Money Management Executive Latest News

A new shareholder advocacy Web site has been designed to advise investors if their mutual funds own any companies that could weigh on returns due to their policies on key environmental issues. The site, www.cookingyournestegg.com is expected to go live on Wednesday, according to Reuters.

Amvescap, the London-based parent of Invesco Funds of Denver and AIM Advisors of Houston, on Tuesday revealed it has agreed to pay $451 million to settle with regulators allegations of improper trading activity at the two shops.

Investors noting the one-year anniversary of landmark indictments brought against mutual fund companies by New York Attorney General Eliot Spitzer are still waiting for promised settlement payments, and growing increasingly restless, The Atlanta Journal Constitution reports.

After a recent surge in assets, American Funds, the mutual fund industry's persistent stalking horse, is on pace to overtake its two largest competitors: Fidelity Investments and Vanguard, Bloomberg reports.

Columbia Management, the investment arm of Bank of America, has hired Christopher Wilson to serve as head of mutual funds. In this position, Wilson will be in charge of all operational and non-distribution aspects of the business, such as treasury, accounting and shareholder and broker services. In addition, he must ensure that all of these functions are in full compliance with all legal and regulatory requirements. Wilson joins the firm from CDC IXIS Asset Management, where he was president and chief executive officer.

Nasdaq, in a joint announcement with Web-based 401(k) provider Invest n Retire, LLC, said its Nasdaq exchange traded funds (ETFs) will be available for the company's retirement investors.

Over the past year, mutual funds have paid more than $2.6 billion in fines, seen nearly two dozen firms implicated, experienced the firing of more than 80 key executives and have had to comply with a multitude of new regulations from the SEC and the NASD.

If mutual fund boards feel that something is not "fundamental," they can change it without seeking any shareholder input. So for Fidelity Investments, merging funds into less expensive ones is not considered fundamental, and the board is trying to pass it through without a vote, The Wall Street Journal reports.

One year after New York Attorney General Eliot Spitzer began his scud-missile attack on the mutual fund industry, the operations at mutual fund companies have changed substantially, The Wall Street Journal reports. But the long-term impact is not yet known, mostly because several Securities and Exchange Commission proposals are still in their early stages.

Three former Invesco executives agreed to pay a combined $340,000 in fines to settle enforcement actions for their role in a market-timing scheme that allowed preferred clients to make excessive trades in exchange for sticky assets.