Money Management Executive Latest News

Four mutual funds were the first to submit XBRL-formatted risk/return summaries to the Securities and Exchange Commission on Tuesday. They are the Allegiant Advantage Fund, American Funds’ Europacific Growth Fund, the Muhlenkamp Fund and the Vanguard 500 Index Fund.Eric Falkeis, vice president of fund administration at U.S. Bancorp Fund Services, which prepared the XBRL report for Muhlenkamp Fund, told Wall Street & Technology that the four benefits of the new technology are: transparent data, more accurate reports by fund research and consulting companies that turn to the database for information, faster creation of mutual fund reports and greater trust among investors.

The volatile market is scaring some investors and causing them to pull out of funds, but there are some buying opportunities in closed-end funds that aggressive investors might want to look into, according to Dow Jones.Some closed-end-funds are trading at large discounts to their net asset values. Whereas mutual funds and exchange-traded-funds issue any number of shares, closed-end-funds only offer a set number of shares.

Mutual fund giant Vanguard, best known for its indexes expertise, is planning its first participation in a long/short fund, according to Dow Jones.In conjunction with Charles Schwab Investment Management, Vanguard has proposed reorganizing its $21 million Laudus Rosenberg U.S. Large/Mid Capitalization Long/Short Equity Fund into a new fund using long/short market-neutral strategy. It will be the first the mutual fund in Vanguard’s line-up to have shorting equities as a significant portion of the investment process.

Securities and Exchange Commission member Roel Campos, who announced his departure from the commission two weeks ago, will be joining law firm Cooley Godward Kronish as a partner in its Washington, D.C. office, according to Dow Jones.

BNP Paribas will unblock three of its investment funds it suspended earlier this month due to the turmoil in the global stock markets, according to Agence France-Presse.

Although the market has been exceptionally volatile, some mutual funds have been able to handle the risk and deliver strong returns for investors, Dow Jones reports.

Public pension funds have poured billions of dollars into hedge funds seeking higher returns, but with the recent market woes, some funds are experiencing double-digit percentage losses, according to the Chicago Tribune.

Claymore Securities launched three new exchange-traded-funds in partnership with Morningstar on the New York Stock Exchange Arca yesterday.

TD Ameritrade Holding Corp. and E*Trade Financial Corp. are in merger discussions, which would create a dominant player in a highly fragmented industry, according to The Wall Street Journal.

A U.S. hedge fund manager who has been a fugitive for over a year was found in Greece Tuesday, according to CNNMoney.com.