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A.G. Edwards indicated in an SEC filing that it expects its revenue to decline as a result of the ban on directed brokerage by mutual fund companies. The firm did not disclose, however, how much of a decline it expects, although it did say that in combination with other regulations, the changes could have "significant and adverse" effects.
October 25 -
The Securities and Exchange Commission has subpoenaed Gabelli Asset Management for possible improper trading, the company indicated in an SEC filing. Last October, New York Attorney General Eliot Spitzer filed a subpoena against Gabelli, which admitted that one client had market-timing arrangements.
October 25 -
- Money Management Executive
What do we want? Advice! When do we want it? Now!
October 25 - Money Management Executive
Saving for college in the state of Nevada just got a little cheaper.
October 25 -
A federal appeals court has denied a request by the U.S. Chamber of Commerce to delay new rules requiring mutual funds to have independent chairmen. The world's largest business group had launched a campaign to postpone more stringent governance measures adopted by the Securities and Exchange Commission this past summer pending the outcome of its lawsuit challenging the move.
October 25 - Money Management Executive
After posting average annual returns of 21% for the past 10 years, compared to 9% by the S&P 500, returns of publicly-traded mutual fund companies are going to slow considerably, CBSMarketWatch reports, citing a report by UBS analyst Glenn Schorr.
October 25 - Money Management Executive
Former SEC Chairman Arthur Levitt told the Evening Standard that the "insurance scandal is really far more pernicious than almost any other scandal of this decade."
October 25 - Money Management Executive
The former head of Citigroup Global Investment Management may be punished by the Securities and Exchange Commission for his role in activities under investigation at its mutual fund unit, the company said in a filing with the Commission Friday.
October 25 - Money Management Executive
New York Attorney General Eliot Spitzers all-out assault on insurance firms may claim a casualty at the top of the nations No. 1 insurer, Marsh & McLennan, The Wall Street Journal reports.
October 25