Money Management Executive Latest News

The brokerage services division of Automatic Data Processing, in a move designed to align its mutual fund services platform with new federal regulations, has added a breakpoint calculation system to that platform.

The manager of the Matthews Japan Fund, which ranks No. 2 among all 13 Japan-focused U.S. mutual funds, is purchasing stakes in Japanese financial-services companies in order to churn a profit, The Philadelphia Inquirer reports.

Assets held in hedge funds rose slightly in August, according to monthly data released Wednesday.

Genworth Financial has announced two appointments in its retirement income and investments business.

When Morningstar handed a Newsweek reporter a sheet of paper listing the assets under management for the 21 firms touched in the mutual fund scandal, it became obvious that the investigation begun by Eliot Spitzer just over a year ago had shaken the industry.

Mutual fund manager American Funds is killing the competition softly.

In a move geared toward trying to filter long-term money from pension funds and insurance premiums into its stock markets, China's government has contracted a group to study how such a transition can be made, Reuters reports.

The Securities and Exchange Commission has issued an adopting release that formalizes an amendment to Rule 12b-1 that prohibits funds from selecting broker/dealers for portfolio transactions based upon their sales of mutual funds. Fund companies must comply with the order by Dec. 13. Funds are not banned outright from choosing a broker/dealer that sells its funds to execute portfolio trades. Instead, the SEC requires that funds ensure selling agreements do not influence that decision.

Three firms affiliated with PIMCO equity funds agreed to pay $50 million to settle fraud charges related to a market-timing scheme that bilked long-term shareholders.

Charles Schwab & Co. agreed last Tuesday to pay $350,000 to settle charges that it improperly permitted investment advisor customers to alter mutual fund orders after the closing bell.