Money Management Executive Latest News

In response to critics, most notably the U.S. Chamber of Commerce, the Securities and Exchange Commission is adhering to recommendations by President Bush that government agencies undertake economic analysis before recommending new regulations, Dow Jones reports. And its findings that the cost of implementing independent directors at fund boards may outweigh the benefits could undermine that proposal.

Although the market overall has been doused by subprime loans, individual mutual funds aren’t likely to have much exposure to the volatile sector, the Associated Press reports.

Having completed the integration of the money management group from Citigroup, Legg Mason is now trying to showcase the resulting merger with a $4 million corporate print ad campaign, The Wall Street Journal reports.

The tax-free provisions of college savings plans and other state programs could be significantly curtailed if the Supreme Court decides to review a Kentucky court ruling that found it unconstitutional for Kentucky to tax municipal bonds issued in other states, while not taxing those issued in-state, a lawyer stated this week.

A number of websites have sprung up to educate investors about exchange-traded funds, MarketWatch reports. Those that aren’t free are quite expensive, but some of them are free.

Mutual fund trustees have joined a growing movement by activists, academics, foreign investors, union leaders and politicians to limit excessive chief executive officer pay, The Wall Street Journal reports.

Lord Abbett announced Monday that Robert Morris, its chief investment officer for the past two years and a 16-year veteran of the firm, will retire by the end of this month. Morris joined the firm in 1991 as director of equity research and was then promoted to director of equity investments.

The CurrencyShares Japanese Yen Trust, an exchange traded fund from Rydex Investments, is up 2.6% and has attracted $360 million since its introduction on the New York Stock Exchange a month ago, MarketWatch reports. Many traders believe that what’s boosted the yen in recent weeks is a deceleration in yen carry trades and traders buying the currency as a result. Some also believe the Japanese economy is now on solid ground.

Although American workers are saving more for retirement, they still aren’t saving enough and are likely to face a more expensive retirement due to longevity, healthcare and curtailed working years, The Fidelity Research Institute reported Monday.

Sales of American Funds have outpaced competitors for the past five years. In each of the years 2005 and 2006, the fund shop took in more than $73 billion. But that’s likely to stop in 2007, the firm predicts, Investment News reports.