Money Management Executive Latest News

State Street Securities may soon extend its powerful hold on the U.S. securities custody business into France, Germany and the United Kingdom if its talks with the asset management division Axa, the giant French insurer, lead to a deal, according to Reuters.

Credit Suisse First Boston has announced the creation of an alternative investments unit.

Putnam Investments paid two of its top portfolio managers "lavish compensation" in 2000, according to today’s Wall Street Journal, citing an SEC report. Justin M. Scott received $14.3 million, while Omid Kamshad got $8.7 million. The two are now under SEC and Massachusetts investigation for market timing.

More than six decades after Congress approved a cornerstone of the mutual fund business formally known as The Investment Act of 1940, shareholder advocates are urging legislators to for new rules aimed at safeguarding novice investors, according to Dow Jones Newswires.

The once sleepy inner-sanctum of mutual fund boardrooms is under fire from New York Attorney General Eliot Spitzer and securities regulators who have a new mantra: trustees are accountable.

Pioneer Investment Management reached out to financial adviser clients this week through a new retail advertising campaign urging individual investors to partner with investment professionals.

AIM Investments has stepped up efforts to publicly disclose its directed brokerage activities and allocation of marketing fees. Newly drafted prospectus supplements filed with the SEC clearly outline the fund provider's intent to set non-binding sales goals with third-party brokerage firms and other potential investment distributors, a move lauded by shareholder advocates but implemented by very few asset managers.

Putnam Investments could pay penalties and fines in the hundreds of millions of dollars, according to an SEC legal brief, The New York Times reports today.

Putnam Investments will be cracking down on the perks brokers use to entice fund managers and other executives to give them their business, Reuters reports.

Nearly one-third of 960 mutual funds that the SEC surveyed made no attempt to fair value their funds, the SEC revealed this week, according to today’s Wall Street Journal. And more than half conducted fair value computations only five times in the volatile 20 months through September, according to the SEC.