Money Management Executive Latest News

Members of the House of Representatives voted overwhelmingly (418-2) Wednesday to approve the Mutual Funds Integrity and Fee Transparency Act, also known as the Baker Bill.

Federal Reserve Chairman Alan Greenspan and U.S. Treasury Secretary John Snow on Tuesday called for swift punishment for individuals convicted in the widening mutual fund scandal, Reuters reports.

Asset management firm Dreyfus will market $4.7 billion in Bear Stearns assets, the companies said on Tuesday, in a deal that could help the firms avoid conflicts from promoting their own funds.

The New York Attorney General’s office has met with Putnam Investments’ former chief of compliance Edward Siedle to discuss a suit he brought against the firm accusing its portfolio managers of self dealing in the 1980s, The Wall Street Journal reports.

WASHINGTON – The Securities and Exchange Commission plans to launch a new risk assessment office dedicated to monitoring the mutual fund industry, Chairman William Donaldson told Congress yesterday.

Investment Company Institute President Matthew Fink told Congress yesterday mutual fund managers who violated securities laws should be jailed.

Several Janus employees who felt that their market-timing practices did not have an adverse effect on investors have left the firm, according to company officials. The company did not disclose the identity of those individuals or the titles they held.

In a move that analysts say shows a loss of faith in the mutual fund industry by its biggest player, Fidelity Investments slashed its holdings from several large fund companies, including ones recently named in the growing scandal, Reuters reports.

While separately managed accounts have gained popularity with affluent investors over the past few years, they do carry some major drawbacks, Wall Street Journal columnist Terri Cullen reports.

Captive brokers may be holding their own with middle-market clientele, but more and more high-net-worth and ultra high-net-worth clients are turning toward independent financial advisers, according to two new surveys.