Money Management Executive Latest News

The number of high-net-worth individuals rose sharply in 2003, a trend that represents a significant opportunity for asset managers offering registered hedge funds, according to a recently released white paper by Financial Research Corp.

When he talks about mid-caps, money manager Sandy Lincoln likes to recall the time when his then eight-year-old and six-year-old daughters asked if they could baby-sit. "I said, well, at eight years old, you can't baby-sit," he recalls. However, the older daughter had heard him make practice presentations at home and replied, "But between me and my younger sister, we have 14 years of experience."

The Securities and Exchange Commission this week filed civil charges against the Beverly Hills, Calif.-based broker/dealer National Clearing Corporation. (NCC) and its parent company, JB Oxford Holdings, Inc., for allowing customers to engage in late trading and improper market-timing activities.

Garrett Van Wagoner, president of Van Wagoner Capital Management, accepted a seven-year ban from serving as a mutual fund officer or director after he and the firm he founded agreed to pay an $800,000 penalty to settle charges with the Securities and Exchange Commission. The SEC charges the executive and his company misstated securities valuations in a number of funds.

Worldwide mutual fund assets grew by $3.6% during the first quarter to $14.6 trillion, according to recent figures compiled from 39 countries by the Investment Company Institute and the International Investment Funds Association.

Despite solid investment performance, Putnam suffered more withdrawals than other fund providers implicated by the scandal that’s rocked the industry over the past year.

Skyrocketing oil prices have undermined numerous sectors within America’s economy, but the expensive price of crude oil has also helped T. Rowe Price’s $1.6 billion New Era Fund and a number of other natural resources funds outperform the flagging Standard & Poor’s 500 Index, Bloomberg News reports.

Mark A. Adler, a Harvard law graduate with experience in both the private and public sectors of law and the Securities and Exchange Commission’s assistant chief litigation counsel since 1997, has been promoted to the Commission’s deputy chief litigation counsel for the enforcement division.

Gabelli Asset Management Inc. has promoted Douglas Jamieson to the new post of president and chief operating officer.

Investors in mutual funds are increasingly turning to accounts with multiple managers, even though that means paying higher fees, The Wall Street Journal reports.