Money Management Executive Latest News

The chairman and three-quarters of the trustees of mutual fund boards would have to be independent, if sweeping SEC fund reforms and a code of ethics are passed.

The NASD sued Waddell & Reed yesterday for allegedly forcing annuity policyholders to switch between one variable annuity and another, costing them $10 million in surrender fees – and earning the firm fat commissions of $37 million.

In a decision that may be a precursor to other fund families doing the same, the advisor to Sierra Club Funds and Forward Funds has changed its privacy policy and will disclose and update key information to investors on its Web site.

Fourth-quarter profits at Boston-based State Street Corp. rose $239 million, the company said Tuesday, thanks to recent acquisitions and a more productive market.

The NASD fined Worldco LLC $1.5 million and mandated a three-year barring of its chief executive officer Monday for not separating business operations from the hedge fund PTJP Partners.

WASHINGTON – Regulators delivered yet another blow to a battered industry on Tuesday as the Securities and Exchange Commission said it has found abusive mutual fund share sales practices at 13 of 15 broker/dealer firms it recently examined in regards to "revenue sharing" arrangements.

Deutsche Asset Management’s Scudder Investments had three international funds that were exposed to excessive market timing, an SEC filing revealed Tuesday.

A class action lawsuit against Morgan Stanley disappeared Monday when a Tennessee federal judge dismissed it.

The NASD barred Louisiana broker John Steven Blount Monday from working at any NASD-registered firm for the rest of his life and ordered him to repay $1.5 million, plus interest, for more than $6 million worth of unsuitable annuity sales that brought him $220,000 in commissions.

Executives in the fund industry are split as to whether New York Attorney General Eliot Spitzer is a friend of foe, according to a preliminary tally of your peers’ votes in the Money Management Executive Fund Scandal Questionnaire.