Money Management Executive Latest News

Although New York Attorney General Eliot Spitzer has decided not to pursue criminal charges against former American International Group Chairman and CEO Maurice Greenberg, additional civil charges might be put forth as early as next week.

Due to a recent flood of outflows from its U.S. stock funds, Fidelity Investments is on a mission to expand its research group, and the move is forcing rivals to safeguard their best talent for fear of being cannibalized, according to the Boston Business Journal.

Pittsburgh-based Federated Investors reached a $100 million settlement with New York Attorney General Eliot Spitzer and the Securities and Exchange Commission yesterday.

Nuveen Investments raised $380 million in the initial public offering for a new equity index option exchange-traded fund, the Nuveen Equity Premium and Growth Fund. The fund's primary objective is to deliver a high level of current income and gains from net index option premiums, and its secondary objective is capital appreciation through a diversified equity portfolio that will attempt to surpass the returns of the S&P 500.

NASD fined State Street Corp. $1.4 million for failing to report $5 billion in corporate and municipal bond trades between July 2003 and December 2004.

The Securities and Exchange Commission has issued a preliminary request for proposal (RFP) to software vendors for management of the Electronic Data Gathering Analysis and Retrieval (EDGAR) system, looking to update it by making it interactive.

The state of Pennsylvania's pre-paid 529 college-savings plan, Pennsylvania Tuition Account Program Guaranteed Savings Plan, has received an investment-grade rating of A3 by Moody's Investors Service, and is now considered a low-credit risk, The Wall Street Journal reports.

Massachusetts Secretary of the Commonwealth William Galvin has filed yet another lawsuit against Massachusetts Mutual Life Insurance, charging the firm with disregarding repeated demands to produce documentation having to do with wrongful sharing of information between the company's mutual fund and insurance divisions, the Boston Business Journal reported last week.

Heading into the final weeks of 2005, at least three investment managers have predicted either a full-blown bear stock market ahead or are pessimistic about the economic outlook going forward.

What is being described as an "administrative oversight" has tripped up the Lighthouse Capital Opportunity Fund and caused the Securities and Exchange Commission to scrutinize an October proxy that the fund filed and to retain its advisory fees.