Money Management Executive Latest News

E*Trade has arranged to include information from Standard & Poor’s Fund Solutions product on the E*Trade supermarket, Mutual Fund Center.

The Securities and Exchange Commission proposed additional rules yesterday that will affect how the fund industry complies with new anti-fraud regulations.

MFS will eliminate 110 positions, or approximately 4% of its base of 2,700 employees, the company has announced. Like most other fund companies that have cut jobs, those affected are in the service, administration and back-office area. No investment management personnel will be affected.

Fidelity Investments has named Ellyn McColgan president of its brokerage division, replacing Kevin Kelly, who has taken an indefinite leave of absence from the company to deal with a serious illness in his immediate family.

As if falling variable annuity sales volumes alone aren’t enough, insurance companies may end up losing money on new business, according to a new report by Moody’s Investors Service.

Haaga Becomes ICI Chairman, Replacing Two-Term Glenn

The dark clouds are looming, but the extent of the storm is yet to be determined for two of the world's top investment firms, Merrill Lynch and JPMorgan Chase, both of New York.

Is Gary Winnick, chairman of beleaguered telecom Global Crossing, trying to save his own hide by making a public pledge of $25 million to those among his employees who lost large sums of their 401(k)s plan during the recent telecom bust? Or, is he, as he recently told Congress, trying to set a precedent in corporate moral responsibility?

As Wall Street's woes continue, mutual fund executives have come to think of their industry as a drawing on an Etch-A-Sketch. When it gets messed up, they can shake it up and draw it over again.

Directors have never been more critical to the future of the mutual fund industry as they are today, and it's not just because the directors of firms such as Enron are on the hot seat, attests Arthur Levitt, former chairman of the Securities and Exchange Commission. Fees need to come down, service standards must rise, and a genuine concern for the investor needs to override the business of running and profiting from a fund complex. These are just some of the words of wisdom Levitt offers in his new book, Take on the Street (Pantheon).