Money Management Executive Latest News

Evergreen Investments announced Tuesday that beginning Dec. 1, it will begin imposing a performance fee on the Evergreen Large Cap Equity Fund. Since the fund aims to outperform its benchmark, the S&P 500 Index, the newly offered fees should match more closely to the fund's objective, Evergreen said.

The Salomon Brothers Fund settled with shareholders who were opposed to Citigroup's $3.7 billion swap with Legg Mason by transforming into a traditional mutual fund from a closed-end fund, Dow Jones reports.

The Salomon Brothers Fund settled with shareholders who were opposed to Citigroup's $3.7 billion swap with Legg Mason by transforming into a traditional mutual fund from a closed-end fund, Dow Jones reports.

JPMorgan Worldwide Security Services, the fund services giant of New York-based JPMorgan Chase, has launched a new business unit that will offer a complete line of outsourced fund administration services to private equity firms and institutional limited partners.

Although all's been quiet on the Social Security front lately, the G.O.P. might be planning to push forward reform that would likely include President Bush's controversial private accounts, according to the National Post in Washington.

With the changing of the guard at the $50.6 billion, flagship Fidelity Magellan Fund, mutual fund analysts have been busy speculating what direction its new portfolio manager, Harry W. Lange, will bring to the poorly performing behemoth.

Citigroup Asset Management says that Separately Managed Accounts (SMAs) are poised for a growth spurt, despite the fact that only one of five investors currently takes advantage of their benefits, which includes tax optimization and account customization.

Despite the impressive performance of the dollar in recent months, most everyone on Wall Street is calling for a decline in the greenback in 2006, reports The Wall Street Journal.

Judge Samuel A. Alito, President Bush's nominee for the Supreme Court, responded to criticisms that he should have recused himself from cases involving Vanguard and Smith Barney, saying he had no financial interest in the two companies, The New York Times reports. He said that they simply managed some of his investments.

The class-action lawsuit against the mutual fund industry over market timing and late trading is slowly inching toward a settlement, The Baltimore Sun reports. A series of rulings by three judges in the U.S. District Court in Baltimore drastically cut the number of legal claims against mutual fund companies and brokerages.