Money Management Executive Latest News

Embattled Amerindo Investment Advisors founder Alberto Vilar, whose sputtering Amerindo Technology Fund was folded into the Munder Internet Fund on July 18, pleaded not guilty late last week to new charges of conspiracy and wire fraud, the Wall Street Journal reports.

David Brady isn't getting the attention of the board of trustees of Columbia Young Investor. Despite an offer that Brady thought was impossible to refuse (to take over the mutual fund that he formerly ran while charging investors substantially less), the board didn't even blink when rejecting him.

In a deal that could be the first step in building its own bill-payment service, Fiserv has agreed to purchase BillMatrix, which provides customers with a way to make last-minute payments.

Investment Company Institute President Paul Schott Stevens has commended the Securities and Exchange Commission on its choice of confirming Representative Christopher Cox as its chairman.

Weighing heavily towards value versus growth, mutual fund stock investors added close to $150 billion to their holdings during the first six months of 2005, according to the New York-based research firm Strategic Insight.

The board of directors of the Amerindo Technology Fund, a portfolio of Amerindo Funds, Inc., approved an agreement and plan of reorganization of the fund into the Munder Internet Fund on July 18, according to a regulatory filing with the Securities and Exchange Commission.

Fund giant Fidelity Investments is having a hard time generating sales for its mutual funds this year due to the losses of its once-mighty flagship fund, the Fidelity Magellan Fund, Boston Globe columnist Steven Syre writes.

BISYS Group is inching closer to a settlement with the Securities and Exchange Commission over some rusty marketing and distribution agreements it has with a handful of its mutual fund services clients, although the exact nature of its transgressions remain unclear.

With advisory firms and brokerage houses that sell mutual funds increasingly looking to outsource activities to third-party service providers, NASD is now calling for more detailed oversight of vendors and explicit written policies and procedures.

It appears that reports of the retail registered investment advisor's death have been greatly exaggerated.