Money Management Executive Latest News

Van Kampen Investments will not permit any new investors to buy into its Van Kampen High Yield Municipal Fund, the company announced Monday. Effective this coming Friday, only existing shareholders will be allowed to invest in the fund.

Invesco CEO Raymond Cunningham got numerous warnings on the dangers and fallout from market timing but permitted it willingly, New York Attorney General Eliot Spitzer said yesterday, as he and the SEC filed fraud charges against both the firm and Cunningham.

The Securities and Exchange Commission, which has said it lacked sufficient staff to catch many of corporate America’s wrongdoers over the last few years, may lose $30 million from its fiscal 2004 budget because it did not hire new staff quickly enough this year, the Financial Times reports.

Richard S. Strong resigned as chairman, chief executive officer and chief investment officer of Strong Financial Corporation yesterday. Kethhen J. Wessels, former president of the Dain Rauscher Wessels Capital Markets division the investment banking firm Dain Rauscher, is now chairman and CEO. Richard T. Weiss, 12-year veteran of Strong, is now CIO.

Despite rising interest rates, Moody’s Investors Service predicts leverage will remain a net positive for closed-end funds deep into next year.

Nelson Information, a subsidiary of Corporation, issued its quarterly performance rankings for the investment management industry on Monday.

Alliance Capital has named an independent chairman of the board of a number of its funds, according to an SEC filing Monday.

Van Kampen Investments will not permit any new investors to buy into its Van Kampen High Yield Municipal Fund, the company announced Monday. Effective Friday, Dec. 5, only existing shareholders will be allowed to invest in the fund.

By misrepresenting the value of bond funds, the hedge fund giant Clinton Group has alarmed the industry more than even the current mutual fund trading practices scandal.

Alliance Capital has named an independent chairman of the board of a number of its funds, an SEC filing Monday indicated.