Money Management Executive Latest News

Kevin Quinn, the Jefferies broker who tried to entice Fidelity Investments traders to do more business with his firm by throwing lavish parties for them, one complete with strippers and private jets, is opening a hedge fund called Cottage Capital, Hedge Fund Alert reports.

The first criminal case against a hedge fund for market timing has been filed, the Philadelphia Courier-Post reports.

Cybercriminals in Russia have stolen tens of millions of dollars from U.S. 401(k) accounts, the Federal Bureau of Investigation and the Securities and Exchange Commission have found, United Press International reports. Companies whose customers have had their accounts hacked into include E*Trade Financial, Ameritrade Holding, Fidelity Investments, Merrill Lynch, Charles Schwab and Vanguard.

J. Christopher Donahue, president and chief executive officer of Federated Investors and son of the firm’s founder, John F. Donahue, was compensated a total of $3.37 million in 2006, a filing with the Securities and Exchange Commission shows.

Assets in religious-themed funds are soaring these days, topping $17 billion in 50 funds, up from a mere $500 million 10 years ago, The Wall Street Journal reports. The funds run the gamut of faiths, from Muslims, to Catholics to Presbyterians.

Ping An is poised to become China’s first insurer to acquire a controlling stake in a mutual fund company, sources tell Reuters.

Some target date funds are poorly designed, JPMorgan reports in a new white paper.

Next year, when IBM freezes its pension and begins offering its 127,000 U.S. workers the option of investing in a 401(k), the firm will also give them financial education and coaching, the Raleigh News & Observer reports.

Four years, $2.5 billion in fines and a continuing fund scandal later, regulators are still trying to figure out how to compensate investors whose assets were depleted by the actions of the late-trading and market-timing scammers, The Capital reports.

The Securities and Exchange Commission will almost assuredly approve proposed rules that will increase the minimum assets an investor must have to partake in a hedge fund, Reuters reports. Currently, that’s $1 million, inclusive of the value of one’s home. The SEC wants to make that $2.5 million, exclusive of homes, and will most likely succeed, Jennifer McHugh, a senior adviser in the SEC’s division of investment management, told the Council of Institutional Investors.