Money Management Executive articles from September 2007

Money Management Executive archives from September 2007

Durus Hedge Fund Settles With SEC; Manager Jailed.
September 10, 2007... The Securities and Exchange Commission settled its civil lawsuit against hedge fund Durus Capital Management and its principal, Scott R. Sacane, on fraud charges. The judgment includes injunctions against future violations of the federal...

Ex-Mutuals.com Execs Ready to Settle: U.S. Attorney Lawsuit Over Market Timing.
September 10, 2007... Three former top executives at mutual fund advisory and broker/dealer firm Mutuals.com of Dallas, are reportedly in settlement negotiations with the United States Attorney for the Southern District of New York over criminal securities and wire...

Fidelity Taking on 403(b) Goliath: Aims to Catch up to Market Leader TIAA-CREF.
September 10, 2007... Fidelity Investments has a bold, five-year plan to expand its scant 8.5% share of the 403(b) market and catch up to giant TIAA-CREF, which commands a monumental 67% share of 403(b) assets. Certainly, this will be a challenge, even for...

Buy Side Turns to Multi-Asset Systems: Increasing Use of Alternative Investments Driving Interest.
September 10, 2007... Investment firms are increasingly turning to multi-asset portfolio systems, as they provide an integrated solution to handle unique investment vehicles, risk management and collateral management, according to a report from Aite Group of Boston,...

Editor's Desk: Putnam Whistleblower Unlikely to See Reward.
September 10, 2007... When Peter Scannell appeared before Congress to testify about market timing at Putnam Investments, he hardly appeared the picture of a valiant hero. Scannell was somewhat incoherent, his written testimony riddled with misspellings, according to...

Executive Moves.
September 10, 2007... Aberdeen Names Esposito Head of U.S. Mutual Funds Aberdeen Assset Management has hired Vincent Esposito as head of U.S. mutual funds. In this newly created role, Esposito will oversee closed-end and open-end funds and their administration...

Week in Review.
September 10, 2007... District Court Orders Market Timer to Pay $500k The U.S. District Court for the Northern District of Illinois has ordered John M. Fife, a principal of Clarion Management, a hedge fund based in Chicago, to pay more than $500,000 in fees and...

Longevity Posing Yet Another Retirement Challenge.(influence of life expectency on retirement planning)
September 10, 2007... Americans are starting to live a lot longer than they ever thought they would, throwing a wrench in retirement fund plans that they thought would last them the rest of their life. That is just one challenge facing the 77 million Baby...

Missouri Adding Terror-Free' Options to 529 Plan.
September 10, 2007... The "Show Me" State of Missouri is about to show the 529 college savings plan marketplace just how innovative it can be. Beginning Sept. 24, two new "terror-free" investment options will be added to the advisor-sold portion of the MOST...

Fidelity, SunGard Enhance Trading, Custody Platform.
September 17, 2007... Fidelity Investments and SunGard have added new services to their popular Integrated Trading and Custody Platform. The new services include a directed trustee services program, a payment and reporting system for brokers serving retirement...

Firms Rush to Offer Muni Bond ETFs.
September 17, 2007... Municipal bond exchange-traded funds (ETFs) have gone from zero to 60 miles per hour in just a few days. And the race continues. Two weeks ago, not a single municipal bond ETF existed in the investment marketplace. Last week, both Barclays...

Reuters Launching Community Website.(Website overview)
September 17, 2007... The popularity of online communities and sharing information via the web continues to seep into the financial industry, and now Reuters is taking advantage it. At the end of this month, Reuters is launching an online community website for...

Wealth-Transfer Torch is (Not) Passed.(management of wealth transfer to the future generation)
September 17, 2007... In the decades ahead, a new generation will inherit an estimated $20 trillion. Yet big disappointments lie ahead for financial firms that believe they will benefit from this multigenerational business. The transferred wealth will move into the...

New Criticism of Lifecycle Funds Aims at Inflexibility.
September 17, 2007... Lifecycle funds are now taking another punch, and while this one may not be fully merited, it is one that fund companies might want to consider as a roadmap to improving such funds' performance and marketability. First, it was that...

Week in Review.(investment executives views on raising the tax by hedge funds)(report on growth of senior citizen investment fraud)(management of 401(k) plans)
September 17, 2007... Executives Protest Raising Hedge Funds' Taxes Investment executives have stressed to Congress that its proposal to raise the taxes paid by hedge fund and private equity managers could harm the economy and financial markets, according to the...

Executive Moves.(appointment of Luke J. Aucoin and George W. Denninghoff by Vista Research and Mangement)(appoitment of Richard Hughes and Jeff Nicholas by Envestnet)(appointment of Pierce Dunn by Brown Advisory)
September 17, 2007... Aucoin, Denninghoff Join Vista Research and Mgmt. Vista Research and Mangement has hired Luke J. Aucoin and George W. Denninghoff as chief operating officer and portfolio manager, and as chief financial and compliance officer, respectively....

Fund Firms' Value-Added Adviser Programs Might Even be Helping Competitors' Sales.
September 17, 2007... Surveying the investing landscape with an eye toward attracting new money on a large scale, most asset managers see the same things: a huge and growing IRA rollover market, the need for young parents to increase college savings and an aging...

Parents Failing to Plan for Children's Higher Education.
September 17, 2007... Parents certainly are aware of the need to save for children's college education, but not all are stashing away money in appropriate investment vehicles, such as 529s that are tax-free. Seventy-three percent of parents have some sort of...

Former Pru Broker Getting Hit with Hefty $873K Fine.
September 24, 2007... Four years after securities regulators sued five former brokers at Prudential Securities for extensive improper mutual fund trading, Justin Ficken, never considered the most notorious trader in the scandal, is facing the largest monetary...

Long/Short Funds Ride Volatility Wave.
September 24, 2007... This summer's extreme wave of market volatility was enough to make investors and mutual fund managers seasick. For those managers at the helm of long/short and market neutral funds, the rollercoaster markets were either painful or...

SEC Revises Examination Hotline: Commission Responds to GAO study.
September 24, 2007... The Securities and Exchange Commission has revised its examination hotline system, at 202-551-EXAM, following a 38-page Government Accountability Office study analyzing its examination procedures. The hotline, previously lodged in the chief...

IndexIQ Launches Advisory Firm: Plans to Leverage its Indexes.
September 24, 2007... IndexIQ, the Rye Brook, N.Y.-based firm best known for the development of proprietary so-called next generation indexes for institutions and wealthy investors, has created a new asset management business that will sell products created from its...

Independent Chair Rule Appears Dead in the Water.
September 24, 2007... Of the 14 regulations that came out of the mutual fund trading scandal, the two most important were the creation of a chief compliance officer and the requirement that three-quarters of a fund's board of directors, including its chairman, be...

Week in Review.
September 24, 2007... SEC Increasing Scrutiny of Insider Trading at Hedges; Issues Questions to Funds The Securities and Exchange Commission has sent hedge funds a list of questions they should pose to employees and clients who are privy to information that...

Executive Moves.
September 24, 2007... Epright Named EVP, COO Of AIG Advisor Group; Caliman Also Promoted AIG Retirement Services, a division of American International Group (AIG), has promoted two of its executives. Randall W. Epright is now executive vice president and...

SEC: Seniors Need Warnings on Free Lunch' Seminars.
September 24, 2007... Full-page newspaper ads or mailed invitations hyping financial seminars for seniors often are dubbed "educational" and "workshops." However, in 100% of cases, the objective is to sell financial products, says the Securities and Exchange...