Money Management Executive Latest News

Eric Zitzewitz, assistant professor of economics at Stanford University’s Graduate School of Business, released findings of a study Thursday showing that late trading is more common than fund executives or regulators might have suspected, Reuters reports.

Americans are not prepared to generate income for retirement, according to a new survey from GE Financial. Only 41% were familiar with the term "retirement income planning."

Bank of America, which figures prominently in New York Attorney General Eliot Spitzer’s Canary Capital Partners investigation, has reportedly dismissed two brokers who played a central role in the scandal.

Lawrence York, who rose to fame as Internet and technology stocks skyrocketed in the late 1990s, has dropped the WWW from his company’s name. WWW Advisors has now been renamed Interactive Planning Corp. (IPC) Financial Group, Reuters reports. However, the flagship WWW Internet Fund is keeping its name and York still holds pure-play technology funds.

The Investment Company Institute, the trade association for the $6.8 trillion-dollar fund industry, is little better than lobbyists for the gun, tobacco and alcohol industries, an article in Forbes charges.

As part of its ongoing mission to offer an expanded menu of offerings to investors beyond separately managed accounts, Lockwood Advisors has unveiled a mutual fund wrap program that offers its products to investors for as little as $25,000. The program is part of its platform for independent financial advisers.

Wasatch Funds recently decided to refuse all new money, even from existing shareholders, for four funds that had between $459 million and $1.32 billion in them apiece, Reuters reports. While funds, from time to time, close to new investors, it is unusual for a fund to shut out even existing investors. Wasatch had already disallowed new investors from investing in the four funds.

Last week’s settlement with hedge fund Canary Capital Partners may be just the tip of the iceberg, as 11 more hedge funds were subpoenaed, with at least one possibly committing the same sins are Canary, according to reports.

In light of New York Attorney General Eliot Spitzer’s probe into illegal mutual fund trading practices, Securities and Exchange Commission Chairman William Donaldson told the Senate Banking Committee on Tuesday the SEC will be looking very closely at how funds do business, Reuters reports.

The Securities and Exchange Commission has joined Massachusetts Secretary of the Commonwealth William Galvin’s probe into the mutual fund trading practices of Prudential Securities, Reuters reports.