Money Management Executive Latest News

BOSTON--Life after Lasser at Putnam Investments isn't as bad as it might appear from afar. A staple of Bean Town's financial district, Putnam is in the process of an "Extreme Makeover" after experiencing one of the biggest kicks in the teeth the industry has ever seen.

Investment management giant Federated Investors quarterly profits dropped 12% after taking a $20 million charge to cope with improper mutual fund trading.

Franklin Resources last week said that improper trading of its mutual fund shares were isolated incidents that do not reflect widespread company abuses and didn't harm long-term shareholders.

Fassnacht to Take Over Vanguard Windsor Fund

Managed account assets have eclipsed the half-trillion dollar mark, as a robust rally in stocks and strong account growth bolstered the largely fee-based business.

Among the awards that Dalbar presented this year to the investment management community – including mutual fund, broker/dealer, annuity, life insurance and retirement plan providers – New York Life took top honors for pre- and post-sale support to financial professionals — who Dalbar defines as bank and wirehouse reps, broker/dealers and independents — as well as its consistently high level of customer services to both mutual fund investors and holders of annuities.

In an open letter to shareholders that has just gone out, Fidelity Chairman Edward "Ned" Johnson 3rd expresses his concerns that regulators should practice caution before rushing to any "quick fixes" in response to the current scandal "siren-song."

PEA Capital, formerly known as Pimco Equity Advisors and manager of some of PIMCO’s brand-name funds, has been approached by the SEC in a matter relating to market timing by Canary Capital Partners, The Wall Street Journal reports this morning.

Registering with the SEC should not be a requirement of hedge funds, at least not in the mind of Federal Reserve Chairman Alan Greenspan.

After not paying investors the more than $86 million worth of breakpoint discounts they deserved, 15 brokerages were forced to settle for $21.5 million with the SEC and NASD yesterday, as reported, and all will have to pay the investors what they are owed.