Money Management Executive Latest News

Parents faced with the daunting task of paying for their children's college education continued to put cash in 529 college savings plans, as assets rose to $45.1 billion in the third quarter, according to data released last Tuesday by the College Savings Foundation.

In an effort to stave off a lengthy stint in prison, former Bank of America broker Theodore Sihpol has asked a New York judge to dismiss criminal fraud charges against him, according to a motion filed by his attorney last week. Although he argues that accepting trades after 4 p.m. has never been illegal, industry experts don't think this premise will hold up in court.

Within a Chicago suburban strip mall in Northbrook, Ill., nestled among the typical fast food, drug store and dry cleaning storefronts, is an unusual newcomer, The Mutual Fund Store.

ORLANDO -- Conducting risk self-assessments has become a paramount concern for mutual funds, as new compliance rules, mounting client demands, product innovations and heavier workloads are all tugging operations personnel in every direction. And there is more work coming down the pipeline.

Stock and bond funds had inflows of $21.5 billion in September, an increase of $8 billion from a month earlier, according to Financial Research Corp. However, money market funds lost $45.9 billion, bringing both long-term and short-term mutual funds a loss of $24.4 billion for the month.

Putnam Investments announced last week that it will lay off approximately 100 people across all areas of the company, "to improve the operating efficiency of Putnam," Chief Executive Officer Charles Haldeman said in a statement.

The Investment Company Institute has expressed concern about an aspect of the new New York Stock Exchange hybrid market plan. The "broker agency interest file" allows brokers to post orders outside of the best price available that aren't displayed with other orders but that generally receive the same priority.

Alliance CEO Sanders Takes on Chairman Title

As if it wasn't already hard enough for mutual fund companies to attract 401(k) rollovers, investors are increasingly taking this money and putting it in annuities within IRA plans. In fact, these types of rollovers have increased 400% over the last four years.

NEW YORK - In conjunction with the launch of its new CFA Centre for Financial Market Integrity, on Nov. 8 the CFA Institute of Charlottesville, Va., floated an exposure draft of its new Asset Manager Code of Professional Conduct.