Money Management Executive Latest News

A proxy battle is brewing to stop the transfer of hedge funds with substantial holdings in Citigroup's mutual fund from being transferred to Legg Mason. It could create a stumbling block for the anticipated business swap between the two companies.

Donald Nicolaisen, the chief accountant of the Securities and Exchange Commission, will step down at the end of October, leaving newly minted Chairman Christopher Cox another key position to fill.

Executive touted the creation of a massive financial services institution when J.P. Morgan bought out Bank One a year ago, but the low-profile mutual-funds businesses tucked inside the two companies took on as much of a transformation, according to The Wall Street Journal.

It's been a constant knock on mutual funds and now it's bled into the high-flying hedge fund world. Many hedge funds are focusing on gathering assets instead of generating returns - one big reason why gains have slipped in recent months - a well-known hedge fund investor told Reuters.

UFG Asset Management, an offshoot of one of Moscow's biggest finance houses, has launched a new hedge fund to invest in local and foreign-listen Russian stock.

In its ongoing effort to get to the bottom of the collapse of the purported hedge fund firm K.L. Group, the Securities and Exchange Commission recently secured from a federal judge a permanent injunction against the firm's principals, Won Sok Lee and Yung Bae Kim. Their whereabouts remain unknown, according to Hedge World News.

As it becomes clear that investors have lost at least half of their money in the collapsed hedge funds at Bayou Management, the law firm representing investors is focusing on third-party liability according to a Financial Times report.

In an effort to emphasize the importance and necessity of education when debating between exchange-traded funds versus closed end funds, TheStreet.com reports that investors often confuse the two, especially when it comes to investing in one country.

The New York Stock Exchange has recieved approval from the Securities and Exchange Comission to do away with restrictions on how many exchange-traded funds are allowed to be traded at one time through the Big Board's electronic-execution system.

Bank of America has revealed that the Securities and Exchange Commission will bring an enforcement action brought against its Banc of America Securities division, Dow Jones reported yesterday.