- Money Management Executive
Morningstar plans on trading on the Nasdaq under the symbol "MORN," reports Investors.com, the online edition of Investors Business Daily. The company is also "fully cooperating with staff" regarding an ongoing investigation by the SEC into erroneous filings from 2004.
February 4 - Money Management Executive
The British Columbia Securities Commission has found a former mutual fund salesman guilty of fraud and "failing to deal fairly, honestly and in good faith with clients." Carey Brian Dennis misappropriated close to $200,000 (C$250,000) of clients' money, the regulator charged. Earlier, in October 2003, the Supreme Court of British Columbia found Dennis guilty of fraud and theft, sentencing him to two years and three months in prison and ordering him to make restitution.
February 4 - Money Management Executive
A claim recently filed before NASD accuses Charles Schwab Corp. of elder abuse in its sale of variable annuities.
February 3 - Money Management Executive
Embattled fund giant Alliance Capital announced that fourth-quarter profits stormed higher as a year-end rally in the stock market boosted revenue.
February 3 - Money Management Executive
Investors in Indonesian mutual funds enjoyed an average 34% return last year, closely followed by those in India and the Philippines, who saw an average 27% increase, according to Lipper.
February 3 - Money Management Executive
An independent consultant says that rapid in-and-out trading in mutual funds at Putnam Investments cost investors as much as $100 million, a figure that is 10 times the previous estimate of damages, The Wall Street Journal reports.
February 3 - Money Management Executive
The Massachusetts pension board withheld a $75 million investment from Fidelity Investments on Monday, expressing doubts and concerns over how the mutual fund giant has responded to the government's investigation of its traders' improper trading practices, the Boston Globe reports.
February 3 - Money Management Executive
Massachusetts Secretary of the Commonwealth William Galvin sued A.G. Edwards Wednesday for allowing at least one of its representatives to market time mutual funds on behalf of two offshore hedge funds. One of the fund's market-timing trades was nearly $2 billion, according to the complaint.
February 3 - Money Management Executive
The separately managed account industry witnessed strong growth again in 2004, as assets under management grew by 15.9% to $576.1 billion, the Money Management Institute reported Tuesday.
February 2 - Money Management Executive
American Express finalized plans this week to concentrate on its core credit-card and travel businesses by spinning off its Financial Advisors subsidiary in a tax-free distribution to shareholders.
February 2