Money Management Executive Latest News

With the Legg Mason Value Trust falling 5.7% in the second quarter and 10% through the first six months of the year, Bill Miller, the famed portfolio manager of Legg Mason's $18.1 billion flagship fund, has asked investors in his most recent shareholder letter to be patient, MarketWatch reports. By comparison, the S&P 500 declined 1.4% in the second quarter and about 7% for the year.

Buyout firms Carlyle Group and Blackstone Group are poised to offer hedge funds.

While Fidelity Investments has gone through a number of sweeping changes in the past few years, they are not about to abate, Vice Chairman Robert Reynolds tells Financial Times. "If you don't like what's happening at Fidelity, stay around a few years and it will change," said Reynolds, who recently challenged employees of the firm to double assets by 2010.

When Christopher Cox took office as chairman of the Securities and Exchange Commission a year ago, investor advocates took note of his firm business ties, fearing he would undo many of the regulations that were put in place during the active crackdown on fraud throughout William Donaldson's watch.

Fidelity Investments will spend $100 million to build a facility in Wake County, North Carolina, Governor Mike Easley announced yesterday.

Because there has been growing speculation that as Baby Boomers begin to retire and cash in their investments, and the sell off could seriously upset the markets, the Government Accountability Office conducted a study to see if that could be true, The Wall Street Journal reports.

An increasing number of financial experts have begun slamming exchange-traded funds as too numerous, too specialized and not necessarily inexpensive, due to their trading costs.

A week before the case was scheduled to go to trial, investors in American Century mutual funds dropped a lawsuit over the fees the funds charge, Bloomberg reports. They had accused the company of charged retail customers more than institutional investors.

The Securities and Exchange Commission on Monday charged three former Janus Capital executives with violating federal securities laws and prospectus provisions by allowing or facilitating improper frequent trading arrangements. The three are Warren Lammert, who was the portfolio manager of the Janus Mercury Fund; Lars Soderberg, who was former executive vice president; and Lance Newcomb, former sales director.

Fidelity and SunGuard announced Tuesday a multi-year partnership that gives the two companies wide access to the growing network of intermediaries, especially in the retirement market.