Money Management Executive Latest News

Pyramis, the institutional arm of Fidelity, is incubating 13 long-short funds and plans to launch four of them before the end of this year, Reuters reports. Over the next five years, Pyramis expects to attract $20 billion to long-short funds.

The Securities and Exchange Commission has charged two former executive vice presidents with Brean Murray with placing late trades for a number of clients, including Canary Capital.

Man Group, the world’s largest publicly traded hedge fund, indicated that for the first half of fiscal 2007 ended Sept. 30, earnings should rise more than 10% driven by a 15% spike in management fees due to strong sales.

Congress is considering two measures that would raise taxes on private equity firms, Roll Call reports. The first measure would apply to publicly traded partnerships, changing their tax structure from the capital gains to the corporate rate, while the second would raise taxes on profits used to compensate hedge fund managers, or “carried interest.”

Morningstar released the results of its fourth annual stewardship grades on 1,000 funds, and only two funds, Clipper and Selected American Shares, got a perfect score, indicating that they go far and above just obeying the law and obeying industry norms.

The President’s Working Group on Financial Markets, formed under the auspices of the Department of the Treasury, will form two private sector groups to develop best practices for the hedge fund industry, Dow Jones reports.

As in years past, 529 providers have been busy with back-to-school ads, but this year, many of them are emphasizing why 529s are a better alternative to putting assets in a child’s name due to so-called “kiddie taxes” on capital gains, Reuters reports.

Fidelity Investments has reported that assets held in its 529 college savings plan business increased 22%, to $2.4 billion, during the 12 months from September 2006 through the end of August of this year.

The Federal Reserve approved a regulation Monday that will allow banks to continue selling securities and mutual funds without registering with the Securities and Exchange Commission, Reuters reports.

Only 23% of women surveyed said they are very confident that they will be able to live a comfortable lifestyle in retirement, Transamerica found in its eighth annual retirement survey. The percentage of women who are very confident remains at the same level of 2004.