Money Management Executive Latest News

Fidelity Ventures is backing several new Internet start-ups in hopes of competing with online giant eBay, The Boston Globe reports.

Morgan Stanley has been shuffling executives and its sales strategy for its Van Kampen mutual fund unit, The Wall Street Journal reports this morning. The funds are part of Morgan Stanley Investment Management, which has $600 billion in assets and accounted for 40% of the firm’s income before taxes in 2007. Approximately one-third of that income is generated by the fund division, a third of which is sold to retail investors. The rest is primarily institutionally and foreign-sold.

WisdomTree Investments Inc. said Tuesday that it had introduced an actively managed, exchange-traded fund.

The move to XBRL filings will roll out in stages, with about 500 so-called "large" domestic and foreign issuers expected to submit XBRL versions of financial reports this winter. This is according to the Securities and Exchange Commission, which last week issued a rule proposal concerning XBRL adoption.

WASHINGTON — Market participants hailed yesterday’s long-awaited but widely expected Supreme Court decision that upheld 42 states’ preferential tax treatment of their bonds as a “resounding victory” for the municipal securities market.

The nearly $80 billion that was pulled from money market funds in April was the highest monthly total in 16 years.

The 2008 Mutual Fund Service Guide contains the following errors: Under Boston Financial Data Services on page 44, the number of shareholder accounts added/lost in 2007 should read 1,700,000 added, not 1,700. Under DST Systems on page 46, the number of closed-end U.S. mutual fund shareholder accounts is 27, not 26,655. Money Management Executive regrets any problems this might have caused.

Direxion Funds of New York and Boston hopes to break new ground for itself as well as the leveraged ETF marketplace.

AXA Names Pietrini-Smith As Chief Operating Officer

The CGM Mutual Fund may be nearly 80 years old, but it's acting like a fund half its age, writes The Motley Fool.