Money Management Executive Latest News

Dallas McGillivray is the global compliance director for INVESCO Asset Management's U.K. business. McGillivray recently discussed global compliance issues for mutual fund companies with Mutual Fund Market News reporter, Andrew Brent. An edited account of their conversation follows.

PALM DESERT, Calif. - While market volatility has eaten away at fund returns and turned yesterday's losers into today's winners, it has also been a catalyst to an ongoing trend - the increasing importance of financial intermediaries as a distribution channel.

The Canadian market for exchange-traded funds is gaining momentum, thanks to the entry last month of one of the country's biggest banks and a product expansion by the country's leading manager of exchange-traded funds.

Three months after combining its institutional asset management division with its retail asset management unit, Evergreen Investments is progressing with its plans to build its institutional business.

Investment managers who want to maintain and increase their firms' profitability should concentrate on attracting and retaining customers, according to a new study.

Following reports of workforce cutbacks earlier this week by Putnam Investments of Boston and Charles Schwab Corporation of San Francisco, American Skandia of Shelton, Conn. announced today that it is also reducing its workforce.

Berger Funds of Denver has opened an interactive retail investor center in the Cherry Creek Shopping Center in Denver, located less than one mile from Berger Funds’ headquarters.

The Securities and Exchange Commission secured a court order Wednesday evening, shutting down three of the Heartland Group of Milwaukee’s bond funds because the company failed to submit the audited financial statements of those funds for last year to the SEC and send them to shareholders, according to the SEC.

The Undiscovered Managers Funds of Dallas is suspending the offering of C shares on all of its mutual funds and closing two of its smallest funds, according to a statement of additional information the fund group filed with the SEC March 15.

The mutual fund industry faces slowing returns on stocks and other new challenges, according to John C. Bogle, founder of the Vanguard Group, who spoke at the National Press Club yesterday.