Money Management Executive Latest News

While recent studies have repeatedly shown that investors want advice, fund companies are finding that moving into the advisor channel is fraught with problems.

The acquisition of three asset management companies by European firms within the past two weeks may be a prelude to additional foreign acquisitions, mutual fund analysts said.

BOSTON-The SEC is concerned that increasing competitive pressures the mutual fund industry faces could lead it to engage in misleading or overly aggressive advertising, said Paul Roye, director of the SEC's division of investment management.

Anne Patenaude, a prominent marketing executive for Pioneer Investment Management of Boston and an active participant in mutual fund industry affairs, died June 13, Pioneer announced last week. The cause was complications related to leukemia. She was 53.

NEW YORK - Discretionary, separately- managed accounts have been commanding growing attention as alternatives to traditional mutual fund investing for wealthy individuals.

A suit charging that New York Life Insurance Co. breached its fiduciary duty as a sponsor to two pension plans and two 401(k) plans, is entirely without merit, the company said in a statement issued prior to the suit's filing.

NEW YORK - The changes the Internet and legislation are producing in the financial services industry are in turn compelling the SEC to revise regulations to accommodate the change, according to an SEC official.

Wiesenberger/Thomson Financial of Rockville, Md. is the first mutual-fund tracking company to announce plans to track exchange-traded funds.

BOSTON - The SEC is considering amending its proposed rules on independent directors to relieve directors' relatives from SEC scrutiny, said Paul Roye, director of the SEC's division of investment management. Roye spoke at a meeting of the American Law Institute and the American Bar Association here recently.

BOSTON - In a study examining mutual fund fees, the General Accounting Office has criticized the mutual fund industry and the SEC for not monitoring fees more closely, according to Geoff Bobroff, president of Bobroff Consulting, of East Greenwich, R.I.