Money Management Executive Latest News

A study conducted by financial services market research firm Dalbar shows that the average equity mutual fund investor beat the S&P 500 last year, netting returns of 12.6%, compared to the 10.9% returned by the S&P 500.

Canada's Investment Dealers Association, the national self-regulatory organization and representative of the securities industry, announced on Friday that it was returning C$7.2 million ($5.9 million) to the fund companies Canadian regulators have accused of market timing.

Putnam Investments chief executive Charles "Ed" Haldeman, Jr. earned roughly $13.7 million in total compensation in 2004, his first full year running the mutual fund company, the Boston Globe reports.

Morgan Stanley chief executive Philip Purcell, under pressure to leave the company, traveled to Boston on Friday to meet shareholders, including Fidelity Investments.

The NASD has proposed that Edward D. Jones pay a $1.7 million fine and make restitution to customers to settle possible charges over alleged mutual fund sales abuses.

Some of the biggest mutual fund companies in the country disclosed personal information about their shareholders on the Securities and Exchange Commission Web site, The Wall Street Journal discovered.

PHILADELPHIA - Having borne witness to the mutual fund trading scandal, the separately managed account industry, recognizing the perils of potential enforcement actions, is now focused on identifying trouble spots before the SEC comes knocking on its door.

With the first quarter of 2005 in the books, nearly everyone in the mutual fund industry is curious whether this could be the year that large-cap funds finally overtake their small-cap counterparts.

Although the fund industry continues to reel from 19 months of Fundgate, a few industry executives believe that neither the SEC's $20 million settlement with Citigroup nor the $6.25 million fine NASD imposed on the company over improper sales disclosure went far enough.

The companies that manage and distribute American Funds sued California's attorney general, claiming he does not have the jurisdiction to regulate the disclosure of deals with brokers who market its products.