Money Management Executive Latest News

Strong Funds are being investigated by Eliot Spitzer, New York’s Attorney General, for illegal after-hours trading. In what some might call an ironic turn, the company has just made changes in one of its funds to stop that practice among investors.

A $25 million savings can be expected by financial service companies if they shift 1,000 jobs overseas, according to Cutting Edge Information, the Durham, N.C. business intelligence firm.

Technology funds have performed splendidly over the past year, but caution might be best for investors anxious to rush back into the techies that burned them a few years back, according to a recent Reuters report.

TIAA-CREF said that it is laying off about 500 workers, or 8% of its workforce, Reuters reports. Most of the cuts came in the computer systems areas, largely from the New York office.

For the second time in less than a week, Pioneer Investment Management announced plans to expand its offerings. The Boston-based money manager said on Tuesday that it has reached a preliminary agreement with Oak Ridge Investments in which Pioneer will become the investment manager for two mutual funds managed by Oak Ridge.

Boards of directors at mutual funds engaging in illegal trading should be reviewed and if necessary, changed, former U.S. Securities and Exchange Commission Chairman Arthur Levitt said, according to a Reuters report.

A former Wachovia securities broker who allowed clients to buy shares in an unregistered hedge fund was named in a fine-seeking complaint by the Massachusetts financial regulator Monday, Reuters reports.

In an apparent effort to clear the air and address issues of secrecy and wrongdoing, Janus executives have agreed to meet with the Colorado securities commissioner this month to discuss what has been done since the mutual fund probe began, Reuters reports.

Small business owners expect to spend record amounts in 2004, according to City Business Journals Network. Seventy-eight percent of 900 people surveyed said they expect business prospects to improve over the next 12 months, 18% said they expect them to stay the same, and 4% said they will get worse.

Money magazine’s October issue charges that for more than a decade through 2002, Wilshire Associates engaged in far-reaching fund timing that resulted in fat returns.