Money Management Executive Latest News

The past few days have seen the investment management industry get two black eyes. Investors are seeking $100 missing from the Bayou hedge fund, and the head of Canada's mutual fund association resigned in disgrace, with $70 million missing from his own firm, Norbourg.

State Street is offering 15 more exchange-traded funds within its StreetTracks family, Morningstar reports. The new ETFs will consist of large-cap, mid-cap value, mid-growth, mid-blend and small-cap.

Integra Capital has selected State Street Global Advisors to co-manage a piece of the C$85.5 million Integra Bond Fund.

According to a recent study by Van Hedge Fund Advisors International, hedge fund assets will grow to $6 trillion by the year 2015.

The former chairman and the president of Security Trust Company pled guilty Tuesday in New York County Supreme Court to state criminal market-timing and late-trading charges.

The media is beginning to jump on the Roth 401(k) bandwagon - but whether it will take off with the investing public is a matter of some tax debate. At present, most experts believe those with the highest salaries will take part, The Wall Street Journal reports.

Citing the fact that Janus has already earmarked $100 million for investor restitution from its $226 million settlement with SEC and state regulators, a Federal court judge in Baltimore indicated he will allow class-action lawsuits to proceed against the firm - but that they may not result in further payouts.

Shareholders in Bayou Group's funds have been feeling a little uneasy ever since the refund checks that Bayou sent to investors bounced and the firm failed to answer their phone calls, The New York Times. The funds under question with state and federal officials are the Bayou Fund LLC and Bayou Fund Ltd., from which $440 million is reportedly missing.

Japan Post, a financial institution holding the most assets worldwide has selected Goldman Sachs, Nomura Holdings Inc., and Daiwa Securities Group to run its three new funds, starting in October of this year, Reuters reports.

Martin Druffner, the former Prudential broker, is planning on pleading guilty to the charges against him by the Securities and Exchange Commission, said his lawyer, Michael Collera, TheStreet.com reports.