- Money Management Executive
Nationwide Mutual Insurance is selling its retail mutual funds business, NWD Investment Management, for $225 million in cash, plus the value of tangible shareholders’ equity on the balance sheet at closing, to its publicly traded Nationwide Financial Services division.
February 7 - Money Management Executive
The Securities and Exchange Commission is taking proceedings against brokerage Trautman Wasserman and a number of its executives, including the chairman and chief executive officer, charging them with late trading for clients and the firm’s own account. Named in the case are CEO Greg Trautman, Chairman Samuel Wasserman, Chief Compliance Officer Forde Prigot Chief Financial Officer Mark Barbera, Chief Administrative Officer Jerome Snyder and Registered Representative James A. Wilson, Jr.
February 7 - Money Management Executive
President Bush’s 2007 proposed budget increases funding for the Securities and Exchange Commission only 3%, to $905.3 million compared to $904.8 million in 2006, according to the Associated Press.
February 7 - Money Management Executive
Federal Prosecutors are examining how someone from Allied Capital Group may have obtained phone records of a rival hedge fund, according to Reuters.
February 7 - Money Management Executive
The Securities and Exchange Commission is investigating whether large brokerage firms are sharing information about big trading blocks, by such companies as large mutual funds, with favored clients, such as hedge funds, sources have told The New York Times, and the SEC itself confirmed.
February 7 - Money Management Executive
State Street Corp. announced Monday it is taking over Investors Financial Services for $4.5 billion in stock.
February 6 - Money Management Executive
New York-based Depository Trust & Clearing Corporation announced plans to launch a web-based tool that will make a wide range of information gleaned from fund prospectuses and funnel it into a single, searchable database.
February 6 - Money Management Executive
The federal Department of Labor is cracking down on 401(k) plans, and pushing for transparency, according to Investment News.
February 6 - Money Management Executive
The family of Fidelity Investments Chairman Edward “Ned” Johnson and senior executives are trading $3.8 billion of preferred stock for common stock and bonds, a move that could save them millions in taxes, Bloomberg reports.
February 6 - Money Management Executive
Connecticut is home to many hedge funds, and various proposals to oversee them are in discussion, according to Dow Jones.
February 6