Money Management Executive Latest News

Investors contributed $748 million to Fidelity Charitable, the largest donor-advised fund in the U.S., in the first nine months of 2011, a 23% increase from the first three quarters of 2010. Thus, the fund is on course to receive the largest amount of contributions in its 20-year history, Fidelity said.

Investors pulled $3.93 billion from long-term mutual funds in the week ended Oct. 19, the Investment Company Institute said.

Tweets are ‘static content’ in the eyes of Morgan Stanley Smith Barney, which operates a network of 18,000 financial advisers.

Mutual fund managers prided themselves on sticking to their investment mandates early on in the financial crisis of 2008. This, even as the average U.S. stock fund fell nearly 30% in value. They counseled investors to do the same. Three years later, there is a new direction for funds: the flexibility to go anywhere, to pay closer attention to macroeconomic and market trends, and to even hunker down in cash.

The financial crisis of 2008, when the S&P 500 lost 39.2% in value, and the ensuing market volatility in the three years since, have served as a sobering wake-up call for the wealth management industry. And are dramatically changing the way it plans to do business in the years ahead.

At the start of October, the Investment Company Institute announced it was going global. Or, rather, it announced the creation of ICI Global, a new arm that would as a trade association for global investment funds, their managers and investors.

NEW YORK—Running its quantitative screens for its annual rebalancing, the Hennessy Focus 30 Fund turned up two sectors that at first puzzled Neil Hennessy, chairman and chief investment officer of Hennessy Funds. Energy. And utilities.

Charles River Development has officially launched a new data management platform that will help fund managers integrate reference, issuer, benchmark-index and pricing data into their front- and middle-office applications.

BNY Mellon Asset Servicing will allow authorized participants in exchange-traded fund transactions to place orders one day ahead of the actual trade date.

UBS said the “unauthorized trading incident” that led to a $2.3 billion loss in its third quarter was not “sufficiently investigated” when detected.