Money Management Executive articles from September 2005

Money Management Executive archives from September 2005

Another Departure at SEC; Chief Accountant to Leave.
September 12, 2005... Donald Nicolaisen, the chief accountant at the Securities and Exchange Commission, will leave the regulator at the end of October to pursue an opportunity in the private sector. Nicolaisen's departure, which is the latest in a string of...

Katrina Forces Fund Advisors to Flee: Despite Obstacles, It's Mostly Business as Usual in a New City.
September 12, 2005... The states of Louisiana, Mississippi and Alabama may not be known as the center of the mutual fund universe. But when a devastatingly powerful Hurricane Katrina began bearing down on New Orleans and several other Gulfport cities two weeks ago,...

P&R Exec Bullish on Emerging Markets: Fixed-Income Manager Gets On the Ground' to Uncover Opportunity.
September 12, 2005... At a time when even hedge fund managers are settling in for a prolonged period of sporadic, unpredictable growth, Kristin Ceva, senior vice president and director of emerging markets fixed income strategies at Payden & Rygel remains a maverick....

Fidelity Ups Ante on Institutional Push: Plans to Double Assets to $2 Trillion by 2010.
September 12, 2005... Fidelity Investments has grown quite comfortable at the top of the mutual fund industry, but the Boston firm always sees room for improvement and most recently set its sights on growing its institutional business. Fidelity Management Trust...

TIAA-CREF Fee Increases Drew California's Scrutiny.
September 12, 2005... It seems mutual fund shareholders weren't the only ones TIAA-CREF was taking great pains to explain its proposed, but now-defeated, mutual fund advisory fee increases to. The firm had some serious explaining to do for the Investment Board of...

Portfolio Managers Grapple With Katrina's Exact Impact.(Hurricane Katrina)
September 12, 2005... As the nation's money managers return from their summer respites, they're finding that Hurricane Katrina has left a host of questions marks within their portfolios. As The Wall Street Journal reported last week, this is traditionally a...

Executive Moves.(appointments)
September 12, 2005... TrimTabs Investment Adds Conrad Gann To New Asset Management Unit TrimTabs Investment Research, an independent research service that publishes daily coverage on U.S. stock market liquidity, including mutual funds and exchange traded funds,...

Mutual Funds Face Implications of Mainframe Brain Drain'.
September 12, 2005... The mutual fund industry has faced its share of challenges in the last decade. It began with Y2K issues, continued with the technology industry implosion and corporate accounting scandals, which resulted in the U.S. economic slowdown, and...

Another Executive, Richard A. Monaghan, Leaves Putnam: Experts Say It's the Latest Step in the Firm's Transformation.
September 12, 2005... When a 51-year-old mutual fund executive retires, industry observers are curious. When a 51-year-old executive retires from Putnam Investments, a money manager that has spent the past several years suffering through poor performance, fund...

Amid Lingering Legal Woe, Vice Fund Manager Departs.(Dan S. Ahrens)
September 19, 2005... Dan S. Ahrens, 39, the omnipresent manager of the successful $48 million Vice Fund, which invests in so-called "sin stocks" has abruptly bolted from his job as sole portfolio manager, and president and treasurer, of the fund's Dallas-based...

XBRL Shows Promise Amid Slow Adoption: Many Fund Advisers Still Aren't Aboard the Bandwagon.(eXtensible Business Reporting Language)
September 19, 2005... By many accounts, XBRL technology will be the must-have financial reporting technology of the future. But if that prognostication is true, it's still news to many firms that offer public securities and file financial reports. It's even more...

Ernest Brod on Corporate Investigation: Are Private Eyes a Remedy for the Fund Industry's Fraud Epidemic?(Deloitte Financial Advisory Services )(Interview)
September 19, 2005... The surprising persistence of fraud within the financial services industry - most recently underscored by the $100 million authorities said is missing from the Connecticut hedge fund manager Bayou Management - is causing a new operational...

Value or Growth? It's All About Perspective: Lipper Leaders Stick to Proven Strategies in Flat Market.
September 19, 2005... In a time when nothing is moving and the inertia of opposing forces has left the markets relatively stagnant, patience is a virtue. In a time when the ebb and flow of stock prices generally reflects the tide of a placid lake, mutual fund...

Katrina Forces Lawmakers To Shelve Industry Issues.
September 19, 2005... With the nation's attention now focused on rebuilding New Orleans and other Gulf Coast cities devastated by Hurricane Katrina, common sense would say that a pair of key mutual fund industry issues that were front-burner topics before Congress...

Fund Industry Grapples Over Spike in Alt-Energy.
September 19, 2005... NEW YORK - With the sharp increase in oil prices, industry observers have expressed conflicting views over whether the alternative energy sector might harbor some prudent and rather profitable choices for investment managers and their clients....

