Money Management Executive Latest News

The Securities and Exchange Commission has charged five former portfolio managers of two registered investment advisory firms, LP Advisors and Freedom Capital, with allowing hedge fund clients to late trade mutual funds in 2002 and 2003. The five are David Byck, William Cole, Charles Irwin, Michael Price and Jay Sumner.

Four years after securities regulators sued five former brokers at Prudential Securities for extensive improper mutual fund trading, Justin Ficken, never considered the most notorious trader in the scandal, is facing the largest monetary penalty out of everyone, according to the Newark Star-Ledger.

This summer's extreme wave of market volatility was enough to make investors and mutual fund managers seasick.

The Securities and Exchange Commission has revised its examination hotline system, at 202-551-EXAM, following a 38-page Government Accountability Office study analyzing its examination procedures.

IndexIQ, the Rye Brook, N.Y.-based firm best known for the development of proprietary so-called next generation indexes for institutions and wealthy investors, has created a new asset management business that will sell products created from its indexes.

Of the 14 regulations that came out of the mutual fund trading scandal, the two most important were the creation of a chief compliance officer and the requirement that three-quarters of a fund's board of directors, including its chairman, be independent.

SEC Increasing Scrutiny of Insider Trading at Hedges; Issues Questions to Funds

Epright Named EVP, COO Of AIG Advisor Group; Caliman Also Promoted

Full-page newspaper ads or mailed invitations hyping financial seminars for seniors often are dubbed "educational" and "workshops."

ALPS Fund Services has named John Donaldson chief financial officer.