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The Millstein Center for Corporate Governance and Performance at Yale University and the Mutual Fund Directors Forum have formed the Conference of Fund Leaders aimed at independent board chairmen and lead directors.
May 7 -
Legg Mason, citing $206 million in charges tied to supporting money market funds with subprime and other illiquid fixed-income exposure, posted a net loss of $256 million in the first quarter, down from profits of $173 million in the year-ago period.
May 7 -
Former AllianceBernstein mutual fund sales manager John Carl won a $12 million arbitration lawsuit for having been dismissed from the company on the pretext of his role in the market-timing scandal.
May 7 -
Securities and Exchange Commissioner Paul Atkins has announced he will leave the agency when his term expires in June to return to the private sector.
May 6 -
The turmoil in the $330 billion auction rate securities (ARS) market has spurred a series of investigations by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (Finra), and Massachusetts securities regulators. Congressional leaders are calling for relief, allowing mutual funds to provide liquidity to retail investors holding the securities.
May 5 -
A Federal appeals court yesterday upheld a 160-month, or 13-year, three-month, sentence for stockbroker and frequent CNN guest Todd Eberhard.
May 5 -
Seeking to leverage its strengths in mutual fund processing, Depository Trust & Clearing Corp. (DTCC) is readying a service that automates pre- and post-trade processes for the alternative funds market. The service is expected to launch next year, pending regulatory approval.
May 5 -
Asian investors fearing an extended bear market are moving their money out of riskier investments and into conservative safe havens. The mutual fund industry is responding to this shift by offering jittery investors alternative, more conservative products.
May 5 -
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Every 12 weeks Advisor Perspective.com looks at sales changes in the most popular mutual funds among the Registered Investment Adviser (RIA) and other "AdvisorPerspectives" (AP) universe.
May 5