Money Management Executive articles from October 2008

Money Management Executive archives from October 2008

Advisers, Sponsors Still Waiting for UMAs, v. 2: Separate or Unified? That is the Question.
October 6, 2008... Byline: John Morgan LAS VEGAS-Unified managed accounts (UMAs) are quickly becoming a popular and viable option for Baby Boomers looking for more diversification in retirement, but the plans still have a lot of work to do in order to...

Execs: Mind-Boggling Derivatives Need Common Reporting.
October 6, 2008... Byline: John Morgan CHICAGO-When it comes to choosing derivative instruments, some portfolio managers still think the more complicated they are, the better. But as the stock markets become increasingly volatile and funds grapple with...

32 Cents on the Dollar Scant Reprieve for Primary Fund Investors.
October 6, 2008... Byline: Lee Barney Investors in the now-defunct Primary Fund got their first indication of when they can expect redemptions last Monday, when Reserve Management announced it would return 32% of the fund's assets as of Sept. 15, or $20...

Mutual Funds Battling Looming Depression Talk.(News Flash)
October 6, 2008... Byline: Lee Barney With financial pundits repeatedly talking about a return to the Great Depression, how to find a sound bank with FDIC backing and now, even, how to stretch food budgets, national news media, advertisers and entertainment...

Executive Moves.(Executive Moves)
October 6, 2008... Byline: Editorial Staff Lord Abbett Promotes 17 Executives to Partner Lord Abbett has appointed 17 new partners, brining the total number of the firm's partners to 62. The promotions are in preparation for the firm's "next phase of...

Week in Review.(Week In Review)
October 6, 2008... Byline: Editorial Staff Treasury Opens Money Fund Guarantee Program The Department of the Treasury opened its money market mutual fund guarantee program Monday and provided details on how the $50 billion program, designed to stem a run...

SEC to Rewrite Money Fund Rule 2a-7: 'Urgent Discussions' Continue on Unfreezing Markets, Market Stability Regulator.(News)
October 13, 2008... Byline: Lee Barney NEW YORK-In the wake of the ongoing credit crisis and illiquid money market, much of it due to the failure of a single money market mutual fund, the Securities and Exchange Commission plans to overhaul Rule 2-a7....

SEC Rule 22c-2 Data Sharing in Year One.(Special Compliance Report)
October 13, 2008... Byline: By Rick Niedt, Vice President and Director of Compliance Solutions, Access Data Corp. As the mutual fund industry approaches the first anniversary of the compliance date for SEC Rule 22c-2, it's an ideal time for a retrospective on...

Regulators, Fund ExecsPoint to Root of Crisis.(News)
October 13, 2008... Byline: John Morgan NEW YORK - As credit freezes up and liquidity all but vanishes, there is an enormous temptation for financial institutions and investors to hold on to their cash and brace for the worst. Governments around the world...

Fidelity Goes After Independent Advisers.(News)
October 13, 2008... Byline: Ken McCarthy, American Banker Fidelity Investments' institutional wealth management arm is ratcheting up its pursuit of financial advisers and wealth managers who want to run their own shops. "Practice management is growing in...

New York Life Ads Tout Stability in Troubled Times.(News Flash)(Brief article)
October 13, 2008... Byline: Lee Barney In a new ad campaign, New York Life aims to distinguish itself from AIG and the growing host of other beleaguered financial services companies by emphasizing its long history, big surplus, AAA rating and...

87% of Consumers Tightening Their Budgets.(News Flash)
October 13, 2008... Byline: Lee Barney Most Americans have started to reduce spending, according to a survey from TD Ameritrade Holding Corp. conducted by Opinion Research. Eighty-seven percent of respondents said they have tightened their belts, with the...

Reserve Shutting Down Second Troubled Fund.(At Deadline)(Reserve Management)(Brief article)
October 13, 2008... Byline: Editorial Staff Reserve Management has shut down its U.S. Government Fund, the second fund it has liquidated, and has given no indication yet of when investors can expect their money to be returned. Illiquid market conditions...

Executive Moves.(Executive Moves)
October 13, 2008... Byline: Editorial Staff ICI Re-Elects Murphy as Chairman of the Institute The Investment Company Institute has re-elected John V. Murphy, chairman and CEO of OppenheimerFunds, for an additional one-year term as chairman of the...

Week in review.(Week in review)
October 13, 2008... Byline: Editorial Staff Fed to Buy up to $1.3 Trillion of Commercial Paper The Federal Reserve announced Tuesday it will buy up to $1.3 trillion of the top-rated asset-backed and unsecured commercial paper in the markets-virtually a...

Moving Forward: The Industry Must Continue to invest in Innovation.(Ops & Tech)(Company overview)
October 13, 2008... Byline: By Tom McCullough, Chief Operating Officer, DST Systems, Inc.; Chairman, Boston Financial Data Services The mutual fund industry has a long tradition of innovation and creative problem solving in times of challenge. These past...

