Money Management Executive Latest News

Due to the growth of the investment management industry in Asia over the past few years, BISYS has opened a new office in Hong Kong. The office will complement the firm's 24-hour global fund services, serving 1,100 investment advisors in 60 countries, by focusing on clients in the Asia Pacific, including Australia, Japan and Taiwan.

Less than a third of mutual fund companies are providing financial advisers with useful wealth transfer tools and education--thereby causing both to miss out on a potentially huge market due to the transfer of much of the nation's retirement wealth from pension plans into defined contribution plans.

MassMutual has had tremendous success boosting 401(k) participation by supplying workers with pocket PCs to make on-the-spot selections during enrollment meetings, FinanceTech reports.

Banc of America Investment Advisors, the adviser to the Liberty All-Star Funds, has agreed to sell the portfolios to ALPS Advisers.

Knight Capital Group has taken a minority stake in ReFlow Management, the two companies announced yesterday, without specifying the size of the equity position.

A new mindset seems to be taking over at the leading fund companies: encouraging investors to make responsible investments, rather than chasing their assets by pushing imprudent investments, The Wall Street Journal reports.

Vanguard, long known for its index funds and selling direct to consumers, has been developing exchange-traded funds that many believe are specifically targeted to brokers and financial advisers--a departure in distribution strategy, MarketWatch reports.

The Securities and Exchange Commission has ordered five mutual fund companies to return $7 million, plus interest, to investors for not charging them the correct performance-related fees between April 1997 and December 2004. The five companies are Dreyfus, Gartmore Mutual Fund Capital Trust, Kensington Investment Group, Numeric Investors and Putnam Investment Management.

London-based Barclays Global Investors has requested permission to launch an exchange-traded fund that tracks the primary socially responsible index: the Domini 400.

Investors due a reimbursement from the mutual fund scandals shouldn't get hopes up of striking gold. The process of going through years of investment history for thousands of investors is costly, and some investors may end up with chump change of $10 or less, according to the Wall Street Journal.