Money Management Executive Latest News

Two of U.S. Global Investors' funds made it to Schwab's Mutual Fund OneSource Select List. The investment adviser's Eastern European Fund and Global Resources Fund joined its World Precious Minerals Fund, which is one of two funds in the Select List's Precious Metals Funds category.

Placemark Investments, an overlay manager to financial services companies offering unified managed accounts (UMAs), said Wednesday it had received a new round of venture capital financing led by RBC Technology Ventures, Ascent Venture Partners and North Hill Ventures. The financial terms and amount of the deal were not disclosed.

The first trade ousted Bank of America broker Ted Sihpol placed for Canary Capital Partners was a late trade, a former hedge fund broker testified today at Sihpol's fraud trial in New York state court, Bloomberg reports.

Europe's biggest financial institution, UBS AG, reported a record first-quarter net income increase of 15% on the strength of its wealth management division, Bloomberg reports. The group's positive performance helped offset a 19% decrease in earnings in the company's investment banking unit.

Vanguard Group's Extended Market Index Fund will change its target benchmark from the existing Dow Jones Wilshire 4500 to the Standard & Poor's Completion Index.

Clear Asset Management LLC, a Web-enabled asset management and strategic investment newsletter firm, said on Tuesday that it has closed its Series B financing round. The company also announced the appointments of Dan Nathanson as president and chief investment officer, and Raymond Lang as chief operating and chief compliance officer.

In its initial public offering on Monday, Morningstar raised $141 million, a figure at the high end of expectations despite financial losses and a change in underwriters, according to Reuters.

Marsh & McLennan Cos. said on Tuesday that first-quarter profit fell 70%, after the insurance broker agreed to scrap some fees from insurers, which it was accused of hiding from clients by New York Attorney General Eliot Spitzer last year.

AIM Investments has launched AIM Global Real Estate Fund and two Allocation Solutions Funds, the AIM Moderately Conservative Allocation Fund and the AIM Moderate Growth Allocation Fund.

Integrity Mutual Funds, a Minot, Tenn.-based mutual fund and financial services company, has launched a new free cash flow fund, the Integrity Growth & Income Fund.