Money Management Executive Latest News

Funds tracking broad market indexes are more susceptible to downward pricing trends than socially responsible investing funds, according to Morningstar.

Investors are increasingly staying away from stocks – but, oddly enough, this may turn out to help the markets in the long run, The Wall Street Journal reports.

All mutual fund companies are expected to have a chief compliance officer in place by Oct. 5, and smaller mutual funds may not be equipped to make such a change, Dow Jones Newswires reports.

The SEC announced Monday that PA Fund Management, PEA Capital and PA Distributors agreed to pay a $50 fine for defrauding investors in the PIMCO Multi-Manager Series of funds. Ten million of that sum is disgorgement and $40 million is a civil penalty.

Putnam Investments, the nation’s seventh-largest mutual fund company, will re-compartmentalize its stock-picking units in order to try and regain the business it has lost as a result of the scandal, Reuters reports.

FMR Corp., the parent of No. 1 mutual fund company Fidelity Investments, owns 15.5% of Google’s stock, Reuters reports.

Franklin Templeton Investments, the U.S. fund firm, will dive into the Polish mutual fund market, the Polish News Digest reports.

The Securities and Exchange Commission said it would forge ahead with a new rule effective January 2006 requiring 75% of mutual fund boards to be comprised of independent directors and overseen by an independent chairman. The U.S. Chamber of Commerce sued the SEC on Sept. 2, charging that it had overstepped its rulemaking authority.

Mutual fund manager Janus Capital said on Thursday its assets under management dropped 0.9% in August to $127.8 billion from $129 billion at the end of July

Mutual fund giant Fidelity Investments has hired former Citigroup senior equities-division executive Robert DiFazio to head up its institutional trading arm, The Wall Street Journal reports.