12b-1 Fees Could Face Elimination: Leaders Anticipate Massive Changes to Regulatory Landscape.
October 20, 2008... Byline: John Morgan HUNTINGTON BEACH, Calif.-Mutual fund industry leaders admit that years of deregulation allowed the current economic crisis to unfold, and many are anticipating a backlash of new and excessive regulations to result. ...

Fed Chief Eyes Bigger Supervision Role.(Federal Reserve Board, Ben Bernanke)
October 20, 2008... Byline: Steven Sloan, American Banker WASHINGTON-Though the Federal Reserve Board's reputation is built on its management of monetary policy, Chairman Ben Bernanke said Wednesday that the role of banking supervision at the central bank...

Managers Keep Eye On Omnibus Accounts: Leaders Stress Need for Collaborative Approach.
October 20, 2008... Byline: John Morgan HUNTINGTON BEACH, Calif.-As omnibus accounts continue to grow in size and scope, it remains crucial for investment managers to keep oversight high and costs low. Ominous in name, omnibus accounts are basically a...

FINRA Fines Banorte $1.1M for B Share Sales.(News Flash)
October 20, 2008... Byline: Editorial Staff The Financial Industry Regulatory Authority has fined Banorte Securities International $1.1 million for improper sales of B shares of offshore mutual funds, as well as inadequate supervisory systems to monitor the...

Equity Mutual Funds Down $43.3B Already by Oct. 8.(News Flash)
October 20, 2008... Byline: Editorial Staff Equity mutual funds have lost $43.3 billion in outflows already through Oct. 8, while money market mutual funds have reaped $60 billion, according to TrimTabs Investment Research. Figures from the Investment Company...

Week in Review.(Week In Review)
October 20, 2008... Byline: Editorial Staff Reserve Shuts Down Funds, Delays Primary Payout With just $6 billion in assets left, of what once totaled $83 billion, Reserve Management is liquidating its 18 remaining funds. Given its longtime vow to...

At Deadline.(At Deadline)(Survey)(Brief article)
October 20, 2008... Byline: Editorial Staff Most Investors Resist Pushing the Panic Button, With Only 5% Cashing Out Despite the tremendous turbulence in the stock market, few investors are planning to sell their stocks and mutual funds or to curtail or...

Executive Moves.(Executive Moves)(DST Retirement Solutions)
October 20, 2008... Byline: Editorial Staff Coleman Joins Delaware as Head of Distribution Scott Coleman has joined Delaware Investments as executive vice president, head of distribution and marketing, working with both institutional and retail clients....

Investors Stick With 401(k)s, IRAs: But Investors Becoming Far More Skeptical of Fees.(News)
October 27, 2008... Byline: John Morgan HUNTINGTON BEACH, Calif.-Despite the recent daily thousand-point swings in the Dow Jones Industrial Average and the understandable uncertainty among investors, Individual Retirement Accounts and 401(k) plans still...

JPMorgan, PNC, Principal Financial Take Top Fund Awards Honors: Money Management Executive Holds 6th Fund Operations Awards Program.(News)
October 27, 2008... Byline: Lee Barney JPMorgan Investor Services, PNC and Principal Financial take top honors in Money Management Executive's 2008 Fund Operations Awards. Now in its sixth year, the program honors industry leaders in three categories:...

Matt Fink Chronicles Rise Of Mutual Fund Industry.(News)
October 27, 2008... Byline: John Morgan Few people know as much about mutual funds as Matthew P. Fink. For more than 40 years, Fink dedicated his career to serving the industry and its 88 million shareholders through his work for the Investment Company...

Fed to Buy CP Directly From Money Market Funds.(News Flash)
October 27, 2008... Byline: Steven Sloan, American Banker WASHINGTON-Despite signs of renewed strength in the credit markets, the Federal Reserve Board on Tuesday unveiled a new program to provide more liquidity to money market mutual funds. It is the...

Oppenheimer Funds Touts Its 401(k) Assistance.(At Deadline)
October 27, 2008... Byline: Editorial Staff OppenheimerFunds Retirement Services has produced a white paper to publicize its retirement assistance program designed to help 401(k) plan participants take advantage of their plans' benefits. The white paper...

Executive Moves.(Executive Moves)(Company overview)
October 27, 2008... Byline: Editorial Staff Needles Now President At Touchstone Investments Touchstone Investments has hired Gene L. Needles, Jr. as president, in charge of all operations, including the company's business management, strategy,...

Week in Review.(Week in Review)
October 27, 2008... Byline: Editorial Staff Paulson Outlines Recapitalization For Banks, Thrifts WASHINGTON-Treasury Secretary Henry Paulson on Monday outlined the process for banks and thrifts to request capital from the government. In a brief press...