Money Management Executive Latest News

MFS Investment Management Chairman Robert C. Pozen, architect of a strategy that President Bush would like to use as the basis for Social Security reform, is now urging lawmakers to move beyond the headline-grabbing issue of private accounts and address the real stickler behind ensuring the pension fund's long-term solvency: the inevitability of benefit constraints.

At first blush, the numbers are indeed impressive.

With a jump of 9.7%, worldwide mutual fund assets totaled $16.06 trillion at the end of 2004 helped by the positive global performance of equity indexes, according to the data released by the Investment Company Institute.

Mutual fund portfolio managers are taking home fatter paychecks this year, as solid gains in the stock and bond market in the past two years have helped boost median pay, according to a survey by the CFA Institute and the executive-search firm, Russell Reynolds Associates.

Two Putnam Investments portfolio managers are reportedly losing their jobs.

A former Goldman Sachs executive announced on Friday the launch of his new company, a fund operations and administration provider that will provide back-office solutions for hedge funds.

Cindy Fornelli is walking the walk.

Theodore Sihpol III, an ex-broker for Bank of America, either knowingly participated in hedge fund Canary Capital Partners' illegal mutual fund trading, and profited from it, or was a mere "order taker" who "stole nothing," and had no idea that what he did was wrong, according to opening statements at Sihpol's trial last Monday.

It looks like VARDS' move to Morningstar is truly its last, but this time it loses its founder and most of its staff.

Paul Roye, former top mutual fund regulator at the Securities and Exchange Commission ended months of speculation last week by announcing that he's going to work for mutual fund giant Capital Research & Management.