Money Management Executive Latest News

Contrary to popular belief, the nation's largest cities are not home to the best savers, as A.G. Edwards' first ever "Nest Egg Index" reveals.

A penny saved is a penny earned, or so the old adage goes; but, more and more, employers are saving their workers' pennies for them.

An article in the Jan. 9 issue misidentified the $850 million insurance lawsuit settled by Putnam Investments' parent company, Marsh & McLennan. MME regrets the error.

Investors poured $700 million more into Man Group hedge funds in the three-month period that ended Dec. 31, representing more than a three-fold increase over previous quarters, according to Bloomberg.

Canadian banks, which command a 35% market share of mutual fund sales, will continue buying up mutual fund companies, said William Holland, CEO of CI Financial, Canada's second-largest fund firm, according to a report from Bloomberg. In 2000, Canadian banks had a 20% market share.

Boosted by the strategy of its new manager in the last two months of 2005, Fidelity's flagship Magellan fund returned 6.4% last year, The Boston Globe reports. In the first 10 months of the year, the fund was up a mere 1%, but since Harry Lange took over Magellan's helm, the fund rose by an impressive 5.4%.

Brinker Capital, a managed account and mutual fund services company based in Berwyn, Pa., announced a 25% increase in assets under management, making the new total $5.8 billion. Since 2003, Brinker's assets have more than doubled, according to the company.

As the Securities and Exchange Commission and the U.S. Chamber of Commerce continue to battle it out in court over the independent chairman rule that requires 75% of a mutual fund's board, including its chairman, to be independent, a new study on the subject might surprise some in the industry.

Financial services research and mutual funds rating company Dalbar awarded New York Life Investment Management Company its 2005 mutual fund service award.

Large employers have begun to freeze their traditional pension plans and to automate 401(k) features to push employees to save for retirement, according to USA Today.