Money Management Executive Latest News

Dreyfus has introduced two funds-of-funds, the Dreyfus Satellite Alpha Fund and the Dreyfus Diversified Global Fund.

Bank of America has reached an agreement to sell the long-term asset management unit of Columbia Management to Ameriprise Financial for $1 billion. The bank is still considering what to do with its short-term asset management business.

Sept. 29 marks the one-year anniversary of the biggest-point drop, 778, in the history of the Dow Jones industrial average, sparked by the initial failure of the House to pass the $700 billion financial rescue plan, CNNMoney.com reports.

Wall Street bonuses have been slipping since reaching a peak of $34 billion in 2006, but with asset management firms expected to announce stellar earnings for the third quarter, those bonuses are expected to come back big time, CNNMoney.com reports.

The Rydex/SGI Advisor Confidence Index rose nearly 5% in September to 109.14, up from 105.05 in August. It was the second rise in the index, although it is still in neutral territory.

Expecting strong third-quarter earnings reports from asset management firms due to the market’s rally, analysts are upgrading their outlook on the companies.

The Securities and Exchange Commission is concerned about the additional risk investment firms take on when they put cash collateral earned from securities lending into other uses, along with the lack of true transparency in the market. Thus, the SEC will conduct a “wholesale review” of the entire securities lending marketplace in a roundtable on Tuesday.

As the Federal Reserve begins to ease its extraordinary stimulus plan and works to stave off inflation, it is reportedly considering borrowing up to $500 billion from the $3.4 trillion money market fund industry rather than the 20 leading primary dealers, which aren’t expected to be able to provide more than $100 billion, the Financial Times reports.

Morningstar has acquired a minority equity stake in PitchBook Data, a provider of data on private equity transactions, investors, companies, limited partners and service providers.

Rather than simply generate reports for portfolio managers to use, fund analysts at leading companies including Fidelity, Putnam and MFS are getting more say in which stocks a fund selects in funds they are labeling “sector” or “research” funds, The Wall Street Journal reports.