Money Management Executive Latest News

Mark Ernst, chief executive officer of H&R Block, said the dislocation of the U.S. home loan market could be the most severe since the Great Depression, the Times Newspapers reports.

Talk about a contrarian viewpoint. Neil Hennessy, chief executive officer of the Hennessy Funds and best known for overseeing the “Dogs of the Dow” fund, foresees the Dow Jones Industrial Average rising as much as 15% by the end of the year to 15,000.

The market volatility has sent investors to the exits in droves, Dow Jones reports. In July, investors pulled $4.1 billion from U.S. equity mutual funds, and in August, early projections put net outflows at $9 billion.

The top 20 hedge fund executives’ earnings averaged $655.5 million in 2006, according to a report by the Institute for Policy Studies and United for a Fair Economy.

The Securities and Exchange Commission announced that it settled its civil lawsuit against hedge fund Durus Capital Management and its principal, Scott R. Sacane on fraud charges. The judgment includes injunctions against future violations of the federal securities laws.

Janus announced that Scott Schoelzel, who has managed the Janus Twenty Fund for the past 10 years and has been with the firm for the past 14 years, will be leaving the company at the end of the year.

Investors poured $3.18 billion into money market funds in the week ended Aug. 28, boosting total assets to a record $2.723 trillion, beating the previous week’s record, Dow Jones reports.

Yet another article has been published on how target-date funds are eschewing their reputation for being too conservative and are taking on more risk.

As fixed income instruments become more complex and hedge funds are beginning to set their sights on predictable returns, many are turning to the bond market. In fact, in the past 12 months through April, hedge funds accounted for a full 30% of all bond trading—double from the previous year, The Wall Street Journal reports, citing a study by Greenwich Associates.

The Tokyo Stock Exchange is anxious to list a number of exchange-traded funds from overseas “as early as possible,” TSE President Atsushi Saito announced at a press conference, The Wall Street Journal reports. In particular, the exchange is interested in commodity ETFs.