Money Management Executive Latest News

Marsh & McLennan Chief Executive Officer Michael Cherkasky said he hopes the decision about whether to sell Putnam is decided within the next few weeks, The Wall Street Journal reports.

A West Palm Beach grand jury has indicted the three men who ran hedge fund KL Group on charges of mail and wire fraud, conspiracy and money laundering. The jury also indicted KL Group and two of its subsidiaries, KL Forida and Triangulum Management.

ING has been sued for allegedly accepting kickbacks from mutual fund companies in its retirement plans, thereby boosting fees, The Wall Street Journal reports.

Morningstar is planning to launch a family of fixed income indexes that will serve as benchmarks for individual investors, as well as the basis for exchange-traded funds, mutual funds or, possibly, derivatives.

In line with its decision to sell U.S. Trust to Bank of America, Charles Schwab is no longer going to pursue the top 0.5% of the wealthy, that is, those with more than $2 million to invest, Registered Rep reports. Instead, the company will focus on those with between $50,000 and $2 million.

Hedge funds are setting a new trend by listing on exchanges to raise funds, with Brevan Howard Asset Management and Polygon Investment Partners being two of the latest, The Wall Street Journal reports.

The securities department of the Illinois Secretary of State has sent a hearing notice to A.G. Edwards charging the company facilitated market-timing practices, Dow Jones reports.

Canadian Securities Administrators has ruled that Morningstar Canada’s ratings system is “reasonable and appropriate” and is a viable alternative to the ratings system of the Canadian Investment Funds Standards Committee, The Globe and Mail reports.

Kensington Investment Group has launched the Kensington Global Real Estate Fund, a fund that will seek both capital appreciation and income by investing in blue-chip real estate firms, primarily in North America, Asia Pacific and Europe.

Forward Management has launched the Forward Long/Short Credit Analysis Fund. A fixed-income fund that seeks to maximize total rate of return and minimize investment risk, it will use a credit-based, relative value investment strategy. Specifically, it will screen a range of fixed-income investment sectors looking for undervalued and overlooked investment opportunities, as well as execute arbitrage strategies.