Money Management Executive Latest News

Pershing, a Bank of New York subsidiary, has added Russell Investment Company funds to FundVest, Pershing's no transaction-fee mutual fund program. FundVest offers investors access to over 1,700 mutual funds managed by nearly 150 companies.

T. Rowe Price reported Thursday that its earnings for the second quarter were $136 million, up 33% from $102 million in the second quarter of 2005. Earnings per share were 49 cents, 3 cents greater than the consensus of analysts polled by Thomson Financial.

Franklin Resources reported Thursday that its net income in the second quarter was $371.4 million, or $1.41 per diluted share, up 42% from $261.9 million, or $1 per diluted share, in the second quarter of 2005.

Vanguard has hired RSA Security to protect investors' accounts online, The Wall Street Journal reports. Using systems similar to those at banks, the software looks for anomalies in customer activity. It also shows images to investors that they have selected beforehand to protect them against fraudulent websites aimed at stealing their personal information.

As specialized exchange-traded-funds expand into additional market sectors and niches, some observers believe investors are becoming confused and the overabundance is pushing ETFs further from their roots as low-cost, tax-efficient investments, The Wall Street Journal reports.

Goldman Sachs Asset Management has started a fund that will focus on equity investments in Brazil, Russia, India, and China. The all-cap, style-neutral Goldman Sachs BRIC Fund seeks long-term capital appreciation.

Although there have been reports suggesting that funds where the portfolio manager has some of their own money invested might have both an incentive and proof to outperform their peers, a new study underscores that even more compellingly, The Wall Street Journal reports.

Principal Financial has reached an agreement to acquire WM Advisors, manager of the WM Group of Funds, for $740 million. The funds have $26 billion in assets and will bring Principal's total assets in its mutual funds to $49 billion, ranking it as the 43rd largest fund family in the nation.

Securities and Exchange Commission Chairman Christopher Cox told the Senate banking committee that oversight of the hedge fund industry is "inadequate" but said legislation is the "prerogative" of Congress, the Associated Press reports.

U.S. District Judge Melinda Harmon approved a $37.5 million settlement between former employees invested in Enron's 401(k) and Northern Trust, which had been administrator of the plan, the Houston Chronicle reports.