Money Management Executive Latest News

The Securities and Exchange Commission's probe into Wachovia Corp. has broadened, as inquiries into mutual fund sales practices now include its asset management unit, Evergreen Investment Services, Reuters reports.

NEW YORK - New regulations may serve to harm investors by flooding them with information, Charles E. Haldeman, CEO of Putnam Investments, said here at the annual meeting of the National Association for Variable Annuities.

Janus reported net income for the third quarter of 2005 of $31.7 million, a 33% decrease from net income of $47.3 million in the corresponding quarter a year earlier. However, Janus has its first quarter of net inflows, $1.7 billion, since the second quarter of 2003. "This was our best quarter of flows in five years," said Chief Executive Officer Steve Scheid.

AUSTIN, Texas - As the industry continues to embrace outsourcing as a means to cut costs, the models for doing so have evolved to the point where, quite frankly, no single, prevailing model any longer exists.

With a full 12 months of new compliance experience under their belts, fund industry executives and chief compliance officers of small or niche fund groups have had some time to reflect on their experiences and added workload.

Fred Alger Management of New York has launched a print advertising campaign in business and investment publications that touts the performance of three of its flagship growth funds. The ads, slated to run through the end of the year, attribute the funds' stellar performance to the firm's 40-year-old foolproof investment philosophy of using a bottom-up approach to identify the fastest-growing companies in their respective sectors. Alger has $9 billion in assets under management.

The Securities and Exchange Commission is considering requiring fewer hedge funds to register, the Financial Times reports. The current rule, which is to go into effect in February, will require hedge fund managers with more than $25 million in assets to register with the SEC. Lori Richards, the SEC director of compliance inspections and examinations, said the SEC has been discussing the possibility of raising the minimum to reduce its oversight responsibilities.

As Baby Boomers retire, a wave of lawsuits could be brought against their employers for their handling of 401(k) funds, Lawyers Weekly USA reports.

With a number of new Securities and Exchange Commission regulations either recently implemented or looming on the horizon, an enormous administrative burden has been placed on the mutual fund industry.

Fidelity Names Lange Magellan Fund Skipper