Money Management Executive Latest News

Financial advisers are bullish on the U.S. economy and markets, Brinker Capital found in its first quarterly Brinker Barometer, in which the firm surveyed advisers about the economy, retirement savings, investing and market performance.

While talk of competition from hedge funds, private equity and alternative investments might be sending shivers down the spines of some mutual fund executives, by many major barometers, the industry seems to be holding up to its rivals, The Wall Street Journal reports.

The Securities and Exchange Commission paid the first of three installments of a total of $267 million from a fair fund to PBHG investors who were harmed by market-timing and late-trading activity in the funds, The Philadelphia Inquirer reports. So, far, $125 million has been sent to 254,000 investors. A total of 384,000 will eventually be paid, with Sept. 30 being the last installment.

The U.S. Attorney General’s office arrested John P. Tomkins, a 42-year-old machinist from Dubuque, Iowa, on Wednesday, on suspicions he is the culprit who sent dud pipe bombs to the offices of American Century and Janus Capital with ominous messages signed “The Bishop,” the Associated Press reports. Tomkins, who was once a part-time U.S. Postal Service letter carrier, was on his way to work at a manufacturing facility. Federal agents began searching his home and a storage facility on Wednesday, and he was scheduled to appear in court in the afternoon.

Waddell & Reed announced Wednesday that its first-quarter profit rose 17% from a year earlier to $28.7 million, or 35 cents a share, from $24.6 billion, or 30 cents a share, in the first quarter of 2006.

Although T. Rowe Price’s profits rose 22% in the first quarter of the year to $143 million, up from $116.7 million in the first quarter of 2006, the profits were slightly below the $147.3 million analysts expected.

XTF Advisors, which specializes in exchange-traded funds, has launched nine funds-of-funds that will invest in ETFs and that are specifically designed for the 401(k) market.

With fund companies’ April 16 deadline for putting information-sharing agreements on market timing activity in place with intermediaries, it has become apparent that some funds are now charging redemption fees, The Wall Street Journal reports. Others, however, have dropped them.

More than 40 hedge funds throughout Europe have gone public in the last two years, raising more than $13.5 billion, but the rash of initial public offerings flooding the market there coupled with weak performance is causing many investors to lose interest, The Wall Street Journal reports.

The Free Enterprise Action Fund announced Tuesday that it plans to push for further debate on global warming on fears that new “global warming regulations could devastate economic growth and jeopardize the earnings of companies in the fund’s diversified portfolio without having any discernible impact on global temperatures.”