Money Management Executive Latest News

The Senate Banking Committee on Thursday approved President Bush's nomination of Rep. Christopher Cox to replace William Donaldson as chairman of the Securities and Exchange Commission.

The Nasdaq Stock Market has created an enhanced index platform that will allow the firm to "calculate and disseminate an unlimited number of indexes on a real-time basis."

Wilmington Trust Corp. posted higher second-quarter profits late last month on the strength of its regional banking and wealth advisory businesses, along with slower growth of business expenses.

Baltimore-based T. Rowe Price is widely expected to soon join some of its key competitors in setting up an asset management venture in India, news reports from Asia speculate.

Jeffery Vinik may have left the spotlight to strike out on his own - but he isn't out of the money.

Births and deaths are facts of life, even in the fund industry. While Reserve Funds of New York, the father of the money market fund, has just launched a new and innovative cash management fund that expects to sport a boosted yield, American Century Investments of Kansas City, Mo., has just pulled the plug on its longest, novel Target Maturity Fund, which had been set to mature 25 years from now.

It's fun naming hedge funds. Think of an animal or river or Greek god and just run with it.

Now, broker/dealers not registered as investment advisors will be required to give brokerage customers a disclosure stating: "Our interests may not always be the same as yours." Timed to coincide with the compliance deadline for the rule, which the Securities and Exchange Commission adopted in April, the Financial Planning Association is releasing a brochure for clients that explains the difference between a brokerage account and an advisory account.

Following the mutual fund market-timing scandal, a lot of brokers and hedge funds - especially those implicated - have been assiduously staying away from strategies that involve mutual funds, but some are back in the game. One hedge fund market timer has set up shop under a new name and is back in the business of using mutual funds as part of a hedge fund strategy.

Mutual fund managers are still skittish about the markets, as evidenced by an increase in cash. A Merrill Lynch survey early this month revealed that 19% of all managers and 23% of asset allocators describe themselves as "overweight" in cash, the Associated Press reports.