Money Management Executive Latest News

Paul Schott Stevens, president of the Investment Company Institute, applauded Senators Michael Crapo (R-Idaho), Tim Johnson (D-S.D.) and Jim Bunning (R-Ky.) for introducing companion legislation for the GROWTH Act in the Senate. Representatives Paul Ryan (R-Wis.) and William Jefferson (D-La.) first introduced the legislation in the House in May.

If asset management firms hope to break through the marketing clutter of an increasingly complex and competitive financial services industry, experts say they must start with a consistent, compelling message.

The mutual fund industry is pushing to make a relatively obscure, short-term capital gains tax exemption, broadly known as the American Jobs Creation Act of 2004, a permanent rule in accounting books before it expires in 2008.

John Hancock Retirement Plan Services, a full service provider to 401(k) plans headquartered in Boston, announced that it has created the retirement industry's first fiduciary standards warranty.

Commerce Capital Recruits Loukas as Managing Dir.

The NASD last week fined three brokerage firms a total of $3.1 million for permitting improper market timing and ordered them to repay the affected mutual funds $2.7 million in restitution. All three firms, Janney Montgomery Scott, ING Funds Distributor and First Allied Securities, accepted the penalties without admitting or denying the charges.

Think back to 1985 and remember the John Fogerty song, "Centerfield": "Put me in, coach. I'm ready to play today. Look at me. I can be centerfield."

Charles Schwab of San Francisco has launched a new, multimedia national advertising campaign called "Talk to Chuck." The campaign, which debuted this month and is budgeted for $30 million in the fourth quarter, is an attempt to emphasize that the firm is willing to listen to the needs of investors and that investors can safely place their trust in Schwab for help with their retirement needs.

Evergreen Investments, the investment management arm of Wachovia, said Wednesday that it had agreed Oct. 1 to buy a minority stake in Golden Capital Management.

Seligman Advisors has just launched three mutual funds that unite the cost-effectiveness and diversification of ETFs with the simplicity and convenience of target-date funds.