Money Management Executive Latest News

AGF Management Ltd. announced Wednesday that fourth-quarter profit dropped slightly and it would acquire 14 funds from a unit of ING Canada Inc.

Although the number of mutual fund share classes or funds themselves that were merged or eliminated in 2004 dropped sharply from the two years earlier, fund mergers remained at historically high levels, Standard & Poor's reported Thursday. Last year, there were 479 such mergers. In 2003, there were 781, and in 2002, 714.

The SEC's investigation into revenue-sharing and directed-brokerage violations at American Funds is now honing in on best execution, sources familiar with the probe told the Los Angeles Times.

The Securities and Exchange Commission announced Friday that Meyer Eisenberg, the SEC's deputy general counsel since 1998, will serve as acting director of the division of investment management, replacing Paul Roye.

Spectrum Asset Management, an affiliate of Principal Global Investors, announced Wednesday it will manage a new tax-advantaged floating rate fund for Nuveen Investments. The Nuveen Tax-Advantaged Floating Rate Fund, a closed-end, exchange-traded fund, raised more than $300 million in the initial common share public offering and began trading on the New York Stock Exchange March 29 under the ticker JFP.

Hartford Financial Services Group has its sights set on growing its mutual fund business. The company, primarily known for its insurance products and annuities, aims to beef up its fund complex through organic growth, although the company will likely add new funds and considers acquisitions, Reuters reports.

President Bush's Social Security plan has become the focus of lobbying efforts of AARP, with the organization willing to commit the lion's share of its resources to the cause, The Washington Post reports.

A St. Louis County judge on Tuesday overturned state orders that had temporarily forced Waddell & Reed to close its 17 offices in Missouri, according to the Kansas City Star.

The Securities and Exchange Commission brought charges Tuesday against two South Florida financiers who allegedly defrauded Latin American investors and made them invest up to $127 million in mutual funds, the Miami Herald reports.

Fidelity Information Services Wealth Management is expanding its information server to determine mutual fund breakpoints. The enhancement will improve exception reporting to diagnose company-specific breakpoints and to identify eligibility as stipulated by the fund.