Money Management Executive Latest News

Shareholder activist Phillip Goldstein is waging yet another proxy battle to gain board seats on a closed-end fund, this time on the Strategic Global Income Fund of Credit Suisse Asset Management of New York.

Mellody Hobson has been promoted from senior vice president to president of Ariel Capital Management of Chicago. Ariel's previous president and founder, John Rogers, is now chief executive officer.

WASHINGTON - The SEC should increase its scrutiny and possibly its regulation of investment accounts that may behave like mutual funds but are not required to abide by the same legal requirements as funds, according to the Investment Company Institute.

Strong Capital Management of Menomonee Falls, Wis. is reconsidering how to price the new class of shares it had announced it would create to sell through intermediaries.

The SEC has used a low-profile closed-end fund case to make a point about the powers of fund directors and highlight the value of having independent lawyers advise fund directors.

The SEC will not judge whether economies of scale are being passed along to fund shareholders in the form of lower fees in a report the agency expects to issue this summer.

NEW YORK - A rule proposal outlining how mutual funds should report their after-tax returns should be revised to make it less confusing to investors, said Joel M. Dickson, a principal with The Vanguard Group of Malvern, Pa.

WASHINGTON - The Internet has made it easy for investors to buy stocks, bonds and mutual funds for themselves directly, but the Internet has not undermined the importance of investment advice from mutual fund companies and their distributors, said executives speaking at the Investment Company Institute's annual general meeting here earlier this month.

WASHINGTON - The Investment Company Institute of Washington, D.C. is joining forces with the National Urban League of New York to educate African-Americans about their need to save for retirement.

NEW YORK - The changing regulatory environment in the mutual fund industry has created ambiguous legal standards that require fund advisers to establish new procedures to protect themselves from enforcement proceedings, said industry lawyers.