Money Management Executive Latest News

Federal prosecutors have been investigating one of the nation's prolific class-action law firms, Milberg Weiss Bershad & Schulman, for alleged fraud, conspiracy and kickbacks involving a slew of securities lawsuits, and may seek criminal charges against the firm and its senior partners, The Wall Street Journal reports.

The mutual fund industry's most powerful lobbying group is urging securities regulators to re-open the comment period and collect additional data on the controversial governance rule requiring funds to have an independent chairman, just ahead of a scheduled vote on the matter.

Fairview Capital Investment Management said late last week that it plans to vote against the sale of sneaker company Saucony to Stride Rite, according to apparel Web site just-style.com. Fairview, which owns a 2.6% stake in Saucony's outstanding shares, said the $23-per-share sale price is inadequate.

Van Kampen Investments last Thursday launched a new equity mutual fund, marking its first new fund offering in four years.

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

Eight Republican Senators have asked outgoing Securities and Exchange Commission Chairman William Donaldson to defer final action on a controversial governance rule, leaving the issue for his successor to resolve, Dow Jones Newswires reports.

Citigroup, the world's largest financial holding company, has announced a $3.4 billion deal with Legg Mason, under which it will swap its asset management wing for the Baltimore-based investment firm's broker-dealer unit.

So much for riding off into the sunset.

Fidelity Invsetments, the nation's third-largest mutual fund company, last Tuesday named William C. Carey president of its brokerage arm Fidelity Registered Investment Advisor Group.

In an effort to clear up confusion over a new breed of separately managed accounts, the Money Management Institute held a media briefing last week to unveil a narrower definition of the product and discuss its prospects for growth among the nation's high-net-worth.