Money Management Executive Latest News

The Securities and Exchange Commission brought civil charges Friday against former Fannie Mae CEO Daniel Mudd, 53, former Freddie Mac CEO Richard Syron, 68, and four other ex-officers. The charges were brought in the U.S. District Court in Manhattan.

FINRA hit Wells Fargo Investments with a $2 million fine and ordered the firm to pay restitution for making unsuitable sales of reverse convertibles to elderly clients and for not providing breakpoints on unit investment trust sales to eligible customers.

Russell Global Index is absorbing 31 initial public offerings for the fourth quarter, effective Monday, Dec. 19.

William Blair Funds has introduced the William Blair Small-Mid Cap Value Fund, aimed at delivering long-term capital appreciation and portfolio diversification by taking moderate risk.

The $241 billion PIMCO Total Return, which has underperformed its peers over the past year—returning 3.48% year to date—has been hit with $17 billion in outflows, Morningstar data shows. By comparison, taxable bond funds, which are up 5.87% YTD, took in $105.8 billion in inflows over the past 12 months.

The 11th quarterly Allstate-National Journal Heartland Monitor Poll found that near-retiree Baby Boomers have pushed back initial plans to retire at age 60, to 66. Additionally, 68% of Baby Boomers expect to work in some form after retirement, the survey of 1,200 Americans found. Only 11% of current retirees currently work.

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The U.S. economy, while still vulnerable, has shown encouraging signs of progress over the last few months, according to a report released Wednesday by TD Economics, an affiliate of TD Bank.

Despite the historic equity market decline of 2008-2009, most 401(k) participants earned positive investment returns in the five-year period ended 2010, according to Vanguard. In fact, the average return was 3.76% a year, not including the impact of continued contributions.

One of the biggest topics on the minds of financial services executives in 2011 has been volatility, with a slew of articles and TV news stories pinning the blame on high-frequency trading, hedge funds and leveraged ETFs.