Money Management Executive Latest News

David O'Callaghan has joined Northern Trust (Ireland) of Dublin, the fund services division of the Northern Trust Company of Chicago, as head of valuations and fund accounting. Previously, O'Callaghan was

Mutual funds should be required to report their fees in dollar figures in their semi-annual reports to shareholders, according to a Securities and Exchange Commission study on fund fees issued last week.

Although the SEC's recently-adopted directors rules do not break new ground, they do codify existing standards and will likely encourage independent directors to seek independent legal representation, according to industry lawyers.

Management partnerships between broker/dealers and fund managers are part of a trend that is spawning new funds that are being sold through competing broker/dealers, according to industry analysts and executives.

Despite the best efforts of financial services firms to lure consumers to buy online, most web surfers at those companies' Internet sites remain window-shoppers.

In response to incurring mounting capital gains taxes, investors have moved assets into tax-managed funds, fund analysts say. As a result, a number of companies have introduced new tax-managed funds. Prior to this year, many funds performed well as stock prices soared. However, as those prices begin to fall, as they did this year, especially in the tech stock area, capital gains have been realized from sales of stock to meet redemptions and investors have been hit with increased taxes.

NEW YORK - The SEC this year will finalize its proposed rules that funds invest, under normal market conditions, at least 80 percent of their assets in a manner consistent with the name of the fund, said Paul Roye, director of the SEC's division of investment management.

The Hong Kong Exchanges and Clearing Ltd. will soon launch a "wide" range of exchange-traded funds, according to Scott Sapp, a spokesperson for the exchanges. Hong Kong Exchanges and Clearing Ltd. runs Hong Kong's stock and futures market.

Management partnerships between broker/dealers and fund managers are part of a trend that is spawning new funds that are being sold through competing broker/dealers, according to industry analysts and executives.

Old Mutual of London has announced the formation of Old Mutual Asset Managers (US), an aligned group of six asset management firms which were affiliates of United Asset Management when it was acquired by Old Mutual in September.