Money Management Executive Latest News

Lisa Myers, manager of the Templeton Growth Fund, told the Globe & Mail that while she is unsure whether the recent rally is a sure sign the market is turning around, she thinks there are plenty of compelling bargains, technology being one of them.

T. Rowe Price reported second quarter profits of $100 million, or 38 cents a share, down 38% from $162.2 million, or 59 cents a share, a year earlier. Revenue decreased 24% to $442.2 million.

Over the next eight months, Old Mutual will cut its lineup of 42 mutual funds by about half and eliminate 45 administrative and sales positions.

Boston’s seven biggest mutual fund companies saw a slight increase in the assets of the stock and bond funds in June, The Boston Business Journal reports.

To MetLife, variable annuities are not an all-or-nothing proposition.

The Financial Industry Regulatory Authority announced Thursday that it fined five bank broker/dealers $1.65 million for deficient supervision of the sale of mutual funds, variable annuities and unit investment trusts. In most of the cases, the sales were to elderly customers.

Edward Jones is no longer selling leveraged exchange-traded funds, calling them “potentially dangerous” for average investors.

Legg Mason’s Bill Miller tells investors in his latest quarterly report that a new bull market is underway and that technology and financial services stocks will lead the way out of the recession.

Financial advisers plan to scale back clients’ mutual fund holdings, while expanding their exchange-traded fund investments, Cogent Research found in a survey of 1,500 advisers and brokers.

Flows to long-term stock and bond funds were $6.61 billion in the week ended July 15, the Investment Company Institute said.