Money Management Executive Latest News

Mark Goldwasser, the chief executive of brokerage Olympic Cascade Financial, said the firm is nearing a $600,000 settlement with the National Association of Securities Dealers over allegations one of its subsidiaries assisted market timers, The Seattle Times reports.

Federated Investors, which back in November admitted to but was not charged with improper mutual fund trading, is again being inspected by the Securities and Exchange Commission – this time for other reasons – The Wall Street Journal reports.

The Employees Retirement System of Texas said it has chosen CitiStreet Advisors LLC to supply advice to participants in the state government's defined contribution program.

Canadian mutual fund sales rose last month, according to an industry estimate from the Investment Funds Institute of Canada.

The former Evergreen Investments portfolio manager who was found to have engaged in allegedly improper trading of his own mutual fund shares likely was Prescott Crocker, former skipper of the Evergreen Precious Metals Fund and its High-Yield Bond fund, according to fund research firm Morningstar.

In the first six months of the year, Barclays Global Investors turned a profit of 157 million pounds, or $286.8 million, up 73% from 91 million pounds in the first six months of 2003.

Axa, the French insurance firm, will bid on the portion of its Australian arm it does not own after the subsidiary garnered huge profits over 2004’s first half, Reuters reports.

The Securities and Exchange Commission and the New York Stock Exchange last week fined Fidelity Brokerage Services $2 million for destroying or altering records in at least 21 of its 88 branch offices.

Stephen Treadway, the chief executive officer of PIMCO affiliate PA Distributors, who was charged with fraud back in May, has left the company. Treadway and his firm, PA Distributors, which is a retail leg of Allianz Dresdner Asset Management of America, were said to have approved trades by Canary Capital, according to the civil charges brought by the Securities and Exchange Commission. Another PA Distributor affiliate, PEA Capital, saw its CEO, Kenneth Cobra, resign in April amid similar charges. Treadway had been the chairman of the board of PIMCO Funds, as well. A company spokesman said Treadway left to pursue other interests.

Janus Capital has had to withstand some face slapping from investors while it attempts to cure its ailing business, but it may soon run out of available cheek space as the hits keep coming.