Money Management Executive Latest News

Save that cash and save it now because even a "black hole" would be an "optimistic" view of the 2005 markets, a Morningstar analyst said.

A U.S. District Court has shut down a Web site that impersonated a New Hampshire mutual fund company and promised investors 657% returns, the Securities and Exchange Commission said on Thursday

Mutual fund firms, even in their worst period, are not taking their problems as seriously as they should, a Securities and Exchange Commission enforcement officer fears, The Wall Street Journal reports.

Calvert, a socially responsible mutual fund provider, and The United Nations Development Fund for Women, entered into an unusual alliance to produce an ethical set of guidelines aimed at helping corporations improve conditions for women.

The NASD announced Thursday that it has fined five brokerage firms $625,000 for failure to have the supervisory systems in place to detect and prevent late trading. The five are D.A. Davidson & Co., TD Waterhouse Investor Services, Stifel Nicolaus & Co., National Planning Corp. and SII Investments, Inc. Each of these firms processed trades after the 4 p.m. close of the market, the NASD said.

Representatives from the largest members of the $7.4 trillion mutual fund industry gathered this week at the Morningstar conference in Chicago to devise new strategies aimed at putting widespread scandals in the past, Reuters reports.

Vanguard Group's flagship low-cost index mutual funds are quickly soaking up assets from institutional investors through a newly opened newly opened distribution arm in Singapore, Reuters reports.

Myles W. Farrington promised over 100 investors in South Florida a 20% return by investing in mutual funds, but instead ended up making the state’s Department of Financial Services top 10 fraud list.

A Wisconsin appeals court has revived a previously dismissed case against Northwestern Mutual Life Insurance Co. The company had been charged with breach of contract and breach of its legal duty to its policyholders because it changed the way surplus profits were credited to annuities.

As expected, the Securities and Exchange Commission voted Wednesday to require funds to have independent chairmen and for 75% of a fund’s board to be independent, up from 50%. The new rule will require major changes at fund companies, where approximately 80% of the chairmen are currently affiliated with the investment advisor.