Money Management Executive Latest News

Massachusetts Financial Services will pay a $50 million fine to the SEC for not disclosing directed-brokerage agreements, The Wall Street Journal, reports, citing a person who has been briefed on the case and who thinks the settlement could be announced as early as today.

Brokerage firm Edward D. Jones said it could face regulatory action and fines for recommending some funds over others without revealing to customers the financial incentives it received to give such advice, Reuters reports.

RS Investments, founded in the 1980s as a subsidiary of investment banking firm Robertson Stephens, is close to reaching a deal with the New York Attorney General for market timing, New York Post reports, citing sources familiar with the case.

Prudential Financial Inc. and China-based Everbright Securities announced Sunday they had received a license to launch a fund product in mainland China under the name of a newly formed company, Everbright Prumerica Fund Management Company.

Money Management Executive is hosting Thomson Media’s 2nd Annual, 2004 Fund Operations Awards, honoring excellence in: Leadership, Innovations and Efficiencies.

In a scandal that has turned many in the mutual fund industry into seekers of transparency, some firms are now saying that duct tape, and not scotch tape, should be used to cover up the figures representing portfolio managers’ salaries. In short, they think that there should still be some limit to disclosure, Reuters reports.

Arthur Cherry, a president and director at Federated Investors resigned Friday, the company said. No replacement will be named.

Janus Capital has launched a U.S. large-cap value fund in Hong Kong, the company announced Monday.

Institutional SMA Services To Reach Northern Masses

PALM DESERT, Calif. - A culture of compliance and dedication to long-time shareholders has to be priority No. 1 for mutual funds. That was the consensus of a number of high-profile industry professionals at the annual Investment Company Institute Mutual Funds and Investment Conference last week.