Money Management Executive Latest News

A prominent legislator is hard-pressed to shine a light on loosely regulated sate-sponsored college savings plans, calling on federal securities regulators to draft significant reforms that include improving fee disclosure.

Many fund executives have been bracing for tremendous downward pressure on fees, but that is unlikely to happen, largely because of investors’ general lack of concern when it comes to fees, according to a Financial Times editorial.

Separately managed accounts continue to grow at a much faster pace than mutual funds, Barron’s reports. In the 12 months through March 31, assets in SMAs rose 36% to $530 billion, and by 2008, they should top $1 trillion, according to Cerulli Associates.

Bank of America Corp.'s consulting services group is planning to launch a unified managed account platform early next year to enhance its quickly expanding fee-based services program. "From a technology standpoint, the foundation is here for us to build a unified managed account platform," said Dan McNamara, the consulting services group's managing director.

Many Congressmen are finding out that when it comes to fund reform, "you can't always get what you want," as Mick Jagger sings.

Things went from bad to worse for Invesco Funds, as federal securities regulators announced plans to increase the number of individuals facing civil fraud charges.

In a little over 11 weeks, firms are going to have to hire a chief compliance officer, a requirement that could prove to be a tall task for fund shops, particularly smaller ones.

Gonzalez Now Touchstone Southeast Vice President

The Securities and Exchange Commission reportedly may soon charge Fremont Investment Advisors and an ex-employee for late trading and market timing, the company said.

Investors have filed a class-action suit against Salomon Smith Barney for allegedly breaching its fiduciary duty between March 22, 1999 and March 22, 2004 by claiming its financial advisers were selling mutual funds objectively when, in fact, they were steering them into the firm's "inferior" proprietary family of more than 220 funds.