Money Management Executive Latest News

Mellon Financial Corp. announced this week it will buy a Rhode Island investment firm, making it the private wealth management group's third acquisition this summer and seventh in four years as part of a national expansion.

Amvescap Plc retired the Invesco brand name of its Denver-based retail mutual fund subsidiary Wednesday, one of the oldest monikers in the financial services industry, after reaching a $451 million settlement with securities regulators the previous day, Reuters reports. This is the first case of a company moniker possibly falling prey to the widespread mutual fund industry scandals involving more than a dozen firms.

New methods for calculating the S&P 500 Index will prompt billions of outflows from 33 leading mutual fund companies

Pax World Funds, the socially responsible investment firm, predicts a tidal wave of controversy stemming from newly disclosed proxy voting rules and has stoked the fire by publishing guidelines aimed at helping investors decipher the information.

Evergreen Investments, the asset management division of Wachovia Bank, has announced that it would start using the mWholesaler wireless interface from software firm Pyxis to give sales managers instant access to critical customer relationship management information.

Fidelity has the No. 1 consumer Web site and Mass Mutual Financial Group the No. 1 financial professional Web site, according to new rankings from Dalbar of insurance company Web sites.

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.

Improper trading at ING U.S. was a case of mostly isolated incidents and did not represent a widespread problem, the maligned mutual fund firm announced Wednesday.

Following Fidelity’s lead last week, E*Trade announced Tuesday that it would reduce expenses in both its S&P 500 and International Index funds to nine basis points, lowering the fees to well below the industry average.

American mutual fund companies have recently lowered sales projections in Singapore, once considered an untapped gold mine populated by wealthy investors. As a result, they have and begun pruning back underutilized funds with low portfolio balances, Reuters reports.