Money Management Executive Latest News

The Canadian unit of HSBC Holdings, Europe's No. 2 banker by market value, has reached a tentative settlement with a national securities regulator over charges that it allowed rapid trading within its mutual funds.

Mellon Financial is close to taking a stake in the investment management arm of the German central savings bank, WestLB, Reuters reports. Mellon's stake in the unit, WestAM, would be close to 50%, according to the report.

The investment management industry's concerns over pharmaceutical stocks have heightened in recent day, due almost exclusively to the $253 million a Brazario County, Texas, jury awarded the widow of the man who died after taking Vioxx, a prescription painkiller.

The same shifty revenue sharing practices that have been exposed in the mutual fund industry in recent years are also a big part of the 401(k) sector, according to a report from the St. Louis Post-Dispatch.

Vanguard Group recently added 1,300 jobs and, perhaps more impressive, $318 billion in assets since the bear market ended in 2003.

Once value was king. Now growth funds seem to be ruling the land.

The women of Wall Street are still fighting to get to the top, according to a Reuters feature.

It all started in February 2004, when Claire O'Connell, the heartbroken and distressed wife of MassMutual CEO Robert O'Connell, accused her husband of having an affair with the insurer's highest-ranking female executive, Susan Alfano.

The Investment Company Institute has always been known as an advocate of fund shareholders, however the ICI has recently announced a sudden change of heart.

The Investment Company Institute's annual report on the U.S. retirement market revealed that retirement assets invested in mutual funds reached a record $3.1 trillion in 2004. The report also showed that, at the same time, all tax-advantaged retirement savings totaled a record $12.9 trillion.