Money Management Executive Latest News

Vanguard increased its annual bonuses for partnership units in 2005 to $81.40, up 13% from $72.05 in 2004, but the amount is still almost 20% lower than the $100 per partnership unit that Vanguard Chairman John Brennan set as a goal in 2002, the Philadelphia Inquirer reports.

A lawsuit that investors brought against Merrill Lynch financial advisers for promoting a number of mutual funds that paid them extra money to be promoted, has been dismissed, Reuters reports.

New York State United Teachers settled with the attorney general's office Tuesday, in a probe into how it accepted $3 million in shelf-space payments each year from ING Group to endorse its annuities without disclosing the arrangement to its members. The investigation found that the union even, in fact, took steps to conceal the pact, according New York State Attorney General Eliot Spitzer's lawsuit.

The Securities and Exchange Commission voted unanimously to revisit the controversial independent chairman rule, reopening it for 60 days to public comment on its costs and "any issue related to the underlying purpose of the independence requirements, which is the protection of funds and fund shareholders."

Chinese regulators are considering limiting to one the number of mutual fund firms that companies may own a stake in, down from the two currently permissible, the South China Morning Post reports. The current laws allow a controlling stake in a first company and a smaller stake in a second.

Thirty-eight percent of taxpayers calculate capital gains incorrectly, a study of 2001 tax returns by the Government Accountability Office shows.

After getting burned by overloading on tech and telecom stocks at the height of the bull market, one would think that Janus Capital Group would have learned its lesson, Kiplinger's reports.

Kenneth Corba, the former chief executive officer of PEA Capital, agreed Monday to pay $200,000 to settle with the Securities and Exchange Commission for allowing hedge fund Canary Capital Partners to market time $4 billion worth of trades in Pimco funds.

The Bank of New York has unveiled a unit that will focus on product innovation.

The cost of mutual fund ownerships continued to fall again in 2005 to the lowest levels in 25 years, the Investment Company Institute announced. The decline was driven not only by lower fees but also by investors seeking out lower-cost funds.