Money Management Executive Latest News

Abunassar Succeeds Parker As Allegiant Chief Exec

by Hannah Glover

What a difference a single word makes! A one-word error in the investment advisory contract between the $1 billion Highland Floating Rate Advantage Fund and Highland Capital Management of Dallas is causing a major headache for the niche registered investment advisor, which as of Sept. 30 managed a total of $18 billion in assets.

Expecting the economy and corporate profits to continue to do well next year, although at a slower pace than in 2005, Standard & Poor's of New York is predicting that the S&P 500 will return 8.5% in 2006 and that the gross domestic product will rise 3.4%.

As mutual funds prepare reports to their boards on the procedures they have implemented for preventing future regulatory infractions, the Investment Company Institute released guidelines yesterday to help fund firms evaluate how well they are complying with rules put into place by the Securities and Exchange Commission following the recent trading scandals, Dow Jones Newswire reports.

Kinetics Advisers has selected SEI Investments to oversee an offshore hedge fund, as the new regulatory situation has forced many managers to opt for larger administrators, the companies jointly announced.

Charles Schwab announced today that it would be bidding adieu to NYSE, as its new home will be on the Nasdaq, the Associated Press reports.

The Securities and Exchange Commission voted 5-0 Wednesday to require that some companies file financial reports earlier than the current deadline. At the same time, the SEC pushed back putting the new rule into play for large firms, to the early part of 2007, when most of the 2006 annual reports are issued, Reuters reports.

The Securities and Exchange Commission voted 5-0 Wednesday to require that some companies file financial reports earlier than the current deadline. At the same time, the SEC pushed back putting the new rule into play for large firms, to the early part of 2007, when most of the 2006 annual reports are issued, Reuters reports.

Bear Stearns has announced that it has presented an offer of settlement to the Securities and Exchange Commission and the New York Stock Exchange to bring to a close their recent investigations into mutual fund late trading at the firm's clearing services unit. The firm will have to pay $250 million and retain independent consultants to analyze its mutual fund trading and global clearing operations.