Money Management Executive Latest News

WASHINGTON -- In a far departure from the self-congratulatory back-slapping that went on at last year's Investment Company Institute General Membership Meeting, the largest mutual fund industry gathering of 2004 featured a more humble tone from the top.

WASHINGTON -- Matt Fink didn't exactly go gentle into that good night during his last days at the helm.

The bidding is over for the scandal-tarnished Strong Capital Management. Wells Fargo reached a definitive agreement last week to purchase Strong's $27 billion in mutual fund assets and $7 billion in institutional investment assets. Although terms of the deal were not disclosed, Wells reportedly will pay less than $500 million in a first payment and then up to $200 million in subsequent installments, depending on which direction Strong's assets under management go.

Kirkpatrick & Lockhart Names Parker Of Counsel

WASHINGTON -- Fund firms will be required to sport a chief compliance officer come October, but many gathered here at the Investment Company Institute's General Membership Meeting had unanswered questions and not a lot of time to find solutions.

WASHINGTON -- Putting the interests of investors first and fostering investor loyalty were two of primary topics at the Investment Company Institute's annual General Membership Meeting here.

If you think it's challenging to convince your clients to open a separately managed account, imagine the work Yoshishige Saigusa, CEO of Nikko Cordial Advisors, a unit of Japan's third-largest brokerage, has cut out for him.

Oppenheimer Asset Management has added the Dividend Performers investment strategy to its separate account consulting program. The strategy is managed by Sovereign Asset Management, a subsidiary of John Hancock Advisers, which was recently bought by Manulife Financial.

General Electric’s initial public offering of its insurance unit, Genworth Financial, got a slow start out of the gate, with its initial price of $19.50 falling below the company estimates of $21 to $23 per share. The company raised only $2.83 billion, half-a-billion less than earlier estimates of $3.34 billion.

The Securities and Exchange Commission is planning to launch enforcement action against Empire Financial Holding Co. and its Chairman and Chief Executive Officer Kevin Gagne, Dow Jones Business News reports.