Money Management Executive Latest News

Mutual fund directors' salaries continued to climb last year despite widespread criticism that many trustees failed in their duties to uphold shareholders' interests, The Wall Street Journal reports.

Favorable market conditions are bringing out the bullish side of cautions fund managers

The Securities and Exchange Commission has named Peter H. Bresnan as an associate director in its division of Enforcement. Bresnan, who was deputy chief litigation counsel of the SEC's division of enforcement since Nov., 2001, now holds a leading role in charting the Commission's investigation and enforcement actions. Between Nov. 2003 and April 2004 Bresnan also functioned as district administrator in the SEC's Boston-area operations.

The SEC is considering taking disciplinary action against firms that fail to follow fair-value guidelines for holdings with outdated prices, Commission officials told The Wall Street Journal.

After a weekend sweep of the New York Yankees, Boston may be atop the American League’s Eastern Division. But, according to The Boston Globe, the city’s 80-year position as the No. 1 hub for mutual funds in the nation might be faltering, not just because of the recent scandal.

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.

Prompted by 80 disciplinary actions over unsuitable annuity sales in the past two years, NASD Monday issued a broad set of rules on how registered reps should sell deferred variable annuities.

Six chief executive officers have stepped down or been fired since the mutual fund scandal began last September. However, the way many have gone has been a puzzling, agonizing and laborious process, raising accountability questions that start at the top and seep down to the bottom, Reuters reports.

Despite admitting it would take a $60 million pretax charge to pay for improper trade-related costs, Franklin Resources, manager of Templeton’s mutual funds, announced a 58% profit for the quarter.

A division of Fiserv Inc. is being investigated for possible improper mutual fund trading practices, the company’s chief executive said Thursday, the Associated Press reports.