Money Management Executive Latest News

NASD issued an investor alert Tuesday, warning that fraudsters are using e-mails and faxes to promote fake websites that resemble U.S. and international regulators' official websites, where they are pitching stocks and using embedded cookies to track visitors' personal information. The ploys are primarily aimed at non-U.S. investors and are designed to obtain investors' money.

Man Investments, a London hedge fund manager, has announced the opening of a Canadian operations in Toronto.

Pennsylvania is now the first state in the nation offering investors tax breaks on any 529 plan, Dow Jones reports. Although Maine and Kansas also plan to offer such breaks, they will not begin until next year and are far less generous than Pennsylvania's tax breaks.

The average domestic stock fund declined 3.3% in the second quarter, according to Lipper data, USA Today reports. The S&P 500 index fund, with dividends reinvested, declined 1.4%.

The Securities and Exchange Commission is unlikely to appeal the federal court ruling that voided the hedge fund registration rule, Commissioner Paul Atkins told Bloomberg News. The rule would also have allowed for random inspections of hedge funds, but the court decided the SEC did not have the authority to pass such a measure.

While other high-performing sectors seemed to run out of steam during the first half of this year, funds that invest in natural resources have continued to power on, according to USA Today.

Mutual funds with sub-advisors may not be the best bet for investors, according to The Wall Street Journal. About 13% of funds hire outside stock-pickers, according to Financial Research Corp.

After delivering triple-digit gains in the five-year span that ended with June, emerging-market funds have come back to earth, and even begun dragging on other internationals, according to USA Today.

Hewitt Associates released a study last week that shows that companies that offer Roth 410(k) plans see similar enrollment levels and contribution rates to traditional 401(k) plans.

Detroit-based Comercia is expected to sell its mutual fund division, Munder Capital Management.