Money Management Executive Latest News

Mutual fund services provider BISYS has beefed up its compliance services by hiring two industry veterans to serve as outsourced chief compliance officers for its fund clients.

The Managed Funds Association (MFA) believes it has the necessary backing from regulators and government insiders to turn back proposed regulations aimed at bringing hedge funds under the laws of registered investment advisors, TheStreet.com reports.

The NASD and Securities and Exchange Commission are beginning to shift their attention away from the widespread mutual fund scandals to spearheading newly proposed guidelines targeting variable annuity sales, The Philadelphia Inquirer reports.

Individual states are taking a cue from regulators and taking steps toward assembling nationwide guidelines for selling 529 college savings plans, Dow Jones Newswires reports. The states’ efforts have already produced a draft set of guidelines that has been circulated to state treasurers, the SEC and the House Committee on Financial Services. The proposed guidelines, which are tentatively scheduled for release by December, are intended to replace varying state requirements for selling 529 plans with a contiguous series of rules.

The AARP has an interesting idea, and it has little to do with the "R" in its name. Instead of retirement, the 50 and over association is urging its members to work.

SEC Commissioner Cynthia Glassman said Monday she is not sold on the agency’s rule proposals requiring an independent chairman and the implementation of a mandatory redemption fee.

"Spitzer 2006," the almost certain name of New York Attorney General Eliot Spitzer’s campaign fundraising group, asks for money in funny ways, Newsweek reports.

Fidelity Investments has changed the managers around in its Select sector funds according to recent regulatory filings with the Securities and Exchange Commission

Daiwa Securities, Japan's second-largest brokerage firm, will offer separately managed accounts beginning next month with the aim of capturing another 30 billion to 50 billion yen, or $270 million to $450 million, from high-net-worth clients.

The NASD is poised to unleash a wave of enforcement actions against mutual fund firms for failure to supervise and implement systems and policies sufficient in preventing market timing and late trading, according to sources familiar with the matter.