Money Management Executive Latest News

A pair of Boca Raton-based brokers entered guilty pleas for charges of conspiring to execute after-hours trades in what prosecutors have dubbed the first federal indictment of late mutual fund orders placed on behalf of institutional investors, Associated Press reports.

A lack of growth and an increase in competition may force a mass consolidation in Canada’s fund industry, the Globe & Mail reports. Most affected will probably be middle-of-the-road shops – in other words the middle class will shrink – and small fund boutiques and the industry’s premier players will remain standing.

Affluent Asians, who constitute five percent of the total affluent market in the United States, are not looking at retirement as a primary goal of investing, according to research from TNS Financial Services. Part of the reason is because many are younger entrepreneurs, so their needs are not aligned as much with the traditional affluent market.

Second-quarter numbers at Marsh & McLennan Companies Inc. showed a rise in consolidated revenues and a better net income, creating a feeling at Putnam Investments’ parent company that things may be getting on track. However, Putnam itself is still trying to right its ship.

The job of caretaking a mutual fund has many areas of responsibility, so in response to SEC Chairman William Donaldson’s request, the Mutual Fund Directors Forum has put together a report detailing 38 best practices.

Mutual fund clients of the back-office specializing Boston Financial and computer software firm DST Systems will be able to easily adhere to SEC Rule 38a-1 with the companies’ Compliance+ system, an "enterprise-wide compliance program" that helps firms meet the rule’s strict and specific requirements.

T. Rowe Price Group’s profits jumped 49% in the second quarter from the year-ago period, the company reported on Tuesday.

A pair of prominent European hedge funds mixed up in the mutual fund scandals here have left the European community vulnerable to The Securities and Exchange Commission, Financial News reported.

The Securities and Exchange Commission has asked a judge in Denver to give the agency an extra month to file additional charges against fund firm Invesco. The deadline to file additional charges was Monday, July 26.

U.S. Bancorp Asset Management has appointed Charles Manzoni as its new general counsel. In his new role Manzoni is responsible for oversight of U.S. Bancorp’s Asset Management and First American investment products.