Money Management Executive Latest News

Oppenheimer Holdings Inc. acknowledged receiving subpoenas from securities regulators investigating allegations of improper mutual fund trading patterns, The Wall Street Journal reports.

Shares of publicly traded financial services providers rallied yesterday after President Bush sealed his second electoral victory and raised hopes for favorable changes in taxes to remain in place and, potentially, the privatization of Social Security, The Wall Street Journal reports.

A European Union directive aimed at eliminating gender discrimination in determining insurance rates is likely to apply in the United Kingdom, although British officials had stated that the country was not bound by the impending rule, according to a report in ifaonline.co.uk. The directive comes into effect in December, and would require that all financial products, including insurance, be priced equally for men and women.

Bank platform reps need proper training in order to earn a client’s trust as an adviser, according to a study conducted by Kenneth Kehrer for Allstate’s financial institutions division.

American Funds was No. 1 in sales among U.S. mutual funds for September, research from the firm Financial Research Corp. shows. For the industry overall, investors dumped more money into funds than they did in August.

For the second straight month, Canadian mutual funds trudged through a month of outflows, an industry report shows.

Zacks Investment Research and AdvisoryWorld have teamed up to create a managed account solution for 401(k) plan sponsors and their employees that offers both professional investment management through Zacks and guidelines to help employees invest as much as needed to retire comfortably.

The New York Stock Exchange is taking long-anticipated steps to beef up its proprietary indexes to increase its share of the low-cost exchange traded fund business, CBSMarketWatch reports.

Because the Securities and Exchange Commission is now considering making a 2% redemption fee optional, the retirement plan industry has intensified efforts to develop its own solution in accordance with mutual fund providers, InvestmentNews reports.

To prove to its investors that it is working tirelessly to regain a once solid reputation, Putnam Investments has begun to disclose to the Securities and Exchange Commission how much money its own fund managers invest in their funds, Bloomberg reports.