Money Management Executive Latest News

After 11 years of working as a staff attorney in the Securities and Exchange Commission's division of enforcement, Lawrence A. West, associate director of the division, is stepping down to become a partner with Latham & Watkins.

As of mid-January, Abigail Johnson will no longer serve on the board of trustees overseeing the mutual funds at Fidelity Investments, the company confirmed last week. Johnson is relinquishing her responsibilities merely as a result of shifting from head of the fund unit to running the retirement services division, a company spokeswoman told The Boston Globe.

David Rocker, of Rocker Partners LP, owns a hedge fund that is boasting 50% returns, impressive when compared to the industrywide average of 7%, according to The Wall Street Journal.

Despite the unpredictable market and increasingly demanding investors, 955 new equity portfolios, were launched in 2005, The Wall Street Journal reports. These included 232 multi-cap core funds, 79 balanced funds, 70 income funds, 64 flexible portfolios, 41 large-cap growth funds, 21 real-estate funds, 14 tech funds, 10 natural resources and nine each for natural resources, health and biotechnology.

Mutual fund expenses are at the top of the Securities and Exchange Commission's list for inspection priorities, according to Compliance Reporter.

U.S. Wealth Management has announced that it has launched a new broker/dealer firm, which will be called U.S. Wealth Advisors. The move was an effort to better service their growing client base.

The independent trustees of Fidelity Investments have named Robert M. Gates as their new chairman, according to The Boston Globe.

First Tennessee Bank, a division of First Horizon National, will merge its $1.4 billion First Funds family of eight mutual funds into Goldman Sachs's $532 billion stable of 35 funds, the companies announced late last week.

The Securities and Exchange Commission is suing the former executives of National Century Financial Enterprises for allegedly defrauding investors who bought shares of the company's securities prior to its collapse back in 2002, the Associated Press reports.

The Securities and Exchange Commission filed a civil suit late last week with the United States District Court for the Northern District of California against two hedge fund traders, Brent Federighi and Michael Hoffman, for allegedly placing more than 3,000 late trades.