Money Management Executive Latest News

In the Oct. 17 issue, PENN Capital Management's high-yield bond strategies were inadvertently omitted as top performers in CheckFree's SMA Scorecard. The PENN Core Opportunistic High Yield Bond and PENN Core High Yield Bond strategies returned 35.78% and 24.50%, respectively, for the one-year period ending Sept. 30.

Alpine Management & Research, Purchase, N.Y., has introduced a unique dividend-paying fund that it claims is more active than many new offerings designed to take advantage of the latest tax laws favoring qualified dividends.

Fidelity Brokerage Co. President Ellyn McColgan is not only one of the most influential women in the investment management business, she is one of the most influential businesswomen in America.

Who are the players in the managed account business, and what are they up to?

Money Management Executive will not publish Thursday and Friday due to the Thanksgiving Holiday. We will resume our regular schedule on Monday, Dec. 1. We thank you for your readership and wish you and your family a Happy Thanksgiving.

In a move designed to alert investors of usually unreported upon costs, NASD has just proposed that mutual fund companies be required to disclose fund expenses in advertisements and other sales materials that promote performance.

While many of the heaviest allegations and admissions of improper trading have involved East-Coast based firms like Putnam Investments and Bank of America, and even Midwest firms such as Strong Capital, an admission of market-timing by San Francisco-based Fremont Investment Advisors underscores the breadth, rather than just the depth, of the mutual fund scandal.

Phoenix-based Security Trust Company, N.A. participated in late trading and market timing with the maligned hedge fund Canary Capital, the Securities and Exchange Commission charged in a Phoenix federal district court Tuesday. New York Attorney General Eliot Spitzer also pressed grand larceny charges of his own.

Janus and Putnam are playing defensive. Big time.

Zurich-based UBS has fired two of its financial advisers in the U.S. and suspended nine more for a few weeks, Reuters reported Tuesday.