Money Management Executive Latest News

U.S. Bancorp, the eighth-largest U.S. bank, said on Thursday that four of its mutual fund portfolio managers have left the firm, Reuters reports.

Vanguard’s Precious Metals Fund will begin to invest in non-precious metals and the fund name will be changed to accommodate this, the company’s board of trustees announced Thursday.

New York Attorney General Eliot Spitzer’s ongoing settlement talks with Janus Capital Group may result in the dismissal of the firm’s chief executive officer, Mark Whiston, CBS MarketWatch reports.

Two Putnam Investments portfolio managers resigned Friday although neither was said to be involved in the improper trading that has pulverized the nation's sixth largest mutual fund company, Reuters reports.

In its ongoing drive toward fixing what it believes are the New York Stock Exchange’s most serious problems, California Public Employees’ Retirement System, or CalPERS, the nation’s top public pension fund, has nominated former Securities and Exchange Commission Chairman Arthur Levitt and current Relational Investors LLC executive Ralph Whitworth to the Big Board’s board.

Mutual fund shareholders' woes stemming from revelations of endemic misconduct amounted to a windfall for investment bankers. The pace of consolidation within the asset management industry continues to accelerate under the weight of massive regulatory investigation, according to a new study by Putnam Lovell NBF Securities.

Putnam Investments made a play this week to acquire an additional 30% of institutional money manager PanAgora Asset Management from Nippon Life Insurance Co., Reuters reports. The deal, in which details were not released, raises Putnam's holdings in PanAgora to 80%.

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

The SEC’s proposal to require mutual funds to disclose the fees investors based on a $1,000 investment, is a step in the right direction – but it doesn’t go far enough.

Mutual fund boards known for their clubby atmospheres may soon turn to professional headhunters as a means of recruiting individuals who meet new standards of independent directors, Dow Jones reports.