Money Management Executive Latest News

Melissa Rosenbaum has joined ICON Advisers as marketing vice president, in charge of directing and managing marketing and sales of its mutual funds and private account products.

DST Systems announced Tuesday that its second-quarter earnings rose 31% to $72.8 million, or $1.01 a share, from $55.5 million, or 76 cents a share, in the second quarter of 2006. Adjusted earnings rose to $58.7 million, or 81 cents per share, from $51.6 million, or 70 cents per share.

Fidelity Investments announced Thursday that total client assets in Fidelity Brokerage Co. rose 23% from a year ago, to a record $1.87 trillion, and total client accounts increased 11% to 18 million. Daily average commissionable trades also rose, by 12%, for an average of 349,784 trades a day. Net new client assets were $30.9 billion.

Investors can now buy options on the HealthShares Emerging Cancer exchange-traded fund through the Philadelphia Stock Exchange electronic trading platform, the exchange announced.

Vanguard founder John C. Bogle blasted American Enterprise Institute Scholar Peter Wallison’s claims that market forces keep mutual fund fees in check, in an editorial published by The Wall Street Journal.

China is getting ready to introduce its first all-mainland stock index and an exchange-traded fund to track it, according to Shanghai Daily.

State Street announced that its second-quarter profit rose 60% from a year earlier, to $366 million, or $1.07 per diluted share.

Interested in the potential trading volume exchange-traded funds can bring to an exchange, stock markets are now vying with the New York Stock Exchange and the American Stock Exchange for ETF listings, The Wall Street Journal reports.

Although Barclays Global Investors runs $301 billion in exchange-traded fund money through 137 funds— commanding a 60% share of the $500 billion ETF market—Vanguard and State Street are launching new products and marketing campaigns to catch up, Reuters reports.

While most mutual fund companies require four- and sometimes five-figure minimums to invest, they are increasingly offering far lower minimums to people in their 20s and 30s, The Wall Street Journal reports. On top of that, they are inundating them with such all-in-one products as target-date funds, online tools, easy-to-enroll individual retirement accounts and solutions for financial concerns other than retirement, such as paying off student loans, saving for a house and planning for their children’s college tuition.