Money Management Executive Latest News

Most retirement plan sponsors are responding to the continuing revelations of mutual fund trading violations by shuffling their investment option lineup, according to a survey of CFOs from Financial Executives International.

Things had to get better in 2003. That was the mantra heading into the year. After all, the market was entering its third consecutive down year and still reeling from the fallout from the bubble-burst and the ongoing war on terror. Logic only had it that things had to move upwards, because they sure couldn’t get worse.

A poor showing has forced Connecticut-based Andor Capital Management to fire portfolio manager David Felman from its Diversified Growth Fund and replace him with founding partner Chris James, the company said.

Money Management Executive wants to know what you think about the scandal. Take half a minute to answer four questions, including whether you think the Investment Company Institute is serving your interests well: http://www.mfmarketnews.com/poll.cfm

Former Fred Alger Management Vice Chairman James Connelly was sentenced to one to three years in prison yesterday by the New York Supreme Court for tampering market-timing evidence.

Interim New York Stock Exchange Chairman John Reed and his board want to make the positions of chief executive officer and chairman separate, Securities and Exchange Commission Chairman William Donaldson said yesterday.

Not only did Alliance Capital employees send e-mails mentioning the market timing practices of one of its largest clients, but Vice Chairman Roger Hertog was included in the correspondence, The Wall Street Journal reports.

Despite increased scrutiny into mutual fund fees, the number of closed funds still charging 12b-1 fees to investors has increased since the summer, according to data released Tuesday by Standard & Poor’s.

Putnam Investments fired another nine employees, the media is reporting this morning.

The nation’s largest public pension fund said Tuesday it is suing the New York Stock Exchange and its seven specialist firms for collaborating to fleece investors over the last five years.