Money Management Executive Latest News

Mellon Financial Corp. Tuesday reported a 24% increase in first-quarter earnings, owing to a $197 million gain from the sale of a stake in Japan's Shinsei Bank.

State Street Corp.'s first-quarter earnings rose 4%, helped by an increase in new customers, beating analysts' expectations of lower earnings due to high costs, volatile markets and climbing interest rates.

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 reports.

Jack Bogle, the founder and longtime chairman of the Vanguard Group, the country's second-largest mutual fund company, has lauded New York Attorney General Eliot Spitzer for his work in bringing order and justice to the American financial markets.

Jack Bogle, the founder and longtime chairman of the Vanguard Group, the country's second-largest mutual fund company, has lauded New York Attorney General Eliot Spitzer for his work in bringing order and justice to the American financial markets.

Stephen M. Cutler will depart the Securities and Exchange Commission later this month as one of the regulator's most active enforcement directors, but New York Post columnist Christopher Byron takes issue with what most casual observers would presume an impressive tenure.

A study of fund ratings services offered by Standard & Poors, Lipper, Morningstar and Aptimum, concludes that these fund ratings do not differentiate between market performance and managerial skill, making them unreliable and irrelevant.

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

Mario Gabelli, chairman, chief executive and chief investment officer of Gabelli Asset Management, was paid an eye-popping $55 million in compensation last year, a sizeable increase from the $38.7 million he earned the previous year.

The Securities and Exchange Commission has instituted administrative and cease-and-desist proceedings against 20 former New York Stock Exchange specialists on charges of securities fraud and other improper trading practices.