Money Management Executive Latest News

Citigroup's Japanese trust bank, which will be shuttered because of a private-banking scandal last year, has been ordered to stop accepting new business after regulators found it had obstructed inspections and engaged in improper deals, according to Reuters.

Mutual fund adviser Schroder Investment Management will manage a new mutual fund starting in July as part of the Schroder Series Trust, according to a prospectus filed with the Securities and Exchange Commission, Dow Jones reports.

On the heels of yet another study warning against private accounts, a Senate panel will begin hearing expert ideas this morning on how to improve the long-term solvency of Social Security.

Theodore Sihpol III, the former Bank of America broker who faces up to 30 years behind bars for violation of federal securities law, is expected to pull a few punches as his trial begins today. Not least of which is taking a swipe at New York Attorney General Eliot Spitzer, the New York Post reports.

Reverberations from the mutual fund scandal continue, as the Securities and Exchange Commission last Thursday announced yet more market-timing and late-trading charges.

The BISYS Group of New York revealed a few more sketchy details last week about the continuing Securities and Exchange Commission investigation it is embroiled in over fees it paid for distribution, marketing and certain other expenses on behalf of its mutual fund clients.

NASD EVP Elisse B. Walter has a few words for mutual fund industry professionals who believe that the current regulatory atmosphere will soon pass and the good old days of lessened scrutiny will return.

Fidelity Investments' National Financial Unit plans to offer a unified managed account (UMA) this fall to its correspondent broker/dealers, sister publication Securities Industry News reports. The move comes at a time when financial advisers are having a hard time managing the growing number of investment products on the market.

American Express Financial Advisors has filed suit in U.S. District Court in New Hampshire asserting that federal law preempts that state's securities regulators from pressing fraud charges against its brokers, The Wall Street Journal reported last week.

McMahon Chosen to Lead AXA Strategic Initiatives