- Money Management Executive
Davenport & Co., a Richmond, Va.-based brokerage firm, market timed variable annuity sub-accounts on behalf of two of its hedge fund clients, the National Association of Securities Dealers charged Tuesday, ordering Davenport to pay $450,000 for improper trading.
June 2 - Money Management Executive
New Jersey regulators and the PIMCO funds have agreed to settle for $18 million stemming from the companys improper mutual fund trades, according to The Wall Street Journal.
June 2 - Money Management Executive
House Financial Services Subcommittee Chairman Richard H. Baker (R-LA) will chair hearings of The House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Wednesday to determine whether 529 college savings plans are potentially gouging investors with excessive fees.
June 2 - Money Management Executive
Variable annuity sales are finally up, with many carriers reporting record-breaking income as a result, according to Finetre Corp. The increase in profits were due to the recovery of equity markets in 2003 and improvements in variable annuity pricing and management practices.
June 1 - Money Management Executive
The class-action lawsuit against American Skandia Life Assurance Corp. has been dismissed, according to Skandia Insurance Co. The former parent company was still liable for the case even though the sale of the American subsidiary to Prudential Financial closed last year.
June 1 - Money Management Executive
By recommending Class B mutual fund shares when Class A shares "would have been clearly superior," a Morgan Stanley Dean Witter broker violated the Securities Exchange Act, a class-action lawsuit filed last week in Tennessee contends.
June 1 - Money Management Executive
James A. Shepherdson, former head of John Hancock Financial Services' retirement services, was tapped as chairman, president and CEO of the firm's mutual fund unit John Hancock Funds, the company announced Thursday.
June 1 - Money Management Executive
The manager of the famous but fledgling Fidelity Magellan fund is blaming himself for some of the fund's troubles, The Wall Street Journal reports.
June 1 - Money Management Executive
Equity fund flows slowed to $9.9 billion in April, half of March's pace, marking the third month in a row they have declined 50% or more from their previous month's levels, Lipper reported.
May 31 -
"The closer you get to the fire, the more you get burned, but that won't happen to us, because it's always been a matter of trust." -- Billy Joel
May 31