Money Management Executive Latest News

Hedge funds are fast approaching the $1 trillion mark and a lower level of investor, while growing increasingly influential and potentially disruptive in the capital markets, SEC chairman William Donaldson told the Senate Banking Committee on Thursday.

The SEC has compiled more information to press a case that was dismissed in November against five former Prudential Securities brokers and their manager

Principal Financial Group has bundled three types of employee benefits services into a single automated billing service dubbed Principal Payroll Program. The new service incorporates payroll, retirement plan administration and professional financial advice into a turnkey package. Principal hopes the new program will increase its share of the retirement plan market by simplifying the process of collecting fees from participants and retirement plan sponsors.

At least 18 mutual fund companies that agreed to pay $2.5 billion to settle charges brought by securities regulators who accused the firms of improper trading are now in negotiations to snuff out roughly 300 private lawsuits filed by disgruntled shareholders, The Wall Street Journal reports.

King of Prussia, Pa.-based Brinker Capital, in an addition to its Destinations mutual fund platform, has added a balanced income strategy, primarily aimed at retirees.

Before being tabbed as Securities and Exchange Commission chairman in February 2003, William Donaldson was known as anything but liberal. After all, he worked in the Nixon administration and garnered his current position during the tenure of George W. Bush. But the way he has voted lately, it would be hard to differentiate him from the two Democratic SEC commissioners.

Affiliated Managers Group has signed a deal to incorporate Fremont Investment Advisors, which manages approximately $3 billion of assets, into its Managers Funds platform. AMG did not disclose the terms of the deal, which is expected to close this year.

Market timers succeeded in penetrating at least one institutional fund at Fidelity Investments, which has boasted a pristine record of defending individual shareholders by repulsing rapid trading activities, TheStreet.com reports.

Fidelity Investments announced that it plans to reduce electronic equity commissions for customers of registered investment advisers to $8 for trades of up to 3,000 shares.

State Street Corp. has announced that its SSgA Funds Management unit took over management of two exchange-traded funds from UBS Global Asset Management.