- Money Management Executive
As promised, the Securities and Exchange Commission has issued an analysis of the effects of independent directors on mutual funds, but its two reports undermine its proposed rule that would require 75% of a fund’s board, including the chairman, to be independent, The Wall Street Journal reports.
January 5 - Money Management Executive
Interactive mutual fund disclosure may be a step closer to a reality. A draft of taxonomy for eXtensible Business Reporting Language (XBRL) data tagging was released by the Investment Company Institute yesterday. The draft will be on the ICI’s website for public review for 45 days.
January 5 - Money Management Executive
Illinois has selected OppenheimerFunds to act as program manager for its 529 college savings plan, the Illinois Bright Start College Savings Program. As such, OppenheimerFunds will act as investment manager, administrator and distributor of the $2 billion program.
January 4 - Money Management Executive
Noting the attractive price of its stock and the likelihood that it will have strong inflows in the first quarter, analysts at Wachovia and UBS have upgraded their outlook on T. Rowe Price, MarketWatch reports.
January 4 - Money Management Executive
Having posted strong gains in the past three months and comprising a large portion of growth indexes, technology stocks, once again, are attracting fund managers’ interest, The Wall Street Journal reports.
January 4 - Money Management Executive
Morningstar named the managers of the Longleaf Partners Fund the best domestic stock fund manager of the year. The two cited are O. Mason Hawkins and Stanley Cates.
January 4 - Money Management Executive
Power Corp.’s reported acquisition of Putnam Investments is likely to be the first of many additional U.S. purchases, an analyst told Canadian Business.
January 4 - Money Management Executive
Illington Funds will start the New Year with a new name: ThomasLloyd Global Asset Management.
January 3 - Money Management Executive
Bill Miller, portfolio manager of the Legg Mason Value Trust Fund hailed for beating the S&P 500 for 15 years, ended that streak by delivering the worst performance among his peers, Bloomberg reports. A multi-cap value fund, Value Trust rose a scant 5.9% in 2006, compared to the S&P 500’s 15.8% rise.
January 3 - Money Management Executive
Blue-chip and dividend-paying mutual funds turned out to be among the best investments in 2006, bucking their tradition of trailing the S&P 500, Associated Press reports. And emerging market mutual funds continued their strong run.
January 3