Portfolio

What inspired me to find a tremendous investing opportunity in the Internal Revenue Service's tax code?

Jim Goff is a rare portfolio manager and research director who sticks to his guns no matter how erratic or rewarding the market. In fact, he has stuck, for 20 years now, with a fund complex that has just about seen it all.

The Securities and Exchange Commission has announced the distribution of $30.6 million to more than 250,000 investors affected by market timing by RS Investments.

Randy Takian, head of strategy and development for Morgan Stanley’s hedge fund and alternative investment products, will head its investment management unit’s retail and intermediary business, according to Dow Jones.

U.S. Trust, Bank of America Private Wealth Management has announced the appointment of 12 client-facing professionals for the New York City area.

WASHINGTON — Initial claims for U.S. state unemployment benefits plunged 33,000 to 342,000 in the April 19 survey week, the Labor Department reported yesterday, but a Labor analyst cited “no special factors.”

WASHINGTON—Treasury Secretary Henry Paulson met in private with top lenders and servicers this week to warn them the housing market is continuing to deteriorate and press them for a new solution, several sources said Thursday.

Two ranking Congressmen sent the Securities and Exchange Commission a letter yesterday, urging Chairman Christopher Cox to cut a break on redemptions on auction-rate securities for mutual fund portfolio managers and their supporting operational and compliance teams. The Congressmen pointed to illiquidity and hard-to-price conditions for auction rates today.

The U.S. House of Representatives has gone on federal public record as warning the industry and government legislators that raising long-term capital gains on mutual fund investors any higher than it already is will seriously impair the markets, shareholders, and, eventually, retirees.

Fines Continue to be Levied on Fund Companies for Market Timing & Late Trading, With a Renewed Focus on U.K. Orders