Money Management Executive Latest News

Advisors Take Advantage of ETFs' Popularity

World's Millionaires Rise 6.5% in 2005 to 8.7 Million

Federal watchdogs seeking to increase regulations of hedge funds suffered a recent setback when the U.S. Court of Appeals for the District of Columbia called the Securities and Exchange Commission's advisor registration rule "arbitrary," sending it back to the SEC for further review. The rule, approved by the SEC in 2004, requires hedge funds advisors, beginning Feb. 1, 2006, to register with the regulator as investment advisors, hire a compliance officer, be subject to inspections and adhere to specified

The Securities and Exchange Commission has put three new rules and one amendment in place regarding funds-of-funds.

Citigroup has swapped its asset management division in exchange for Legg Mason brokers and stock. In the deal, which will close in the fourth quarter, Citigroup will receive Legg Mason's 1,354 brokers in 127 branch offices throughout 22 states, along with $1.5 billion in stock, or a 14% stake in Legg Mason.

Evergreen Hires Cieszko As Distribution Chief

Full-service brokers made something of a comeback in the past year, but it remains to be seen whether they truly have ended the erosion of their market share as primary advisers to the affluent.

Advisers Must Learn About, Explain New Products Better

Quotes attributed to Steve Cohen of HSBC in the June 26 issue of MME should have been attributed to HSBC Bank U.S. Chief Executive Officer Martin Glynn. HSBC Bank U.S. is headquartered in New York.

Putnam Investments has launched a health reimbursement account for labor unions.