Money Management Executive Latest News

Securities and Exchange Commission Chairman William Donaldson said regulators are moving swiftly to curtail trading abuses in the mutual fund industry.

NASD Probes B/D Sales Of College Savings Plans

Fund industry executives who thought they might dodge the scandal bullet had their odds reduced drastically last week.

Now that New York State Attorney General Eliot Spitzer's probe has taken down the chairmen of Putnam Investments and Strong Funds, and has called the fund industry a "cesspool" filled with "vermin" in the process, he's not only gotten the attention of the entire regulatory force in the nation. He's riled the public.

In the latest sign that separate accounts are truly going mainstream, Morningstar of Chicago has just launched a new star rating system for the investment class. Some said the new service could ramp up interest in the already rapidly growing separate accounts industry, particularly at a time when mutual funds are engulfed in the regulatory scandal.

NEW YORK - No software platform for separately managed accounts is without its limitations. None can handle the multiple products that advisers and clients want to tether, and all use different interfaces, forcing SMA execs to turn to the archaic means of faxes, messengers and mail.

WASHINGTON - The crusade against mutual funds for ripping off customers is reaping benefits as Congress prepares to draft new legislation to curtail trading abuses and protect shareholders.

The Investment Company Institute's top officials presented ideas to the Senate and the Securities and Exchange Commission last week to fix the problems of late-trading, market timing and insider market timing. But they might soon need to add accurate NAV pricing to the list, as SEC Director of Enforcement Stephen Cutler testified before Congress last week that some funds are also guilty of purposely writing down their net asset values.

Dresdner RCM Global Investors has hired Scott Migliori, a senior co-manager with Provident Investment Counsel as its new senior portfolio manager, in an effort to boost the capacity of its U.S. large-cap growth equity team.

Pugh Capital Management, the Seattle-based fixed-income money manager, has named Paul Ravetta as its new marketing director.