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Saying that the gigantic growth of the fund industry has stretched its resources to the limit, the Securities and Exchange Commission asked fund companies last Tuesday to consider appointing chief compliance officers and put internal compliance programs in writing. More significantly, the SEC asked the public and the industry to comment on the creation of a mutual fund self-regulatory organization (SRO), much like the National Association of Securities Dealers, to work in tandem with the SEC.
February 10 -
PlusFunds Group of New York has created a hedge fund for the co-called "mass affluent" that addresses the issue of transparency for investors by being based on the Standard & Poor's Hedge Fund Index.
February 10 - Money Management Executive
The Money Management Institute, the national association for the separately managed account industry, has elected Kent Strazza, president and CEO of Franklin Templeton Private Client Group, and Marc Brookman, senior managing director or New York Life Investment Management, to its board of governors.
February 10 - Money Management Executive
Integrated Fund Services has appointed Michael Agriesti as fund accounting manager. Formerly, Agriesti served as a tax manager with Deloitte & Touche, and prior to that position, he served in the fund accounting department at the Gradison division of McDonald & Company Securities.
February 10 - Money Management Executive
CheckFree Investment Services, a division of CheckFree Corp., has announced that Jamie Waller rejoined the company in mid-January from Citigroup Asset Management. In his newly created position as vice president of strategic marketing and business development, Waller will report to Alex Marasco, executive vice president and general manager of the division, and will oversee strategic industry initiatives.
February 10 - Money Management Executive
Mellon Global Investments Limited, the international distribution subsidiary of Mellon Financial Corp., has hired David Jiang as CEO of its operations in Japan and a senior vice president of the corporation.
February 10 - Money Management Executive
Charles Schwab & Co. will be raising its fees for mutual funds on both OneSource and the load fee platforms. The current cost to funds from the no-load platform is 35 basis points, which is likely to increase to 40 basis points.
February 10 - Money Management Executive
Janus Capital Group Inc. said that its quarterly net income fell 46% because of declining assets under management and revenues.
February 10 - Money Management Executive
Alliance Capital Management Holding said a 14% decline in assets under management led to a 22% decline in operating profit in the fourth quarter.
February 10 - Money Management Executive
Charles Schwab & Co. has asked the Depository Trust and Clearing Co. (DTCC) to add the capacity to automatically process short-term mutual fund redemption fees to Fund/SERV. "We received a concept paper from Charles Schwab, and the next step is to discuss it with the ICI broker/dealer advisory committee," said Karen Gregory, DTCC spokeswoman.
February 10