Money Management Executive Latest News

Thanks to Securities and Exchange Commission initiatives "to encourage advertisements that convey balanced information to prospective investors, particularly with respect to past performance," mutual fund investors are receiving more information in fund ads, the Associated Press reports.

Citigroup Inc. has received a Wells notice from the Securities and Exchange Commission related to dealings at its mutual fund arm, Smith Barney, the company announced, The Wall Street Journal reports.

With trillions of dollars littering the collective retirement accounts of Baby Boomers, the financial services industry as a whole is gearing services toward obtaining that money as the Boomers begin to retire, The Wall Street Journal reports. With Boomers born between the years 1946 and 1964, the first big wave of 65-year-old retirees should take place in 2011.

Old Mutual Investment Partners has signed a deal handing the majority of its managed accounts operations' back and middle office operations to Mellon Global Securities Services, a subsidiary of Mellon. Previously, Old Mutual relied on a number of different outsourcing partners to serve the back offices of its various divisions.

Thanks to Securities and Exchange Commission initiatives "to encourage advertisements that convey balanced information to prospective investors, particularly with respect to past performance," mutual fund investors are receiving more information in fund ads, the Associated Press reports.

A rebound in stock mutual fund inflows is could be the long-awaited harbinger of rejuvenated investor confidence in the market, according to Lipper.

Charles Schwab & Co. Chief Executive Officer David S. Pottruck resigned Tuesday and was replaced on an interim basis by Charles R. Schwab, the company's founder, who also serves as chairman of the its board of directors.

Nuveen Investments Tuesday reported a 14% increase in its second quarter earnings of $36 million over the period of a year earlier, on a restated basis. The firm’s operating revenues were $120.4 million, up 13% from 2003.

Noting that 71% of the retirement savings plans that it services now offer its Freedom Funds lifecycle funds, Fidelity Investments Monday issued a report recommending that more sponsors offer such default options.

AIG Global Investment Corp., an arm of American International Group Inc., announced that it has gotten initial approval to set up an asset management venture in China.