Money Management Executive Latest News

AIM Investments said Thursday that its Web site, AIMinvestments.com, was ranked among the top 10 websites for financial intermediaries, according to a study conducted by New York consulting firm kasina.

Investment bank Lazard said on Friday that it was under investigation by the Securities and Exchange Commission and the NASD in connection with gifts and gratuities it gave and received, according to Reuters.

The Independent Directors Council, an offshoot of the Investment Company Institute, will issue a report next week on how mutual fund boards should conduct annual self-reviews, Dow Jones reports. The SEC is requiring fund boards to conduct these annual checkups starting in 2006. Some in the industry have said the SEC has not provided many details on how funds should comply other than that they should look at whether they oversee too many funds and have effective committees. "What's awkward about this is that the SEC has mandated [it] but doesn't give any clear direction," commented Geoff Bobroff, an industry consultant.

BearingPoint has introduced Operational & Regulatory Response Services, a new technological service to help mutual funds and broker/dealers keep up with growing compliance needs.

A columnist at TheStreet.com says that President Bush's plan to privatize Social Security doesn't tackle the underlying problem of investor education. Directing 4% of the 12.4% of payroll checks that American workers currently pay in Social Security taxes toward private accounts will not help Americans save adequately for retirement, for studies have shown that 401(k) investors are notoriously apathetic when it comes to updating their portfolios.

Owing to controversial trading activities at its mutual fund unit, Bank of America Corp. reached an agreement with the Federal Reserve Wednesday under which the bank will keep the Fed notified of its progress in executing mutual fund-related reforms.

Value funds have beaten their growth rivals in the past four to five years, but growth funds may rebound amid stronger economic performance, low inflation, rising employment and increasing capital investments, according to Investor's Business Daily.

Investors are diversifying and how. More than two-thirds of stock and bond net inflows in 2004 were part of a structured asset allocation program, according to research firm Strategic Insight.

Fred Alger Management has turned 40, and company officials celebrated by ringing the closing bell at 4 p.m. at the New York Stock Exchange Wednesday. Fred Alger himself is 70 and, although chairman and CEO, leaves day-to-day management to Daniel C. Chung, president and chief investment officer.

For the month of January, Janus Capital Group Inc. reported total assets under management of roughly $132.7 billion, a 4.5% decline from December's $139 billion in assets. Firmwide average assets under management for January took a 2.8% dip to approximately $133.6 billion from the prior month's average assets of $137.5 billion. Average assets in January, excluding money markets, totaled $124 billion.