Money Management Executive Latest News

New York Attorney General Eliot Spitzer and the Securities and Exchange Commission each slapped a subpoena on Bear Stearns Co.in the latest chapter of their growing mutual fund probes, Reuters reports.

A year-and-half ago, in the wake of Enron’s implosion, North Carolina State Treasurer Richard Moore decide to get tough. Realizing that he had limited power, but was charged with overseeing $56 billion in one of the country’s largest public pension funds, he teamed up with the then New York State Comptroller and New York State Attorney General Eliot Spitzer to promulgate stronger corporate disclosures for public pension funds.

Amvescap, parent company of the Invesco and AIM fund families, announced yesterday it expects to face federal and New York State civil charges over market timing, and regulators are expected to press criminal charges against Security Trust Co. today.

The spate of allegations against mutual fund firms for abusive trading practices could have a dramatic effect on investor confidence, Henry Paulson, chairman and chief executive of Goldman Sachs said Monday.

After disclosing Friday in a quarterly filing with the SEC it had found instances of late trading and market timing, Charles Schwab’s CEO issued a statement Monday to employees.

Setting savings goals is important in creating confidence about retirement, finds a survey from Manulife USA. Only half of Americans in the workplace have tried doing so, however.

State regulation of insurance is still the way to go, representatives from the National Conference of State Legislatures told a congressional panel recently. The representatives were speaking before the U.S. House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

The law firm Schriffrin & Barroway of Bala Cnwyd, Pa., filed an administrative complaint Friday against Charles Schwab for allowing preferred customers to engage in illegal and improper trading practices.

Global investment manager Amvescap of London announced Friday it will acquire U.S. wealth management firm Stein Roe Investment Counsel for $117.5 million in cash and stock

Global Investment Systems announced Friday its newly launched compliance software is leading the charge in putting the proper controls in place to combat market timing and other trading abuses.