Money Management Executive Latest News

Donald C. Auerbach, a veteran of both Capitol Hill and the financial services industry, has been named director of financial services policy at the Investment Company Institute, the organization announced Monday.

The Indian arm of U.S.-based life insurance company Principal Financial Group has purchased state-controlled Punjab National Bank, Principal Financial Managing Director, Sanjay Sachdev, told Reuters.

GE Financial’s initial public offering for Genworth Financial may bring in up to $3.8 billion, according to a company filing. The company estimates the price for the 145 million shares of Class A common stock will range between $21 and $23.

The merger between Manulife Financial Corp. and John Hancock Financial Services has been completed. John Hancock, which last traded at $43.75 on April 28, is no longer listed as JHF on the New York Stock Exchange.

Janus Capital will pay the Securities and Exchange Commission and other regulators $225 million to settle charges of improper trades, but some industry insiders think the news will be worse for Amvescap, the manager of the Invesco Funds, eFinancial reports. A rumor, fueled by an internal memo mentioning "exceptional charges," says that Amvescap has allotted $300 million for fines and penalties.

Despite the market-timing troubles at its mutual fund unit, MFS, which has settled with the SEC for a total of $410 million, Sun Life Financial Inc. announced a 7% profit for the first quarter against last year's numbers, The Toronto Star reports.

When the mutual fund scandal began, recommendations to investors by Morningstar were simple: Stay away.

Equity funds pulled in $23.3 billion in March, less than half of the $50 billion gained in January, according to Lipper of New York. The $23.3 billion also represents about a 25% drop off from February's tally. Investors reduced their net purchases of equity funds, but did add shorter-maturity bond funds to their holdings in the month.

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BOSTON -- In order to better translate client needs into action, separate account managers and sponsors must capitalize on strategic opportunities in the marketplace, according to Bob Cuhna, a principal at Market Metrics, a research firm that works with managed account providers to help them grow sales through financial advisers.