Money Management Executive Latest News

Sun Life Financial issued a release Monday acknowledging that it is exploring "strategic alternatives" to grow its MFS Investment Management business.

The Securities and Exchange Commission is about to issue its first guidance on how mutual fund companies caught up in the trading scandal can calculate the $2.5 billion due to shareholders through reimbursements, and investors can expect the first checks to be mailed before the end of the year, a SEC spokesman tells MarketWatch.

New York Attorney General Eliot Spitzer has indicted Trautman Wasserman broker James Wilson and charged him with 11 counts for placing late mutual fund trades on behalf of the firm's hedge fund clients between November 2000 and September 2003. Each of the charges carries up to four years in jail and a penalty up to $5,000, or double the amount of the gain from the criminal conduct.

The hot run on commodities funds--particularly those focused on gas and oil--seems to have begun cooling, according to The Wall Street Journal.

On the heels of a court victory repealing requirements for them to register--and subsequent promises from regulators to watch them closely--hedge fund managers seem to be betting on political campaigns this year, according to MSNBC.

One of the top money managers at Robert W. Baird, Mary Ellen Stanek, has been accused by a rival firm of trading initial public offerings in her own account, rather than in the mutual funds and separately managed accounts intended for clients, the Milwaukee Journal Sentinel reports. The firm, Red Granite, also implied that Stanek and four other executives at Baird did not hold proper securities licenses.

Putnam Investments parent Marsh & McLennan on Friday announced plans to chop 750 employees from its payroll and undertake several other cost-cutting initiatives, including consolidating locations and retooling its information technology teams.

After surveying 1,000 small business owners with no more than 20 employees about 401(k)s, Fidelity Investments found that 43% don't want to offer them because they mistakenly think they are too expensive.

NEW YORK-As regulators move toward more data-intensive investigations, the relationship between hedge funds and their broker/dealers will receive increased scrutiny, said Linda Chatman Thomsen, director of the Securities and Exchange Commission's division of enforcement.

Phillip Goldstein, the hedge fund manager and self-professed shareholder activist and partner of Bulldog Investors of Pleasantville, N.Y., is set to duke it out again with the Securities and Exchange Commission in a battle that could eventually lead all the way to the Supreme Court.