- Money Management Executive
The NASD fined Oppenheimer & Co. $800,000 on Wednesday for failing to timely and accurately report 6,100 municipal securities transactions between January 2003 and May 2004, as well as not responding to the regulator’s request for information in September 2004.
October 5 - Money Management Executive
Legg Mason has renamed its separately managed account businesses, using the ClearBridge and Western Asset Management brands.
October 4 - Money Management Executive
Mellon Financial has closed its previously announced deal for Walter Scott & Partners, an Edinburgh equity investment firm specializing in global and international strategies.
October 4 - Money Management Executive
Fueled by the strength in financials and utilities and investors’ aversion to volatility in growth stocks, value mutual funds have continued to deliver strong returns, The Wall Street Journal reports. Many experts had predicted growth would return to favor.Year-to-date, domestic value funds have delivered an average return of 8.95%, compared to growth funds’ average of 1.22%.
October 4 - Money Management Executive
Although mutual funds own 25% of the stocks in the nation and could initiate corporate reform through their proxies, they overwhelmingly support management, The Wall Street Journal reports.
October 4 - Money Management Executive
The Securities and Exchange Commission has filed civil charges against Gene Mancinelli, a former broker with Wall Street Access, for allowing a hedge fund to place more than 2,000 improper trades in mutual funds between April 2001 and October 2001, Associated Press reports.
October 4 - Money Management Executive
Bank wealth managers are increasingly embracing open architecture platforms, a survey of 51 executives by SEI shows.
October 3 - Money Management Executive
Fears that the U.S. economic growth is slowing prompted many investors to return to international mutual funds, helping revive their performance in the third quarter, The Wall Street Journal reports.
October 3 - Money Management Executive
Mutual fund investors overwhelmingly prefer summaries to full annual reports, according to a poll commissioned by the Investment Funds Institute of Canada, Canadian Business reports.
October 3 - Money Management Executive
A poll commissioned by Fidelity Investments shows that now that the law has been permanently extended to allow parents to make tax free withdrawals from 529s, more than half of parents said they are likely to open a 529 plan, Reuters reports.
October 3