Money Management Executive Latest News

Ivy Shuffles Executives

It's a buyer's market in the world of mutual funds, and those that do not adapt die, or at least fail to attract investors, according to a research report assessing competition by the Investment Company Institute.

In order to save for retirement, Americans must start the year off with a retirement savings plan that they can stick to for the entire year, according to Allstate Financial's fifth annual "Retirement Reality Check" survey, which measures Americans' outlook on saving for retirement, and sets forth ways they can achieve their retirement goals.

Judge Richard Matsch has ordered Jon E. Hankins of Tenet Asset Management - a Knoxville, Tenn.-based money manager - to pay $1 million to the Evergreen-based Cascade Fund, according to The Denver Post.

After a 10-year tenure that included a number of investigations in precedent-setting areas, NASD enforcement chief Barry R. Goldsmith will leave the brokerage industry regulator in mid-March for a job in the private sector.

ETFs have really made headway into the financial markets, as they track U.S. equity indexes, but, a recent report by The Wall Street Journal states that experts in the industry say the bigger focus in 2006 will be starting nontraditional, specialty products that will track fixed income, currencies and commodities, and some that will inverse the index they track.

JB Oxford Holdings Inc. has had a history of scandal and now its trade processing unit has agreed to pay $2.1 million over allegations of abusive mutual fund trading.

Although its asset management division is still king, the brokerage unit of Fidelity Investments outgrew its money manager peer in 2005 by about 14%, the Boston-based fund giant indicated in an earnings report.

James Hawkes, the 64-year-old chief executive officer and chairman of Eaton Vance, will comply with the firm's mandatory retirement policy and step down from his position as of Oct. 31, 2007. Thomas Faust, Jr., who has been with the firm for 21 years, will succeed him, and in anticipation of that move, the company has named him president.

Nuveen Investments reported net income in 2005 of $171.2 million, a 9% increase over the prior year. Fourth-quarter net income, however, remained flat from the earlier period, at $43.5 million.