Money Management Executive Latest News

Fidelity and Vanguard recently introduced retirement income funds, and while they both offer monthly payments that can vary from year to year, they are actually very different from one another, The Wall Street Journal reports.

American Funds’ Growth Fund of America has become the first mutual fund to ever top $200 billion, The Wall Street Journal reports, but now that it’s reached that gargantuan size and its performance has become average, some shareholders are pressuring it to close to new investors. Certainly, this month, Morningstar took away one of its stars, ranking it now as four-star.

Fidelity Investments’ director of advertising Claire Huang will be leaving the company before the end of the year, the Boston Globe reports. This development, combined with the recent appointment of Sanjiv Mirchandani as executive of product marketing, indicates that Fidelity is taking a new marketing and advertising approach.

The Securities and Exchange Commission sued New York hedge fund Colonial Investment Management in federal court Monday, charging the company with making more than $1.48 million from illegal trades, the Associated Press reports.

With a backlog of mutual fund and hedge fund cases at the Securities and Exchange Commission, the departure of two Democratic commissioners and Chairman Christopher Cox’s unusual vote in favor of two contradictory proposals on shareholders’ rights to nominate board trustees, the future of the SEC is in question, the Los Angeles Times reports.

It isn't often that mutual fund firms launch remarkable, truly unique new products. Certainly, exchange-traded, lifecycle, 130/30 and emerging-market funds have been among the most significant and popular offerings in recent years.

Although Fidelity Investments’ mutual funds have been delivering solid returns, many investors have been taking billions of dollars worth of business elsewhere, The Wall Street Journal reports.

Nasdaq has introduced a new index of 50 companies, called the the Nasdaq Q-50 Index, that it is considering including in the Nasdaq 100 Index.

While the closing of the hedge fund at Dillon Read was due to the difficulty in valuing subprime mortgage-backed holdings, the problem of fair valuation is permeating a wide number of other hedge funds and mutual funds, The Wall Street Journal reports.

Although it has been three years since Janus paid $226 million to settle market-timing charges, the Securities and Exchange Commission has taken three former Janus executives, Warren Lammert, Lars Soderberg and Lance Newcomb, to trial in Denver for market timing.