Money Management Executive Latest News

Mutual fund companies may soon find the small, and sometimes not so small, perks from brokerage houses run dry.

Akron, Ohio-based Oak Associates has launched a new fund that invests primarily in equity securities of small-cap companies based on their growth potential.

Akron, Ohio-based Oak Associates has launched a new fund that invests primarily in equity securities of small-cap companies based on their growth potential.

The investigation into inappropriate gifts from brokers to Fidelity Investments traders, potentially influencing their directed-brokerage decisions, reached the upper-echelon offices of the Boston fund giant last week.

CI Mutual Funds, Canada's third-largest fund company, plans to establish a fixed administration fee for its mutual funds that would result in lower costs and greater transparency for investors.

Banks, both large and small, are exiting the fund business.

The fierce fight for board independence got downright ugly last week, as SEC heavyweights took off the gloves to spar over critical fund governance reforms, just one day before the chairman hung 'em up.

Audit fees have skyrocketed for some small-fund managers over the past few months, as the slew of new regulations and pending litigation puts the squeeze on small shops' already stretched budgets - forcing them to consider dumping their existing auditors in favor of less expensive ones.

Participants and beneficiaries of the MBNA Corporation 401k Plus Savings Plan have brought an Employee Retirement Income Security Act of 1974 (ERISA) class-action suit against MBNA for alleged breach of fiduciary duties, with Wolf Haldenstein Adler Freeman & Herz of New York handling the case, to be heard before the United States District Court for the District of Delaware.

The National Investment Company Services Association has just announced a new vice chairman and four new members of the board.