Money Management Executive Latest News

Two weeks after employee complaints touched off an audit into Utah’s 529 college savings plan, the plan’s director has been dismissed for sharing the plan’s money pool with that of his own, The Wall Street Journal reports.

While Janus Capital Group still suffered a slight outflow in June, the company’s mutual funds had another strong month in terms of performance, and signs are pointing toward a return to respectability for the formerly prominent but currently scandal-tarred firm, the company announced.

Ah, Southern California, home of hot beaches, obscene traffic jams, yet another actor-turned-Governor and soon, a bevy of new offices owned by the No. 1 mutual fund firm in America. Fidelity Investments, the Los Angeles Business Journal reports, wants to bump up its number of big-city offices to 100 by the end of the year, with 20 of them being in California.

PIMCO is adding a trendy type of fund to its docket – a bank-loan fund – according to a company filing with the Securities and Exchange Commission, Morningstar reports.

The Noah Fund, a socially responsible investing (SRI) mutual fund that claims to invest in accordance with the teachings of the Bible, is getting a little more devout.

Mellon Bets on Paragon to Boost High-Net-Worth Biz:Marks Sixth Acquisition in Four Years

The state of Illinois, in its selection of Citigroup to manage its 529 plan, opted for high fees and disadvantageous options for parents and students looking to save for college, according to Morningstar analyst Russel Kinnel.

Southeastern Asset Management, manager of the 17-year-old Longleaf Partners Funds, has decided to shut the fund to new investors because of a lack of prospective companies to invest in, the company announced.

Even as Asian markets as a whole underachieved during the first half of 2004, Japanese stocks were the best to invest in among mutual funds sold in France, according to fund tracking firm Lipper.

Assets in money market mutual funds rose $14.85 billion to $1.977 trillion for the week ending July 7, after a poor showing one week earlier.