Money Management Executive Latest News

Invesco, the already troubled mutual fund leg of Amvescap, is about to face additional civil charges from the Securities and Exchange Commission, The Wall Street Journal reports.

The Securities and Exchange Commission may soon charge Fremont Investment Advisors and an ex-employee for improper mutual fund trading, Reuters reports. A previous Wells notice added late trading to the previous allegation of market timing, the company said.

The National Association of Securities Dealers has barred Scott Ryan and expelled Ryan & Company from the securities industry for failure to cooperate in an ongoing investigation into allegations that Ryan and the firm engaged in abusive short-selling activity on behalf of three hedge fund clients.

As part of its nationwide expansion, Piper Jaffray Cos. has opened a fixed-income securities sales office in Nashville.

Bank of America Corp.'s consulting services group will launch a unified managed account platform early next year to enhance its quickly expanding fee-based services program.

Seeing little opportunity in stocks these days, Robert Rodriguez, chief executive officer of First Pacific Advisors and manager of the small-cap value FPA Capital Fund, is nearly 40% invested in cash. Whereas in 1995 he had no more than 4% of the fund’s assets in cash, that’s now 37% and rising, Dow Jones reports. "The opportunity cost of holding liquidity today is among the lowest levels in 20 years," he 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.

Northern Trust has selected SunGard’s Invest One fund accounting system to support and help grow its European mutual fund and alternative investment operations, the firms announced.

It is true that the best things in life are not free, but a study shows that when it comes to investing in mutual funds, buying funds with higher expenses is disadvantageous, the Associated Press reports.

As it promises to focus on high-stakes growth investing and its funds finally return to positive territory, Janus Capital is seeking a market risk czar who will work with the firm’s portfolio managers to avoid sharp declines.