Money Management Executive Latest News

By Stephen M. Wynne, Executive Vice President, COO, PFPC Worldwide

Mutual fund managers who invest in companies with strong corporate governance profiles produce better long-term returns.

CINCINNATI - Although the Investment Company Institute successfully stalled the Baker Bill last spring, Congress is likely to pass and the President Bush is likely to approve the third piece of legislation in the history of mutual funds, ICI President Matthew Fink told the Greater Cincinnati Mutual Funds Association.

NEW YORK - As opposed to college planning, which dominated the Baby Boomers’ priorities 10 years ago, a financially sound retirement, maintenance of their primary residence, preparation for illness and taking care of their parents, are the major financial concerns of this group.

AdvisorCentral has agreed to an alliance with WiserAdvisor.com to help build advisers' practices through increased sales referrals.

J.P. Morgan Chase said on Wednesday that it is purchasing Chicago-based Banc One Corp., not only creating a banking giant, but also spawning the fourth-largest fund firm, according to research firm Lipper of New York

FleetBoston said on Thursday that two of its subsidiaries received a Wells notice from the SEC, indicating the agency’s regional Boston office had recommendation enforcement action against the firm for shirking its fiduciary duties.

Wielding their $1 trillion clout, state pension leaders and treasurers partnered with New York Attorney General Eliot Spitzer Thursday to tear into the SEC’s proposed fund reforms. (See release.)

The recent trend of "adopting" mutual funds while allowing sub-advisors to stay on is continuing, according to an SEC filing made by Pioneer Investment Management.

J.P. Morgan Chase and Bank One expect to cut 10,000 positions as a result of their $60 billion merger, announced late Wednesday afternoon.