Money Management Executive Latest News

The Securities and Exchange Commission charged two top officials of an unregistered hedge fund investment advisor with "failure to supervise" charges Monday, marking the first time these types of charges have been filed against individuals working for an unregistered firm.

Even with the expectations of interest rate increases, a Merrill Lynch survey showed that global fund managers expect 2004 to be a year of growth for equity markets.

Alliance Capital Management will agree tomorrow to cut its fees 20% over the next five years, The Wall Street Journal reports this morning. The preemptive move – a result of the firm’s negotiations with regulators in the fund scandal – will be worth $350 million to investors and comes on top of an expected $250 million settlement.

Alliance Capital Management will agree tomorrow to cut its fees 20% over the next five years, The Wall Street Journal reports this morning. The preemptive move – a result of the firm’s negotiations with regulators in the fund scandal – will be worth $350 million to investors and comes on top of an expected $250 million settlement.

In a move designed to restore industry confidence and nudge investors’ interests back to the forefront, the Investment Company Institute told the Securities and Exchange Commission Monday that it supports the curtailing of soft dollars and banning of "directed brokerage."

Strong Capital Management, a firm entrenched in the middle of the mutual fund scandal, is hurriedly attempting to complete a sale of the company, sources told Reuters Friday.

Boston-based Putnam Investments lost another client Friday, as MetLife Advisers LLC decided to shift to Fidelity Investments as the sub-advisor for its mutual funds, Reuters reports.

New York Attorney General Eliot Spitzer took a short break from stamping out mutual fund abuses on Thursday, long enough to raise $2 million at a fundraiser as the state’s top regulator eyes a bid for governor.

William Galvin, Massachusetts Secretary of the Commonwealth said last week that New Hampshire, Alabama, and Connecticut have joined in subpoenaing fund companies seeking their records in relation to the ongoing investigation into trading practices, Reuters reports.

Alliance Capital is close to settling with New York Attorney General Eliot Spitzer, according to reports this morning.