Credit Suisse First Boston L.L.C. appointed Keith "Kim" Schappert )(GAMCO Investors Inc. appointed Wayne C. Plewniak )
November 13, 2006... Janus CEO Black Rescinds CIO Title to Focus on Sales Gary Black, chief executive officer at Janus, will no longer also function as the firm's chief investment officer, so that he can spend more time on attracting assets. The firm has named...

Third Computer Revolution: Remote-Control Tech.
November 13, 2006... LAS VEGAS-To garner better gains from their technology, companies will have to start loosing control. Right now, most companies own the computers, the servers and the licenses for the software their employees use. What's more, in-house...

Trading Technology Becoming More Robust.
November 13, 2006... The trading relationship between the buy-side and the sell-side continues to change due to more accessible liquidity, increased technology advances and shrinking commission pools to go around. As new hedge funds crop up, their need for a...

SEC's Kickback Probe Extends to Allegiant.(Allegiant Asset Management)(Brief article)
November 20, 2006... The Securities and Exchange Commission is examining whether Allegiant Asset Management accepted kickback payments from its fund administrator to pay for marketing, the investment management firm's parent company, National City, revealed in an...

Democrats Unlikely to Rattle Fund Industry.
November 20, 2006... Despite the midterm election shakeup, Washington-watchers expect very little new legislation affecting the fund industry to shake out of Congress before 2008. Absent a major financial services scandal, experts expect legislators to...

Mellon: The Borders Are Blending: Emerging Markets Consumers to Wield Buying Power.
November 20, 2006... NEW YORK-It used to be that investors saw so-called emerging markets as deep pools of resources that helped fuel the powerhouse economies of Western Europe and the United States. Investing in international stocks seemed like a smart strategy,...

UMAs Poised for Tremendous Growth.(unified managed accounts)
November 20, 2006... NEW YORK-Just as exchange-traded funds have taken the fund industry by storm over the past few years, industry executives expect unified managed accounts to be the next wildly popular investment choice due to their simplicity, automatic...

Spitzer May Unleash One, Maybe Two More Lawsuits.(Eliot Spitzer )(Brief article)
November 20, 2006... Before he leaves his position as New York attorney general to become governor of the state, Eliot Spitzer may unleash one, perhaps two, more whopper enforcement actions against major Wall Street firms, David Brown, the A.G.'s investment...

SEC Expects to Sue More Hedgies for Illegal Trades.(Brief article)
November 20, 2006... The Securities and Exchange Commission expects to charge more hedge funds with illegal trading, Linda Thomsen, director of enforcement at the SEC, indicated last week. Regulators are "worried" about potential harm to investors, Thomsen...

Executive Moves.(Phoenix Investment Partners appointed George R. Aylward )(MassMutual Financial Group appointed Marie M. Augsberger )(Franklin Templeton Institutional appointed Jack W. Lin)
November 20, 2006... Phoenix Names Aylward President of Subsidiary Phoenix has named George R. Aylward president of Phoenix Investment Partners, its asset management subsidiary. He will also continue serving as the unit's chief operating officer. Aylward...

American Funds Registers Nine Target-Date Funds.
November 20, 2006... Complexes offering target-date funds will soon be joined by a hefty new entrant: American Funds, the 800-pound gorilla, which, year to date through August, has attracted more than 37% of the $123 billion in assets flowing to the top 50 fund...

Training Critical to UMA Growth.(unified managed accounts)
November 20, 2006... NEW YORK-As the unified managed account industry continues to grow, money managers must train financial advisers adequately to sell their products. As companies enter the UMA business, their most important task will be to continually educate,...

Spitzer Sues Two Hedge Funds for Market Timing.
November 27, 2006... New York Attorney General Eliot Spitzer filed a lawsuit against two hedge funds and their principals for fraudulently timing mutual funds through Security Trust Co. Named in the suit are Samaritan Asset Management, Johnson Capital...

Longevity Threatens Boomers' Savings.
November 27, 2006... Here's the plan: Work 40 years, contribute to a company-sponsored 401(k) plan, retire and begin a life of leisure. Now, here's how it actually works: Start planning that golf-game-filled retirement at age 61, take a look at that 401(k)...

Optimism for International, Value in 07: Columbia Investment Execs Present 2007 Outlook.
November 27, 2006... International and value stocks are poised to do well in the coming year, while growth stocks will continue this year's flat path. This is according to Columbia Management's 2007 Outlook webcast last week. The long-term outlook on...

401(k) Auto-Enroll Paves Path for SMAs: Managed Accounts Get Shot in the Arm from DOL.(separately managed accounts )
November 27, 2006... Although mutual funds can surely stake their claim to the lion's share of 401(k) plan assets, and exchange-traded funds have been the popular up-and-comers, separately managed accounts may soon be able to carve out a heftier piece of the 401(k)...

Fund Managers More Optimistic, Merrill Finds; 40% See Earnings Up 10%.(mutual funds)(Brief article)
November 27, 2006... U.S. mutual fund managers are feeling more optimistic. A Merrill Lynch survey of fund managers found a significant change in tone by pros investing domestically. Fifty-five percent of those queried said it was very unlikely that the...

Pa. 529 Replaces Delaware With Vanguard, Upromise.(Brief article)
November 27, 2006... Pennsylvania has selected Vanguard and Upromise to replace Delaware Investments as manager and recordkeeper, respectively, of its 529 college savings plan. Vanguard currently offers investment options in 18 529 plans across the nation. ...

Executive Moves.(Transamerica Retirement Services appointed Christopher H. Barlow)(Investment Company Institute appointed Robert C. Grohowski and Ari Burstein)(Lipper and Company L.P. appointed Gabriel Burstein )
November 27, 2006... Transamerica Taps Barlow As Regional Vice President Transamerica Retirement Services has selected Christopher H. Barlow as regional vice president of sales for the southern Ohio region, concentrating on helping financial advisers to build...

Unified Managed Household a New Take on SMAs, UMAs.(separately managed accounts, unified managed accounts)
November 27, 2006... The investment management industry is constantly developing new products and chasing new ideas to attract assets, and separately managed accounts have been no different. First came SMAs, and then, multi-style accounts followed by unified...

American Century Addresses Youth's Life Goals: Instead of Retirement, Focusing on Immediate Needs.(American Century Investments Inc.)
November 27, 2006... American Century Investments is aiming lower: lower age investors, lower minimum investments and lower-cost financial goals. So, as their competitors continue to cater to the close-to-retirement Baby Boomer crowd, the Kansas City, Mo.-based...