Money Management Executive Latest News

The Investment Company Institute is urging regulators to designate the Internet as the primary medium for point of sale disclosure on the costs and conflicts of interest associated with broker-sold mutual funds.

The United States Justice Department has joined the Securities and Exchange Commission and NASD in investigating gifts Jefferies brokers allegedly gave to mutual fund companies, the firm indicated in its annual report. Regulators are also looking into potential violations related to travel and entertainment expenses.

Morgan Stanley CEO Philip Purcell, under pressure to leave the company, traveled to Boston earlier this month to meet shareholders, including Fidelity Investments.

A Google link that would take anyone doing a search on American International Group, to a sponsored link to New York Attorney General Eliot Spitzer's gubernatorial campaign was suddenly yanked last Wednesday following an inquiry by the New York Post. The link brought surfers to www.spitzer2006.com, CNN reported.

GAM, the global investment management firm with $38 billion in assets, could be in for a rocky ride and possible monetary damages if its new U.S.-based hedge fund restructuring initiative trips over hedge fund behemoth Man Investments' pending patent filed just weeks ago.

The mutual fund industry continues to shrink even as assets swell.

Less than half of the chief compliance officers hired in the past year would unconditionally accept the same jobs today, according to survey data provided exclusively for Money Management Executive.

Mark Pennington, a partner at Lord Abbett, succeeds Peter Muratore as chairman of the Money Management Institute.

Influential mutual fund tracker Morningstar has upgraded its perspective on Bank of America's scandal-plagued Columbia Funds, which after a 2004 merger with FleetBoston now includes the equally troubled Nations Funds.

Friestad Becomes SEC's Assoc. Enforcement Chief