Money Management Executive Latest News

The owner of a business in Tulsa, Okla., got five years’ probation for raiding $24,000 meant for the 401(k) accounts of 18 of his employees, Tulsa World reports.

Paul Hondros, who founded Gartmore Global Investments, renamed NWD Investment Group in the last week, is leaving the firm as of Friday, the Philadelphia Inquirer reports. John Grady, who joined the firm only two months ago, will replace him as interim chief executive.

The first wave of Baby Boomers who retire will shift $8.4 trillion from 401(k)s and other qualified accounts to individual retirement accounts—but only the most innovative asset management firms will capture that money. That’s according to a new study from Boston Consulting Group, Reuters reports.

The Fidelity Research Institute has created the annual “Pyramid Prize,” a $50,000 reward that will go to the authors of research on how to prepare for retirement. Specifically, the institute will be looking for innovative, practical retirement income and healthcare approaches.

The NASD announced Wednesday that it is fining four brokerage firms $850,000 for failing to waive front-end sales charges for customers buying Class A shares by not having adequate supervisory systems and procedures in place. In addition, the companies must repay $43.8 million to the overcharged customers.

A survey that Barclays Capital took of its clients found that they intend to increase their commodities holdings over the next few years, Bloomberg reports.

Confidence among wealthy investors declined last month for the first time in three months, according to an index compiled by Spectrem Group.

Nuveen Investments, long known for its closed-end mutual funds, which appeal to high-net-worth investors, has launched seven open-end funds to appeal to middle-market retail investors, MarketWatch reports.

JPMorgan has hired Steven Cutler to join the firm in February as general counsel. Recently the director of the division of enforcement at the Securities and Exchange Commission—where he led the SEC’s crackdown on mutual fund trading abuses and corporate fraud—Cutler is currently a partner and co-chair of the securities department at WilmerHale.

With millions of Chinese rushing to invest in stocks and mutual funds, the nation’s top securities regulator is urging fund managers to improve their risk controls so that the market does not overheat, Reuters reports.