Money Management Executive Latest News

Lars Soderberg, executive vice president of institutional services and member of the management committee at Janus Capital, has agreed to take a leave of absence from the company, during which time Janus said it "will continue to evaluate Soderberg’s future role with the company, in light of the ongoing investigation of the mutual fund industry and related regulatory matters."

The New York State Attorney General’s office released the indictment of former Bank of America broker Theodore C. Sihpol, III yesterday, detailing the 40 counts of fraud, grand larceny, violation of general business and falsifying business records, he is facing.

Paying attention to what is happening underneath them can help fund directors recognize and stymie potential wrongdoing, Securities and Exchange Commission Paul Roye told a group of new mutual fund directors Friday

There are no buzzer beaters in the mutual fund industry. Theoretically, a trade completed at 3:59:59 may be considered a last-second shot, but it lacks the emotion and drama of, say, North Carolina State's last-second dunk to nip Houston in the 1983 national championship contest.

A court date to determine the dollar amount that Putnam must pay is fast approaching, but the two sides appear farther apart than ever, with the SEC looking for disgorgement and fines that could reach at least $800 million.

There are no buzzer beaters in the mutual fund industry. Theoretically, a trade completed at 3:59:59 may be considered a last-second shot, but it lacks the emotion and drama of, say, North Carolina State's last-second dunk to nip Houston in the 1983 national championship contest.

Secretary of the Treasury John Snow called on the Securities and Exchange Commission to continue its restructuring of the mutual fund industry but urged more reforms in order to not sacrifice the positive aspects of funds.

Massachusetts Financial Services last week agreed to pay a $50 million fine to the SEC for not disclosing directed-brokerage agreements, marking the first time the SEC has penalized a fund company for failing to disclose its trading arrangements with brokerage firms in exchange for promoting its funds.

The SEC is going to be paying closer attention to abnormal buying and selling in mutual funds. Cash flow is one area that will get heightened scrutiny.

The Money Management Institute could be renamed "Money Management International," now that Nikko Cordial Advisors of Japan has become the trade organization's first overseas member.