Money Management Executive Latest News

Mutual fund companies are increasingly taking on the mindset of hedge funds, as they seek to offer clients access to alternative investments such as commodities or real estate and strategies like absolute return investing and combinations of going long on some stocks and selling others short.

In the past three years, bond funds have been raking in the assets.

ClearBridge Advisors the largest manager of equity funds at parent company Legg Mason, apparently wants to cut the apron strings, announcing it would drop the “Legg Mason” name from all its U.S. funds over the next few months.

Asset managers spend more than 80 percent of their technology dollars simply maintaining existing operations. With regulatory changes and trading spanning more types of assets, “the buy side has a situation of underinvestment which is unsustainable,’’ research firm Celent said.

Bruce Bent Sr. took the stand Thursday afternoon in a New York City courtroom, defending his actions during the 2008 financial crisis as his $62 billion Reserve Primary Fund—the world’s first money market mutual fund—imploded after making an unfortunate bet on the debt of Lehman Brothers Holdings, the Wall Street Journal reports.

Lord, Abbett & Co. has added nine new partners to its executive team.

John Hancock Funds has unveiled a new 'Insights & Commentary' section on its website featuring commentary and thought leadership on topics ranging from alternative asset classes to the Eurozone debt crisis.

The Investment Company Institute has named former journalist Mike McNamee its chief public communications officer, responsible for all media and public relations, public policy writing, editorial, website, and design activities.

Old Mutual Asset Management, the US-based global asset management business of Old Mutual plc, has agreed to sell five of its US affiliates to their current senior management teams.

Total money market mutual fund assets decreased by $1.38 billion to $2.562 trillion for the week ended Wednesday, October 10, according to the Investment Company Institute.