Money Management Executive Latest News

Dreyfus has launched the Dreyfus Global Sustainability Fund, linked to the Dow Jones Sustainability World Index. It is the first time a U.S. mutual fund has tracked the index.

President-elect Barack Obama has named regulatory veteran Mary Schapiro to lead the Securities and Exchange Commission after he takes office next month.

The Profit Sharing/401k Council on Thursday issued the results of a survey on benchmarks for 403(b) plans, so that the not-for-profit sponsors of such plans can gauge how well they are running them, in terms of such details as the employer match, funds offered and participation rate. In the past, 403(b) sponsors could only obtain 401(k) data.

Legg Mason has hired Peter Sundman as president and chief executive officer of its ClearBridge Advisors subsidiary.

Fidelity Investments has been taking advantage of new changes to 403(b) regulations to expand its presence in the higher education retirement business, adding more than 50 new plans this year.

Three hundred and forty four hedge funds liquidated in the third quarter, considerably higher than the previous record of 267 in the fourth quarter of 2006, according to Hedge Fund Research.

The U.S. could see a 70% decline in the number of mutual fund families over the next five years unless regulations are changed to put them on a more equal footing with hedge funds, according to a new report by the Boston research firm Celent, titled: “The Global Credit Crisis: Implications for North American Wealth Management.”

In a final year-end push, the Securities and Exchange Commission voted 4-1 Wednesday to require mutual funds and the top 500 largest public companies to begin filing financial reports using eXtensible Business Reporting Language (XBRL).

Eight Nuveen Investments closed-end funds have called for redemption of $700 million in auction-rate preferred securities at par.

Harris Associates has promoted Rob Taylor from associate portfolio manager on the Oakmark International Fund to co-portfolio manager, along with David Herro, who is also the firm’s chief investment officer of international equities.