Money Management Executive Latest News

WASHINGTON - The NASD has set out its agenda and outlined a smattering of projects, including a number related to mutual funds, that are currently in the works. The pronouncement came from Robert Glauber, chairman and chief executive officer of the NASD, speaking at the Investment Company Institute's General Membership Meeting here earlier this month.

Fidelity Investments last week corrected omissions of holdings in first-quarter filings with the Securities and Exchange Commission by filing amended 13F forms. The company had omitted nearly 500 stocks out of its total holdings of just over 3,000 securities, or 16% of its holdings, a Fidelity spokesman indicated.

The two biggest issues that the financial services industry will face in the next few years are the cost, burden and risk associated with regulatory compliance as well as increasing competition among firms, according to a PricewaterhouseCoopers survey of 350 CFOs and other finance and compliance leaders.

Securities and Exchange Commission Chairman Christopher Cox and New York Attorney General Eliot Spitzer recently met for the first time face-to-face to discuss a wide range of cases, including mutual fund investigations-and vowed to work more cooperatively, according to numerous reports.

Scanlon Becomes Head of Fund Marketing at Gabelli

WASHINGTON - The days of defined benefits may be ending, but their tactics live on in an increasing number of defined contribution plans, from enrolling employees automatically, to picking their portfolios and even investing in annuities.

WASHINGTON - When James Zweig bought his first stock back in the late 1970s, the 16-year old waited each day for the paper to arrive so he could gauge his investment's performance.

Kansas has decided to give its residents tax breaks for investing in 529 college savings plans of their choice anywhere in the nation, not just Kansas. Beginning in 2007, individuals will be able to deduct up to $3,000 of personal income invested in a 529 plan, while married couples will be able to deduct $6,000.

UBS will acquire ABN AMRO's futures and options business for $386 million, plus net tangible assets, the companies announced Thursday.

Anthony Bolton, manager of the Fidelity Special Situations Fund, believes recent declines in stock markets around the world, including the U.S., will continue for months, Bloomberg reports. And Bolton has accurately predicted declines in the past, most notably the beginning of the bear market in March 2000.