Money Management Executive Latest News

Jeff Etheredge to Manage Distribution at Integrity

Securities and Exchange Commission Chairman William Donaldson told the Investment Counsel Association of America Thursday that the Commission is considering alternatives to its hard 4 p.m. close proposal.

The Department of Labor has launched its own investigation into the market-timing policies and commission schedules of an unnamed group of large mutual fund provides to determine whether any of these practices have harmed employee-benefit plan participants, Dow Jones Newswires reports.

Mutual fund companies living by the adage "out of sight, out of mind" are stepping up efforts to fend off industry reforms as media coverage of the far-reaching scandals gradually diminishes, USA Today attests in its editorial pages.

Annuity sales through banks rose 7% in February compared with the previous month, and the $3.6 billion of sales was the most since October, a monthly survey reported.

Despite falling behind early to New York Attorney General Eliot Spitzer’s cffice, the Securities and Exchange Commission has gained its war footing against unethical mutual fund companies, a new General Accounting Office report says.

Marsh & McLennan, the world’s top insurance broker and the parent company of No. 6 mutual fund company Putnam Investments, saw an 83-cents-per-share profit for the first quarter to $446 million, up from 81 cents a share and $443 million last year.

The Securities and Exchange Commission, and not Congress, should and probably will lead the march toward reforms in the morally and legally fragmented mutual fund industry, a key legislator told Reuters.

New research by Spectrum Group finds that many mutual fund investors either don't know or don't care about the industry scandals.

Mark Whiston, 42, the chief executive of embattled fund shop Janus Capital Group, quit and will be replaced by Steve Scheid, 50, the Janus board chairman, the firm announced early Tuesday.