Money Management Executive Latest News

The United States District Court for the Southern District of New York has permanently banned Irving Paul David, the former controller of the Smith Barney World Funds from the financial industry. David did not admit or deny the allegations.

The United States District Court for the Southern District of New York has permanently banned Irving Paul David, the former controller of the Smith Barney World Funds from the financial industry. David did not admit or deny the allegations.

Many in the mutual fund industry expect the Securities and Exchange Commission to give an extension on the Oct. 16 deadline for the anti-timing Rule 22c-2 in the coming days, as many intermediaries have not entered into information-sharing agreements with fund companies and not all fund firms have found a way to extract individual shareholder and trade data from omnibus accounts, The Wall Street Journal reports.

Amaranth Advisors, the troubled Greenwich, Conn.-based hedge fund, has avoided total liquidation, and might even regroup after a monumental one-month drop of $6 billion, according to Reuters.

The NASD last Tuesday fined three MetLife Securities companies $5 million for allowing late trading of mutual funds, providing inaccurate and misleading information to the NASD and failing to produce e-mails in a timely fashion.

With U.S. midterm elections approaching fast, in a year where experts predict shakeups in the House and Senate, politicians across the nation are working on polishing their rhetoric and preparing the platforms that reflect the issues that concern voters most: healthcare, homeland security and...hedge fund regulation?

Morgan Stanley Funds' board of directors is tweaking both its board committee structure as well as the compensation that independent trustees receive for serving as chairpersons of committees. As of next week, independent trustees who serve as committee chairpersons and/or chairpersons of newly formed sub-committees are in for raises.

While mutual fund companies focus on the upcoming wave of the nation's 77 million retiring Baby Boomers and how to capture that business, they're overlooking another inevitable seismic event.

Putnam Investments parent Marsh & McLennan plans to slash 750 employees from its payroll and undertake several other cost-cutting initiatives, including consolidating locations and retooling its information technology teams. By the end of 2008, Marsh & McLennan hopes to save $350 million.

The New York Stock Exchange and other regulators are shifting the focus of their market-timing investigations from mutual fund companies and hedge funds to individual brokers and their supervisors, according to Susan Merrill chief of enforcement for the NYSE said.