Money Management Executive Latest News

A report by the Asian Development Bank on worldwide use of third-party trustee services has captured India's imagination. Indian securities regulators are studying a proposal to appoint independent trustees to the boards of mutual funds, according to Business Standard.

The Boilermakers-Putnam saga doesn’t end with market timing. Massachusetts regulators are now looking into whether Putnam issued rebates to favored 401(k) plans, including the Boilermakers’ – and whether trustees of those plans misused the funds, intended for the administrative costs borne by all of the participants in the plan, The Wall Street Journal reports.

Four federal judges will hold the first hearing this week on nearly 100 private lawsuits against six mutual fund companies involving improper trades, The New York Times reports. The multi-jurisdictional hearing is taking place in Baltimore, as Maryland is a favored state of incorporation for mutual funds.

Investors withdrew $10.7 billion from fund companies implicated in the scandal in the last four months of 2003, but rewarded competitors with clean records, Dow Jones Newswires reports.

Chester Spatt, the Mellon Bank professor of finance and director of the Center for Financial Markets at Carnegie Mellon University, has been named chief economist and director of the Securities and Exchange Commission’s Office of Economic Analysis, the Commission said Wednesday.

Bear Stearns had fired three clearing executives for aiding Canary Capital Partners’ illegal trades, and the senior managing director of the unit has taken voluntary leave, The Wall Street Journal reports.

After the addition of Nikko Cordial Advisors, Ltd., Wednesday, the membership roster of the Money Management Institute is no longer solely U.S.-based.

Calling the need for more money "critical to the agency as it continues its reform efforts," Securities and Exchange Commission Chairman William Donaldson asked the U.S. House of Representatives yesterday for $913 million for fiscal year 2005, the most the Commission has ever asked for.

To streamline its SMA business, Smith Barney has named Paul Hatch director of managed accounts, a newly created position overseeing the company's Consulting Group and Portfolio Management Group.

The Securities and Exchange Commission has tapped Walter Ricciardi to succeed Peter Bresnan, who served as district administrator of regulator's Boston office for a brief five-month period on an interim basis.