Money Management Executive Latest News

Proponents of actively managed exchange-traded funds say their dream may soon become a reality and begin trading later this year, Dow Jones Newswires reports.

A rule that goes into effect on March 31 may add more spark to the controversy regarding mutual fund expenses. The rule requires mutual fund directors to explain "in reasonable detail" in a fund's annual report why they approved the fund manager's contract, CBS MarketWatch reports.

With four owners in 4-1/2 years, many hope that VARDS has finally found a home with Morningstar, which announced Tuesday it has bought the company from Finetre for $9 million in cash, adjusted for working capital.

The Securities and Exchange Commission announced it had reached a settlement Tuesday with two brokers for engineering a scheme that facilitated market timing and late trading at the cost of long-term mutual fund shareholders. Lawrence S. Powell and Delano Sta. Ana, former registered representatives of the Boca Raton. Fla.-based brokerage firm Kaplan & Co. Securities, did not admit or deny the findings.

Morningstar announced late on Friday that it had changed the lead underwriter for its IPO from Morgan Stanley to W.R. Hambrecht, The Wall Street Journal reports. The investment researcher also said that it would sell its shares through an auction rather than a traditional sale.

Marsh & McLennan Cos., the global insurer parent of Putnam Investments, has intensified its own internal regulatory efforts and named E. Scott Gilbert senior vice president and head of compliance, a newly created position.

Exchange-traded funds reaped the benefits last year of a large investor migration into risky emerging markets and developing countries, CBS MarketWatch reports.

The four Canadian mutual fund companies that recently settled with the Ontario Securities Commission permitted market timing in 54 funds, most of them international funds, The Globe and Mail reports.

Dallas broker/dealer Southwest Securities has agreed to pay $10 million for allegedly failing to prevent its registered reps from submitting market-timing and late-trading mutual fund trades. Three managers and two brokers were also named in the suit, filed jointly by the New York Stock Exchange and the Securities and Exchange Commission.

Dallas broker/dealer Southwest Securities has agreed to pay $10 million for allegedly failing to prevent its registered reps from submitting market-timing and late-trading mutual fund trades. Three managers and two brokers were also named in the suit, filed jointly by the New York Stock Exchange and the Securities and Exchange Commission.