Money Management Executive Latest News

California Gov.Arnold Schwarzenegger roiled the institutional pension plan markets by vowing to terminate access to state pension plans for newly hired workers, Bloomberg reports.

Mutual fund providers have become the focus of a new regulatory probe aimed at determining whether stock-trading rebates have benefited shareholders or lined the pockets of investment managers, The Wall Street Journal reports.

New York Attorney General Eliot Spitzer encountered a setback in his campaign for governor this week when a prominent U.S. business official branded him a shameless self-promoter who abused his office, The Associated Press reports.

Robert Stearns, the first Marsh & McLennan employee to be accused in New York Attorney General Eliot Spitzer's probe of bid-rigging and price-fixing in the insurance industry, pled guilty in New York State Supreme Court Thursday to criminal charges, Bloomberg reports. He faces four years in jail, although that could be lessened in light of his promised cooperation.

AIM Investments has promoted mutual fund veteran J. Philip Ferguson to chief investment officer, the company announced Wednesday.

Nuveen Investments will launch a second closed-end exchange-traded fund that uses an equity index option strategy supported by a portfolio of common stock and hedged with options. The company launched its first, the Nuveen Equity Premium Income Fund (JPZ), last October.

Finding good stocks for small-cap funds may be trickier over the next few years, according to Ric Dillon, manager of the Diamond Hill Small Cap Fund, run by Diamond Hill Investments. "In the 27 years I've been in this business, this is the most difficult period I've ever had finding attractively valued U.S. equities," Dillon told Dow Jones Newswires.

Morningstar's nearly 20-year span of unbroken growth came to a halt in recent months after security regulators began to probe the firm's new business ventures, Dow Jones Newswires reports.

Strong Financial Corp. has turned over a new leaf in hopes of regaining assets after widely publicized scandals ousted its founder and prompted a sale to Wells Fargo & Co, the Minneapolis-St. Paul Star-Tribune reports.

Oak Associates announced Tuesday it has launched the Rock Oak Core Growth Fund, a portfolio that will seek long-term growth by investing in demographic trends.