Money Management Executive Latest News

Spitzer Resigns After Prostitution Scandal

Two former designers of sports cars and fighter airplanes have formed the hedge fund Solytix Capital, which focuses on quantitative analytics.

Target-date funds are helping average investors get the same type of service wealthy clients have traditionally had when it comes time to transition a retirement plan from being aggressive to a more conservative plan.

Fund.com Appoints Webster as President

Contrary to popular belief, contrarian funds don't bet against the stock market. They bet against mainstream trends and look for undervalued areas with strong potential.

Cutting edge technology has facilitated the unified managed account (UMA) becoming ubiquitous within the wealth management industry. Today multiple investment products such as separate accounts, mutual funds and exchange-traded funds can all peacefully co-exist, nestled together under a single client registration.

These days the concept of sustainability is a hot ticket into the world of socially responsible investing. Just last week, a trio of investment management firms announced plans to incorporate the components of sustainability investing into their product offerings.

On Sunday, Bear Stearns agreed to be purchased by J.P. Morgan Chase for $2 a share, or about $236 million. Bear's shares were going for $170 a year ago.J.P. Morgan said it would guarantee trading obligations of Bear Stearns and its subsidiaries.“J.P. Morgan Chase stands behind Bear Stearns,”said Morgan CEO Jamie Dimon. “Bear Stearns’s clients and counterparties should feel secure that J.P. Morgan is guaranteeing Bear Stearns’s counterparty risk.”Using J.P. Morgan as an intermediary, the Federal Reserve invoked a Depression-era provision on Friday that would give troubled securities firm Bear Stearns access to emergency funding.Bear's shares fell 47% to $30 on the news Friday, sending the Dow Jones Industrial Average tumbling nearly 195 points. Bankers and officials scrambled to arrange a deal over the weekend before the markets opened Monday.Bear CEO Alan Schwartz said the deal "represents the best outcome for all of our constituencies based upon the current circumstances.”

The Securities and Exchange Commission recently suspended and fined two brokers with Wachovia Securities $250,000 each for their roles in a market-timing scheme that cost mutual fund shareholders hundreds of thousands of dollars in losses, writes The Miami Herald.Thomas C. Bridge, 41, of Fort Lauderdale and James D. Edge, 46, of Lake Worth, both worked at Wachovia's Boca Raton office. Edge was Bridge's supervisor.According to Judge Brenda Murray, Bridge engaged in numerous market timing trades, prompting complaints from mutual fund companies. Instead of stopping Bridge, Edge helped him circumvent trading restrictions, including the use of multiple account numbers and broker ID numbers to hide transactions.Bridge has been suspended for a year and Edge has been suspended for 30 days, with the stipulation that he never be a supervisor again.The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

Prudential Financial has named former Federal Bureau of Investigation Assistant Director Joseph Bill Jr. as vice president of global security. He will report to Chief Security Officer Lori Hennon-Bell, and will be responsible for domestic and international security and asset protection."We’re extremely pleased to welcome Joseph to Prudential’s security team,” said Joyce Leibowitz, senior vice president of Shared Services. “His experience and insight into international security further strengthens our ability to uphold the safety and security of our employees and stakeholders around the world.”During his 30-year career at the FBI, Billy served in a number of positions with the foreign counterintelligence program, the FBI/New York City Police Department's joint terrorism task force and most recently as assistant director in charge of the counterterrorism division in Washington, D.C.“Prudential is dedicated to protecting the company’s people and its assets, and Joseph’s impressive background and experience will help ensure that we can take our services to the next level,” said Hennon-Bell.