Portfolio

A lawsuit by the Securities and Exchange Commission alleges that more than 30 firms spent in excess of $3 million over the course of three years to lure the business of Boston mutual fund giant Fidelity Investments.

The Securities and Exchange Commission has formally proposed that all U.S. companies use interactive data tagging when they provide financial information.

Including lift-outs and partial deals, investment firms have shelled out more than $50 billion so far this year to acquire mutual fund companies and other asset management firms, in a record 241 deals this year, according to Jefferies Putnam Lovell, a division of Jefferies.

Financial Research Corp., a primary go-to source when it comes to mutual fund sales figures by firm, will no longer publish the data, according to today's Wall Street Journal.

Four years ago, the board of directors of the Gabelli Funds conducted a thorough investigation into charges by the Securities and Exchange Commission that market timing had occurred in its funds, according to a press release the invesment manager issued on behalf of one of its former principals who is now under investigation.

The CGM Mutual Fund may be nearly 80 years old, but it’s acting like a fund half its age, writes the Motley Fool.

NEW YORK - Wachovia CEO Ken Thompson says the bank plans to cut one third of its fixed-income staff and make a 10% reduction in corporate and investment bank support staff.

Dow Jones Financial Information Services has announced the launch of Private Equity Source, a database for tracking buyout and growth transactions in the U.S. and Europe.

National Financial, a Fidelity Investments company, has launched a multimedia portal that gives brokers and advisers who use its Streetscape workstation exclusive access to business-building and training resources. The National Financial Broker & Advisor Center is the latest addition to the Streetscape workstation and National Financial Broker and Advisor Development Program.

Ubiquitous market commentator Jim “Mad Money” Cramer of TheStreet.com observes in a Rocky Mountain News column this morning how irrationally the market is behaving of late, in light of rumblings of the bear market and a pronounced recession.