Money Management Executive Latest News

Mutual fund companies have developed robust online transaction capabilities, according to a report from Corporate Insight. Of the 18 surveyed, only one firm offered no transaction capabilities, while a second didn't allow investors to sell shares online. The remaining 16 companies allow investors to buy, sell and exchange shares online.

Hedge fund and money managers, always looking to boost returns, are focusing on sophisticated investing products and strategies and more are beginning to outsource some complex support tasks. Reaping the benefits of this are globally equipped custody banks, according to The Wall Street Journal.

Morningstar announced that its third-quarter profits jumped 80% to $13.5 million, or 29 cents a share, from $7.5 million, or 17 cents a share, from the year-ago period, Bloomberg reports.

Huntington Bancshares announced Thursday it has reached an agreement to acquire Unified Fund Services, which provides transfer agent, fund accounting, distribution and administration services to mutual fund companies, for cash by the end of next year.“This acquisition creates a complete one-stop-shop for mutual fund servicing and strategically fits with our custody and other asset servicing businesses,” said Huntington Senior Executive Vice President Daniel B. Benhase, who noted that the biggest growing area in fund administration is small- and mid-size back office operations.

Nationwide Mutual Insurance and its Nationwide Financial Services subsidiary are considering selling another subsidiary, Gartmore Global Investments, which has $25 billion under management, as well as its institutional asset management businesses.

Larry Lasser, ousted as the chairman of Putnam Investments at the outset of the mutual fund timing scandal, has laid low these past three years. But recently, after speaking at Olin College in Massachusetts, the much-maligned executive granted an interview to the Boston Globe in which he expressed some regret for the Putnam’s state today—with a caveat.

New York Attorney General Eliot Spitzer is calling on companies to stop paying the legal fees of their executives facing criminal charges, law.com reports.

Third time’s the charm as Morgan Stanley announced its third hedge fund deal this week. The Wall Street behemoth pinched a minority stake in London-based hedge fund Lansdowne Partners as the firm moves to rebuild its investment management business, the New York Post reports.

Principal Financial Group said its third-quarter earnings rose 19.5% from a year earlier, to $251 million. Earnings per share were 92 cents a share, nine cents below the average analyst estimate, according to Thomson First Call. Assets under management rose 14%, to $215 billion. Principal, which announced its results late Monday, said sales of retirement products such as 401(k)s rose 20%, to $5.4 billion, in the nine months that ended Sept. 30. Mutual fund sales rose 16% and individual annuity sales 24% in the nine months.

Bank of America Wednesday announced it is offering a unified managed account.