Oppenheimer Funds Closes Revenue-Sharing Matter.(Brief Article)
September 19, 2005... Oppenheimer Funds and its subsidiary, OppenheimerFunds Distributor has settled a revenue-sharing proceeding with the Securities and Exchange Commission without further penalty. Last year, the firm voluntarily paid $15.8 million - $3.3...

Executive Moves.(Banc of America Securities appoints Ann Short)(Fidelity Overseas Fund appoints Richard R. Mace )(PowerShares Capital Management appoints Benjamin Fulton and Edward McRedmond)
September 19, 2005... Banc of America Securities Appoints Ann Short COO Banc of America Securities has appointed Ann Short to chief operating officer for its New York-based Global Investment Banking unit. Short will report to Brian Brille, head of Global...

401(k) Plan Participants May Have More Options in 2006: New Roth Plan Could Benefit More Workers.
September 19, 2005... What's good for an IRA is good for a 401(k). That was the thinking behind the new Roth 401(k) that takes effect on Jan. 1, 2006. On March 2, the Internal Revenue Service's treasury division issued a proposal to expand the 401(k) retirement...

It's Time to Take a Page from the ETF Marketing Playbook.(exchange traded funds)
September 19, 2005... In the first five years of this decade, assets in equity exchange-traded funds (ETFs) increased by a factor of six, easily topping $200 billion. Over that period, assets in index-tracking equity mutual funds increased by about 29%. And actively...

CFTC Seeks Injunction Against Linuxor, Principal.(Commodity Futures Trading Commission)(Abbas Shah)(Brief Article)
September 26, 2005... The Commodity Futures Trading Commission has filed an enforcement action in the U.S. District Court for the Southern District of New York, alleging that Linuxor Asset Management and Abbas Shah, the firm's principal, defrauded hedge fund...

Wealthy Investors Increase Mutual Fund Holdings.(Brief Article)
September 26, 2005... Wealthy investors who can afford to invest in hedge funds, private equity and venture capital have turned to mutual funds instead. According to a recent Spectrem Group study, in the last two years investors worth more that $5 million have...

Large-, Mid-Cap Value Separate Account Standouts.(separately managed accounts )(Brief Article)
September 26, 2005... Large-cap and mid-cap value strategies were the top performers among separately managed accounts during the first quarter of 2005, according to newly released data from the Money Management Institute, Financial Research Corp. and Dover...

Fund Execs Wrestle With Fair Value Pricing: Accuracy, Disclosure Among Chief Concerns.
September 26, 2005... CHICAGO - Despite the wave of technological advancements and outsourcing expertise in recent years, fair value pricing remains a tough nut to crack, according to mutual fund industry leaders attending the annual Investment Company Institute Tax...

Friendly GROWTH Act Meets Scrutiny: Officials: Appeal for Preferential Taxation Merits Explanation.
September 26, 2005... CHICAGO - By all estimations, the GROWTH Act is gaining momentum among lawmakers in Washington, but at least one high-ranking official said its proponents must answer some serious questions before it gets a shot at becoming a law in the months...

GAO Finds Holes in SEC's Improved Exams.
September 26, 2005... If the mutual fund industry and the regulators who oversee it thought that the mutual fund trading scandal is a once-in-a-lifetime occurrence they will eventually be able to put behind them, the Government Accountability Office believes...

Redemption Fee Rule Seen Costing Industry $617.5M.(Brief Article)
September 26, 2005... Setting redemption fees in compliance with the Securities and Exchange Commission's new Rule 22c-2 is going to cost the mutual fund industry $617.5 million over the next three years, a new report from TowerGroup shows. Although it does not...

Hedge Funds Projected To Reach $2 Trillion by 08.(Brief Article)
September 26, 2005... Hedge fund assets will increase at a compound annual growth rate of 15% between 2005 and 2008, resulting in overall growth of 75% in that time, according to TowerGroup. Hedge funds have become the hot pick as more investors look for ways...

Executive Moves.
September 26, 2005... Ibbotson Boosts Five to VP Ibbotson Associates has promoted five executives to vice president: Matthew Burki, James Gentleman, Christopher Hood, Lorie Latham and Scott Wentsel. Burki is now in charge of managing the firm's marketing...

Fund Execs Eye Fulfilling' Job Opportunities: Marketing, Ops Professionals Most Inclined to Chase More Money.
September 26, 2005... Money matters, but not as much as quality of life and the opportunity to make a difference. This is the surprising consensus of securities industry professionals responding to the 2005 compensation survey by Diversified Management Resources of...

Rydex Debuts Open-End Hedged Funds.
September 26, 2005... The universe of open-end funds that employ strategies typical of hedge funds grew by two last week. Last Monday, Rydex Investments of Rockville, Md., launched the Rydex Hedged Equity Fund and the Rydex Absolute Return Strategies Fund. The...