Money Management Executive Latest News

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

BISYS Group Inc. indicated its financial statements for fiscal years ended June 30 for the years 2002, 2003 and 2004 will be restated because of accounting and revenue recognition errors, Dow Jones reports.

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

Wilmington Trust Corporation posted higher second-quarter profits Friday 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 its key competitors in setting up an asset management venture in India, news reports from the Asia speculate.

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, according to Boston Globe columnist Steven Syre.

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

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.

Canadian Imperial Bank of Commerce's $125 million settlement with the SEC and Eliot Spitzer last week was for granting $1.3 billion worth of what the government characterized as "sham" market-timing loans, which CIBC routinely hid by rotating trades, or in industry vernacular-"flying under the radar."

Speaking in what might have been his last appearance before Congress last Wednesday, Federal Reserve Chairman Alan Greenspan expressed confidence in the nation's economy and indicated additional hikes in interest rates are necessary to sustain this growth.