Money Management Executive Latest News

More clues regarding the implosion of Stamford, Conn.-based Bayou Management emerged late last week in a pair of court proceedings at opposite ends of the country.

The mutual fund division of Montreal-based Norbourg Asset Management may soon be sold, according to the National Post.

A joint venture between Credit Suisse First Boston and China's top lender, Industrial and Commercial Bank, has raised $537 million towards the country's first bank-run mutual fund, Reuters reported yesterday.

Arizona authorities have detained $101 million, which was found in a Wachovia Bank account and is believed to be a portion of the missing funds from the embattled Bayou Fund, according to The Wall Street Journal.

The Securities and Exchange Commission has filed civil fraud charges against a pair of Palm Beach, Fla., hedge fund executives, but it appears they may have fled the country.

The Investment Company Institute purports to go to bat for shareholders, but collects its fees from fund companies. Oxymoron or reality?

Although many in the mutual fund industry have forcably argued against the independent director chairman rule on the basis of its cost, the Mutual Fund Directors Forum has found, through a survey to 45 of its 60 members, that the new requirement has driven up board compensation costs minimally.

Curian Capital, a Denver registered investment adviser that provides fee-based managed accounts, unveiled a series of concierge services Tuesday.

HSBC Securities settled with the Investment Dealers Association of Canada Wednesday for market timing 14 mutual funds more than 800 times for one client between Jan. 1, 2002 and July 1, 2002. HSBC Canada agreed to pay $1,163,192 as part of the settlement.

Way up from the $6.16 billion inflow from a month earlier, July's inflow was just less than $11.9 billion, 2005's monthly average. Experts said that investors warmed to rising markets in July and pumped $10.08 billion of new money into stock mutual funds.