Money Management Executive Latest News

The legal drama between Rocker Partners and Overstock.com took another step yesterday, as the New York hedge fund called the online retailer's lawsuit "patently" frivolous" and promised to file a countersuit.

Evidently, there's something to be said for a one-man show.

The Securities and Exchange Commission is gearing up to take the hedge fund industry "under its wing," in an effort to regulate the $1 trillion industry and give investors the confidence of knowing that there's a regulator on the beat.

Based on the fact that S&P 500 mutual funds track the same index, it could be assumed that any one of the 65 funds is as good as the other, but a recent study by the Investment Company Institute suggests otherwise.

PFPC, a leading provider of back office services to the mutual fund industry, announced yesterday that Edward J. Mills has joined the company as a vice president and senior director.

Buoyed by increased revenue in its money management business, profits climbed 18% in the fiscal third quarter at the Boston investment management firm Eaton Vance.

The U.S. mutual fund market remained broadly flat in the first quarter of 2005, while European cross-border UCITS fund assets rose by 5.1 percent, an Aug. 17 Reuters report indicated.

According to new figures from the Investment Company Institute, worldwide mutual fund assets for the first quarter of 2005 were $16.3 trillion, or about the same level they were last year.

A subsidiary of Charles Schwab has introduced a managed account platform for independent advisers.

Schroders earned $567.8 million in asset management total revenues through the six months ended June 30, a whopping 28% from $444.4 million in the first half of 2004. The increase is a further improvement in gross margins, as both retail and high-margin institutional businesses drove profits, Schroders reported.