Money Management Executive Latest News

Broker/dealers will be able to have their representatives collect asset-based fees rather than commissions without facing added regulation under a rule proposed by the SEC. If adopted, the new rule will allow registered reps to offer wrap accounts and some other products for which they receive a fee based on assets under management, without being subject to the Investment Advisers Act, the SEC said in a statement.

In the past two years, wirehouses like Bear Stearns, Morgan Stanley and PaineWebber have introduced mutual funds that invest in stocks that are recommended by their firms' equity analysts.

TORONTO - Mackenzie Financial, the largest Canadian fund company selling through independent brokers and dealers, has launched a low-fee class of units aimed at stemming defections by its richest customers.

Franklin Resources of San Mateo, Calif., adviser to the $218 billion Franklin Templeton complex of mutual funds, is getting serious about technology. With a new head of technology, the company has made a major financial and company-wide commitment to develop improved systems.

Fidelity Investments of Boston plans to host its first live, interactive webcast at 9 p.m. EST, Tuesday, Nov. 16, the company announced last week.

Pimco Advisors, LP of Newport Beach, Calif. has agreed to sell one of its subsidiaries, Columbus Circle Trust Co. of Stamford, Conn., to Orbitex Financial Services Group. Terms of the deal, announced Nov. 2, were not disclosed.

BOSTON - The SEC's fact-finding examinations of the securities execution practices of mutual funds are unlikely to result in a public report, said Edward A. Ryan, Jr., assistant district administrator for regulation in the SEC's Boston office. It is unclear how the SEC will use the data gathered from the exams, he said. The SEC could issue a statement discussing execution practices or it could propose a rule, he said.

An institutional real estate investment advisor is planning to offer a new real estate-oriented mutual fund.

The Warburg Pincus Funds early next year will add a large company growth fund and merge two similar funds, according to SEC filings and a company spokesperson.

The investment adviser to the Pimco Funds may have a new majority owner, but it will not have a new name.