Money Management Executive Latest News

New York Attorney General Eliot Spitzer has announced that Grant Seeger and William Kenyon, the CEO and president of Arizona-based Security Trust Company (STC), appeared in New York County Supreme Court last week and pleaded guilty to charges in connection with allegations of illegal mutual fund trading practices.

When the former George Putnam Fund of Boston was founded in 1937, could anyone have foreseen that it would grow to be one of the oldest mutual funds and perhaps the first balanced portfolio?

David Swenson might not be as well known among the investing public as, say, Legg Mason iron man Bill Miller or former Fidelity Investments star Peter Lynch, but as chief investment officer for Yale University he's built quite a name for himself within the hulking institutional investing circle.

The international unit of Fidelity Investments has decided to tear its British Fidelity Special Situations Fund in half and create two separate funds in the beginning of 2006. The Boston-based firm will also raise fees in an effort to slow the inflow of money.

The international unit of Fidelity Investments has decided to tear its British Fidelity Special Situations Fund in half and create two separate funds in the beginning of 2006. The Boston-based firm will also raise fees in an effort to slow the inflow of money.

As the nation's money managers return from their summer respites, they're finding that Hurricane Katrina has left a host of questions marks within their portfolios.

Another major development in Canada's Norbourg Asset Management probe took place late last week when the Autorite des marches financiers (AMF) revealed that its enforcement chief had recently resigned amid political infighting, according to a Globe and Mail article.

Strong asset flow is coming from Asia for the Vanguard Group, the No. 2 mutual fund firm in the U.S. It has gathered about $40 billion from the region. The influx is said to have come as institutions raise their exposure to low-cost indexed investments, according to a report from Reuters.

In this new age of heightened disclosure, fund companies and broker/dealers are being more up front about revenue sharing agreements, but the admissions are being "provided in language that is often vague or so dense that many fund buyers never digest it," according to an editorial in this week's issue of BusinessWeek magazine.

The collapse of Bayou Management has put a number of high-net-worth financial consultants, including the prominent hedge fund adviser Hennessee Group, in an uncomfortable position, according to a report late last week from The Wall Street Journal.