Money Management Executive Latest News

Unregistered hedge fund Global Money Management (GMM) overstated its assets to investors and should be shut down immediately under emergency relief procedures, the Securities and Exchange Commission said in a filing Friday. A California judge partly granted the Commission’s wish on Friday by issuing a temporary restraining order against the company.

The SEC this week formed a special committee to help determine whether 529 college savings plans offered through mutual fund companies and brokerage firms are overcharging investors.

CalPERs, the nation’s largest pension fund with $167 billion in assets, on Monday adopted a standard code of ethics for its outside money managers and consultants.

Mutual fund shareholders who bought Vanguard’s actively managed mutual funds earned greater returns and incurred less risk than others who held onto the firm's coveted index mutual funds during the same 27-year period ending Dec. 31, according to an study in the upcoming Journal of Portfolio Management.

U.S. equity funds suffered their biggest performance decline since September 2002, falling 4.02% in the week ended Thursday, according to a research report from Lipper.

While other fund companies are beginning to gingerly say no to soft-dollars from brokerage firms, Massachusetts Financial Services has put an all-out ban on the practice, claiming to be the first fund company to make the move, The Wall Street Journal reports.

Dance partners Bank of America and FleetBoston Financial, whose merger is days away from a shareholder vote, yesterday to a $675 settlement, which will also see eight members of BoA’s Nations Funds board step down and the firm exit the securities clearing business. It is the largest settlement to date in the ongoing fund investigation.

Embattled fund manager Janus Capital Group announced Monday that Gary Black, chief investment officer for Goldman Sachs Asset Management ’s global equity business, has been named president and CIO of Janus.

The U.S. Attorney’s office yesterday unsealed a criminal charge complaint against Mutuals.com, charging three executives at the firm with helping hedge funds deceive mutual fund companies by hiding their market-timing activities in separate accounts, The Wall Street Journal reports. Mutuals.com said it is "vigorously" contesting the charges.

The National Association of Securities Dealers has slapped its first fine on a brokerage firm for violating NAV transfer program procedures.