Money Management Executive Latest News

They were seven and they fought like seven hundred. That was the famous tag line of the classic 1960 western film "The Magnificent Seven," a tale about a septet of mercenaries called on to protect the inhabitants of a small village from being pillaged by outlaws.

This October is the deadline for funds to comply with the Securities and Exchange Commission's new Rule 38a-1, requiring all registered investment companies and investment advisors to designate a chief compliance officer. The new CCO will be empowered with full responsibility and authority to develop, administer and enforce appropriate policies and procedures for the firm. One area that will surely generate significant attention will be an examination of all third-party relationships, including outsourced transfer agency and shareholder servicing functions.

Schwab Institutional's assets under custody grew 4.5% in the first quarter, and the company's president said the industry's scandals and investigations played a role in some of the asset gains.

WASHINGTON - Insurance companies are soon to find enforcement actions against them aired for all to see. The Securities and Exchange Commission is working on cases in which insurers made special arrangements for market timing, according to Ari Gabinet, district administrator of the SEC's Philadelphia District Office. "You may expect to see more cases rising up," he told attendees at the Regulatory Affairs Conference sponsored by the National Association of Variable Annuities.

Arthur Bonnel stepped down June 1 as head of the Bonnel Growth Fund, handing over the reins to Frank Holmes. Now, the $75 million fund is appropriately named Holmes Growth, Investor's Business Daily reports.

We’re still a few weeks off from the due date, but it’s safe to say that the Internal Revenue Service is gearing up to fit 403(b) plan regulation in line with the 2001 tax law changes. Sources say this will be the first time that the IRS has made sweeping comprehensive changes to these plan rules since 1964.

New York research firm Strategic Insight reported Friday that mutual fund inflows for the first half of 2004 were about $190 billion, even after "dramatic monthly inflows through April" gave way to a "sharp decline in equity fund inflows" in May.

Stock fund investors invested a net $1.39 billion into funds in the week ended Wednesday, according to research firm AMG Data Services.

The 2004 Morningstar Investment Conference kicks off this week as portfolio managers and mutual fund sales personnel head to the Windy City to discuss picking stocks in a tough investing environment and various distribution issues facing the industry in the wake of the scandal.

The Securities and Exchange Commission has put Bear Stearns on notice of possible civil charges for improper mutual fund trades placed through several of its business subsidiaries, The Wall Street Journal reports.