Money Management Executive Latest News

A decision was overturned earlier this month in the lawsuit Green v. Fund Asset Management, in which shareholders in seven Merrill Lynch funds have sued the company for engaging in fraud with regard to management fees.

Twenty percent of the nation’s 37 million 401(k) plan participants who seek outside investment advice, rely on advice from mutual fund representatives, according to a new study from Spectrem Group of Chicago.

Principal Preservation Portfolios of Milwaukee, a fund family with $1.2 billion in assets under management, announced today that it has changed its name to the North Track Funds.

Exchange-traded fund assets decreased $7.82 billion, over 10 percent, in February, leaving total assets of $64.31 billion, according to the Investment Company Institute of Washington, D.C.

Paul G. Murphy, a former vice president of Putnam Investments of Boston, was convicted of one count of conspiracy for his part in aiding another Putnam employee in illegally wire transferring $78,909 from an internal Putnam account to another account at the Vanguard Group in Malvern, Pa. in October of 1999, according to a statement released by the U.S. Attorney’s office.

The Security and Exchange Commission proposed changes to rule 31a-2 and rule 204-2, which govern electronic record keeping, earlier this month.

Fidelity Investments Institutional Services Company of Boston announced today the formation of the Retirement Business Unit to advise and support financial advisors with regard to retirement plans, sales, and operations.

Prudential Retirement Services of Newark, N.J. is the first defined contribution retirement plan provider to enable customers with 401(k), 403(b) and 457 retirement accounts to make mutual fund exchanges, change their investment allocations and rebalance their retirement accounts using wireless handheld Palm personal computers.

Regulation Fair Disclosure has stanched the flow of substantive information to portfolio managers and analysts, according to a survey released today by the Association for Investment Management and Research of Charlottesville, Va.

The Council of the European Union has approved legislation that would allow fund companies to sell in any European Union country, as long as the fund is registered in one of them.