Money Management Executive Latest News

In spite of increased warnings and media coverage about the real danger that Social Security could go into default in the coming years, many Americans, 23%, believe Social Security will be their primary source of income in retirement, according to a survey of 1,000 people by the Retirement Corporation of America, a registered investment advisory firm.

Chief compliance officers’ annual reports to their board of directors need to strike a balance between an easily understood summary and details, speakers at an SEI Investments’ forum for CCOs said. It’s also important to ask boards what their preference is, they said.

The Securities and Exchange Commission’s investigation into kickbacks from fund administration companies to 27 mutual fund firms in an attempt to secure their business has extended to HighMark Funds, The Wall Street Journal reports, citing a filing with the SEC.

U.S. Representative Barney Frank (D-Mass.)—who will be promoted from senior Democratic member of the House Financial Services Committee to chairman following Tuesday’s election—has promised to go easy on hedge fund regulations but scrutinize executive pay and work to create more affordable housing, Bloomberg reports.

The Nasdaq Stock Market and Jasdaq Securities Exchange are continuing to explore setting up coordinated efforts, including a capital alliance, Jasdaq President and CEO Takashi Tsutsui tells The Wall Street Journal.

Having entrusted its board of directors to have a great deal of input on the possible sale of Putnam Investments, the chairman of the board, John Hill, told the Boston Globe that the board would like to find a buyer that will keep management in place. While it isn’t a requirement that management stay on, Hill added, it is preferable, since the company is finally showing signs of renewed strength.

Janus Chief Executive Officer Gary Black is relinquishing his role as chief investment officer as well, in order to focus on boosting the firm’s assets, which, at $158 billion, are about half of what they were at a peak of $300 billion at the end of the bull market.

BISYS has made an offer to the Securities and Exchange Commission to settle charges related to financial restatements filed Aug. 10, 2004 and April 26, 2006. If the SEC and the court overseeing this case accept the settlement, BISYS will pay $25.1 million.

Barclays Bank has signed an agreement to acquire Indexchange Investment from Bayerische Hypo-und Vereinsbank for $307 million in cash.

Money market funds provided the major part of a 1.6% boost in mutual funds during the second quarter, according to data the Investment Company Institute released Monday.