- Money Management Executive
T. Rowe Price reported earnings of $128 million, or 46 cents a share, in the third quarter, up 10% from $116 million, or 43 cents a share, in the third quarter of 2005. Although the earnings fell three cents short of analysts’ expectations, assets under management reached $308 billion to set a record.
October 27 - Money Management Executive
Janus Capital announced Thursday that its third-quarter earnings fell to 7% to $29.5 million from $31.7 million in the third quarter of 2005. Revenue, however, increased 4.8% to $229 million from $218.4 million, primarily on the strength of its Intech unit, which had net inflows of $1.7 billion. Excluding those inflows to Intech, investors pulled $1.8 billion from long-term funds at the company.
October 27 - Money Management Executive
The Securities and Exchange Commission is investigating whether 27 mutual fund companies accepted millions of dollars worth of kickbacks from fund administrators looking to secure their business, The Wall Street Journal reports.
October 27 - Money Management Executive
A federal judge has decided to allow a class-action suit against Wells Fargo, its subsidiary H.D. Vest and a number of other mutual fund companies to proceed, but has dismissed some of the allegations and is requiring that additional investors join the lawsuits by Nov. 17.
October 27 - Money Management Executive
The Securities and Exchange Commission has fined Stephen Treadway, former chairman of the equity mutual funds at PIMCO, $572,000 for allowing improper trading of mutual funds, Dow Jones reports. Treadway has also been banned from serving as an officer or a director of a mutual fund company for one year.
October 27 - Money Management Executive
Affiliated Managers Group reported third-quarter earnings of $33.1 million, or 87 cents a share, Wednesday, up 16% from $28.5 million, or 67 cents a share in the third quarter of 2005. Revenue was up 20% to $280.4 million, from $234.1 million.
October 26 - Money Management Executive
Amvescap, parent company of mutual fund companies Invesco and AIM Investments, reported third-quarter profits of $102 million, or 13 cents a share, Wednesday. While that was a 36% increase from $74.9 million, or 9 cents a share, in the third quarter of 2005, it fell short of analysts’ estimates of $113 million.
October 26 - Money Management Executive
Power Financial, a Canadian insurance company, is interested in possibly acquiring Putnam Investments as a way of gaining an entrée to the U.S. mutual fund industry, the Globe and Mail reports, citing investment banking sources familiar with the matter.
October 26 - Money Management Executive
Bending into shareholder pressures, large institutional investors, including mutual and pension funds, are beginning to show more of an interest in their proxy voting records, the Associated Press reports.
October 26 - Money Management Executive
The NASD has fined Paul Saunders, chairman and CEO of hedge fund James River Capital, $2.25 million for market timing mutual funds through annuities.
October 26