Money Management Executive Latest News

No one is above the law, New York and Massachusetts top regulators charged yesterday.

Fidelity Chief Operating Officer Robert Reynolds told attendees at the Reuters Fund Summit yesterday that 12b-1 fees are "fair" and necessary in order to cover distribution costs, Reuters reports.

Canadian Imperial Bank of Commerce announced Monday that it would pour $37 million (C$50 million), into new initiatives aimed at reforming and educating employees on corporate governance. The funding is, in part, forced by a December settlement with federal regulators stemming from its links to the blown-up accounting practices at Enron.

The Investment Company Institute proposed a number of measures late yesterday that would require mutual funds to do a better job of disclosing transaction costs.

MIAMI - It’s been best of times and the worst of times for the mutual fund industry, as this past year featured a sharp upturn in the stock market along with a wave of impropriety at the nation’s biggest fund shops and increased regulatory scrutiny. That was the sentiment expressed by Penny Alexander, chairman of the National Investment Company Service Association (NICSA), at its annual conference and expo at the Doral Golf Resort and Spa.

A trio of former executives from Security Trust Co. and Canadian Imperial Bank of Commerce pleaded innocent Monday in Manhattan criminal court to charges stemming from the mutual fund scandal, Reuters reports.

Fidelity Investments reported a 12% increase in net income for 2003 thanks to cost-cutting measures and a replenished stock market, the firm said on Monday.

The head of the world's No. 1 mutual fund company said last Tuesday that forcing firms to hire independent chairmen might not be the end-all solution to fixing problems in the industry.

James T. McCurdy, a 23-year veteran mutual fund auditor who was recently sanctioned by the Securities and Exchange Commission and given a one-year "time out" from the industry, has vowed to appeal that decision to the SEC's Commissioners, and will file for a stay of that penalty.

SCOTTSDALE, Ariz. - Investors and financial planners still have yet to uncover the tremendous benefits of annuity lifetime payouts but are slowly getting the message, thanks to such efforts as those of Ben Stein, this year's honorary chairman of the National Retirement Planning Coalition. As well, the National Association for Variable Annuities (NAVA) will be training 1,000 top producers throughout the country on variable and fixed annuities.