Money Management Executive Latest News

The Bank of New York Mellon Corp., the world’s largest custodian bank, said late Wednesday said that Robert Kelly stepped down as chairman and chief executive officer due to differences with the bank’s directors over his management.

The Securities and Exchange Commission is seeking public comment on the use of derivatives by mutual funds over the next 60 days after publication in the Federal Register. If it determines that new regulations to protect investors are necessary, the SEC will consider passing and enforcing them.

Over the next five business days through Sept. 6, the Dow Jones Golden Crossover Large-Cap Total Stock Market Index will decrease its equity allocation from 100% to 25%, moving that 75% allocation into the cash equivalent of short-term U.S. Treasury bills.

Fears of another recession could prompt corporate Treasurers and lenders to withhold financing, which in and of itself could raise the probability of less liquidity and further economic weakening.

Morningstar has promoted William Harding to head of manager research for its investment management division, a new position in which Harding will develop best practices in investment manager research and selection.

A bad day for financial engineers in Chicago continued Wednesday, when the Securities and Exchange Commission said the assets of a quantitative trading firm were frozen.

BNY Mellon Asset Management has promoted Christopher Sheldon to chief investment officer of The Dreyfus Corp. Sheldon hails from BNY Mellon Wealth Management, where he was director of investment strategy and president of BNY Mellon Funds.

A trio of finance professors are blasting the big three rating agencies, Moody’s in particular, claiming in a new report that they've unearthed evidence that asset classes that provide the agencies with most of their revenue benefit from better credit ratings while classes that provide less revenue receive harsher treatment.

U.S. stock funds were hit with -$2.6 billion in outflows in the week ended Aug. 24, the Investment Company Institute said. Investors’ skittishness over market volatility again has gotten the best of them, after having invested a net $1.3 billion into U.S. stock funds the week prior.

Global custodian Northern Trust on Tuesday said it has made it easier and faster for fund managers and their pension plan otother clients to view and customize risk analytics and performance metrics through its web portal.