Money Management Executive Latest News

Aviva Investors, Pat O'Brien

Two influential advisor trade groups-the Securities Industry and Financial Markets Association and Financial Planning Coalition, which consists of the Certified Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors-finally sent in their comment letters to the Securities and Exchange Commission regarding Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, on a blanket fiduciary standard for all financial advisers.

State Street Corp., known for its passive asset management, may soon expand its small active management business.

Vanguard has launched eight index mutual funds and nine exchange-traded funds based on Standard & Poor's domestic stock benchmarks.

Once, pension plan sponsors and holders of assets who wanted to end a relationship with an underperforming asset manager or change an investment strategy had only to sell the relevant assets, deliver the cash to the new manager or managers and wait for the new securities to be purchased.

The Securities and Exchange Commission Friday approved the expansion of its post-Flash Crash circuit breaker program to include all stocks in the Russell 1000 Index and a test group of exchange-traded funds.

Financial adviser to the stars Kenneth I. Starr, Starr & Co. pled guilty before the U.S. District Court for the Southern District of New York Friday to ripping off $50 million from A-listers including Wesley Snipes, Sylvester Stallone, Uma Thurman, Nora Ephron and Al Pacino.

Invesco PowerShares has contracted for exclusive rights to four Keefe Bruyette & Woods indexes to offer specialized exchange-traded funds in real estate, financial services and property and casualty insurance.

Douglas Lee Campbell, a former senior vice president and marketer in Bank of America’s municipal derivatives group, pleaded guilty Thursday to three criminal counts for engaging in bid-rigging and fraud conspiracies connected with guaranteed investment contract and other municipal finance agreements.

Assets of money market funds increased by $10.55 billion in the week ended Wednesday, Sept. 8, bringing total assets to $2.839 trillion, the Investment Company Institute said Thursday.