Money Management Executive Latest News

WASHINGTON-The offshoring of complex, "knowledge-based" functions, coupled with the explosion of wealth and urbanization in emerging markets, demands that fund companies go truly global. That means not only increasing outsourcing but also offering products in the far reaches of the globe.

It's been four years since Noreen Harrington has appeared on the scene, but she recently spoke before an industry group on why she blew the whistle on the market timing and late trading at Canary Capital, setting off the shocking scandal that rocked the fund industry, cost it $5 billion in fines and nearly tarnished its reputation forever.

Noyes Joins Diversified Investment Advisors as VP

Mass. Investigating Failed Bear Stearns Hedge Funds

Earlier this month, Nasdaq launched its official entry into the exchange-traded funds (ETFs) listing competition by rolling out its official, proprietary ETF marketplace.

As the asset management industry undergoes a period of restructuring and realignment, independence is emerging as an important strategic asset when it comes to gathering assets, building a brand and attracting and retaining employees.

With buy-side firms turning to increasingly complex instruments, embracing independent research and beginning to aggregate information through open-system, web-based tools-technology spending to support research is set to go through the roof.

Franklin Templeton reported third-quarter profits of $426.9 million, or $1.76 a share, compared with $381.7 million, or $1.49 a share, in the year earlier period, representing a 14% increase, MartketWatch reports. Analysts had expected Franklin to earn $462.1 million.

Janus reported third quarter net income of $12.2 million, or 7 cents a share, down from $29.5 million, or 25 cents a share in the third quarter of 2006, MarketWatch reports. Janus took a charge in the quarter for selling its unprofitable printing business, Rapid Solutions Group, which lost $38.6 million during the quarter.

Sen. Herb Kohl (D-Wis.), chairman of the Senate Special Committee on Aging, held a hearing on Wednesday to discuss the impact hidden fees in 401(k) plans can have on investors’ retirement savings.