Money Management Executive Latest News

PFPC, a member of the PNC Financial Services Group, has launched a program that will offer clients the ability to deposit funds intended for brokerage accounts via ATM machines. Customers can deposit a check, and if it is received before 3:00 p.m. Eastern time, it will be processed the next day. The funds are moved from the point of deposit in a completely paperless transaction.

Transamerica Investment Management recently announced the firm has hired Ted E. Harris as its vice president of retail sales. He will oversee the sales efforts of the Transamerica Premier Funds and the TIM subadvised portfolios in the IDEX Mutual Funds and the Transamerica/WRL variable products.

State Street Research & Management Company recently announced that Ajay Mehra will join the firm as head of equity research in early August. He will report to C. Kim Goodwin, chief investment officer - equities.

The regulator for Freddie Mac spread the blame around, saying "a breakdown in integrity" at the mortgage buyer and an outside law firm lead to misleading the government in regards to its recent accounting woes, according to Reuters.

TrimTabs.com Investment Research claims investors threw $600 million into stock-based mutual funds last week, Dow Jones Business News reports. However, that is significantly down from the $2.9 billion in inflows the funds showed during the previous week. Stats were for the week ending Wednesday July 16.

Mutual fund giant Federated Investors inked a deal Friday to buy the mutual fund assets of Washington-based banking firm Riggs National in a move that would boost Federated’s total assets by about $470 million.

Mutual fund investors that have been playing it safe with their investments are now paying the price, the Wall Street Journal reports. Many fund companies have introduced principal protected funds, which essentially guarantees that the investor will be protected from losing their initial investment, and perhaps get a little bit more out of it, the newspaper said. Roughly $10 billion has flooded into such funds over the past four years, coinciding with the downturn in the market.

The U.S. recession formally ended in November 2001, the National Bureau of Economic Research announced last week, but what lies ahead is still a big question mark.

Hennessee Hedge Fund Advisory Group, a hedge fund investment consulting firm, announced earlier this month that hedge funds posted a 1.5% return in June, placing its year-to-date return at 8.98%.

Fidelity Investments and The Vanguard Group are trying to establish a base in the Singapore market, but the city-state’s major banks are unlikely to relinquish their dominant position anytime soon, according to Reuters.