Money Management Executive Latest News

Colin Moore, who has been head of equities at Bank of America’s Columbia Funds unit since joining the firm in 2002, has been promoted to chief investment officer.

The Depository Trust & Clearing Corp. has streamlined the service it offers to fund companies looking to fund prospectuses. DTCC is also maintaining the information from this system, the Mutual Fund Profile Service, in a central repository that fund companies and their sales partners can reference. It includes such details as investment objectives, fee schedules, contingent-deferred sales charges and blue-sky information and commission data.

Prosecutors have indicted John Tomkins, the self-styled “Bishop” who sent threatening letters to American Century and Janus, including a package containing an unarmed bomb with the message, “Bang! You’re Dead,” the Rocky Mountain News reports.

The Securities and Exchange Commission is now accepting registration to its third annual CCOutreach national seminar to guide chief compliance officers, taking place at its headquarters on Nov. 14 from 9 a.m. to 5 p.m..

The Securities and Exchange Commission is looking at mutual fund companies’ trades of securities backed by sub-prime mortgages, the Associated Press reports. The SEC is also taking a close look at the practices of lenders and ratings agencies.

The newest mutual fund that T. Rowe Price has launched, the T. Rowe Price Africa & Middle East Fund, has bet big on Africa, the Baltimore Sun reports. Fully half of the fund’s assets is invested in companies in that nation.

The Federal Reserve’s decision to cut interest rates will certainly boost U.S. markets, but mutual fund managers expect the increase to be even bigger in international markets, Dow Jones reports.

Although Legg Mason established an exclusive sales arrangement for its mutual funds with Citigroup’s Smith Barney brokerage division two years ago when they made their swap, Legg Mason has now renegotiated that in an effort to boost fund sales, the Baltimore Sun reports.

Asset in traditional long-only equity funds will grow a scant 3% by 2010, but assets in 120/20, 130/30 and other types of alternative investments will skyrocket by 141% from $140 billion this year to nearly $2 trillion by 2010, according to a new study from TABB Group.

Evergreen Investments, a unit of Wachovia, settled market-timing charges with the Securities and Exchange Commission for $32.5 million, and former Evergreen Senior Vice President William Ennis also agreed to pay $150,000 to settle related charges.