Money Management Executive Latest News

Morningstar revealed Friday that it has received a Wells Notice from the SEC for posting inflated performance figures for a mutual fund for a period of nine business days in March. Although the SEC does not have oversight over financial data publishers, it is considering bringing a civil suit for what it believes was reckless handling of data, Morningstar Chairman Joseph Mansueto told The Wall Street Journal.

The Canadian Association of Retired Persons issued 17 proposed regulations to strengthen Canada’s mutual fund industry, The Globe and Mail reports. CARP wants Canada to create yet another, independent federal agency to oversee various regulatory bodies, new whistleblower legislation and, in light of the Ontario Securities Commission’s investigation, the creation of an investor protection fund.

Putnam Investments on Thursday made a "groundbreaking commitment" to provide retail investors much of the same information institutional clients often demand, according to an announcement by the firm, the California State Treasurer, and pension groups CalPERS and CalSTRS.

The Bank of New York said on Thursday it has developed new a software platform designed to vastly improve the company’s compliance program to meet the requirements of the Securities and Exchange Commission’s new compliance rule.

Schwab Institutional, the subsidiary of Charles Schwab Corp., has tapped one of its own, Fred Petrino, to serve as a business development officer.

NEW YORK – Elizabeth Krentzman, general counsel of the Investment Company Institute, called on the fund Thursday to cultivate a better relationship with the brokerage community to tackle the many issues facing the interrelated businesses. She made the remarks at the ICI’s Equity Markets conference here.

Putnam Investments on Thursday made a "groundbreaking commitment" to provide retail investors much of the same information institutional clients often demand and receive from investment managers, according to an announcement made by the firm, the California State Treasurer, and pension groups CalPERS and CalSTRS.

Dodge & Cox Funds took preventative measures this week to reassure shareholders that rapid growth in its funds would not compromise the firm's investment performance, Reuters reports.

Disappointing third-quarter performances of many equity funds followed by Merrill Lynch prompted the wirehouse to lower earnings expectations on seven of the 11 mutual fund providers on its analysts' radar screens, CBS MarketWatch reports.

Separate accounts have also soared to $276.8 billion, a 29.1% increase over last year, reflecting more favorable economic conditions and increased interest in variable products, according to Weiss Ratings. Life and health insurance profits are also booming, up $212.5% for the first three months of 2004, compared to the same period last year. "The market rebound enabled assets in these accounts to regain and surpass their value from four years ago," said Melissa Gannon, vice president of Weiss Ratings. "In addition, consumers are becoming less fearful of the equity markets and are again considering variable life and variable annuity products."