Money Management Executive Latest News

Vega Asset Management USA took a hit in June with a $700 million decline, according to a July 13 report from The Wall Street Journal.

TIAA-CREF has taken a significant step that is symbolic for the firm and will affect the bottom line for many of its retail mutual fund investors. The traditionally low-cost firm is proposing changes that would dramatically raise fees on its actively managed retail funds, according to MarketWatch.

The New York State Attorney General's Office and the Securities and Exchange Commission have joined the investigation at Bear Stearns into how the firm allegedly enabling a hedge fund to market time a number of mutual funds, according to a company filing with the SEC on Monday. The U.S. Attorney General's office, meanwhile, is looking into how the firm may have valued $16 million worth of complex debt derivatives, according to report today.

There was a day not long ago when the words "market timing" failed to raise so much as a murmur among mutual fund executives and state and federal regulators.

Scott DeSano, Fidelity Investments' high-profile head trader, is now working for the firm's strategic new business development unit, Fidelity confirmed Tuesday.

The Securities and Exchange Commission is hip to the need for vigilance over the amount of leverage hedge funds use to boost returns, although it has no desire to regulate it, a senior SEC official said.

Mellon Financial announced on Monday that it will provide back-office services for Stephens Investment Management Group, a division of Stephens Inc.

In an effort to expand its industry-leading exchange traded fund, Nasdaq Global Funds has reached a deal with ALPS Mutual Fund Services to wholesale its Nasdaq-100 index tracking stock, popularly known as the QQQ. Terms of the agreement were not released.

Citigroup Corporate and Investment Banking on Monday said it will now provide transfer agency, fund administration and related services to AGF Management Limited and other fund managers in the Canadian market

Canadian fund giant CI Fund Management has unveiled its plan to acquire troubled Amvescap, parent to the AIM Funds and former Invesco Funds, for $7 billion in cash, the Globe and Mail reports.