Money Management Executive Latest News

The securities industry added almost 7,000 jobs in June, and revisions to the previous months’ figures mean there were 4,000 more positions created than had been reported at the time, according to BrokerHunter.com’s latest Employment Trends report.

The day after Congress voted 60 to 39 to pass the historic overhaul of financial rules, Wall Street - the mutual fund and hedge fund industries included - is already bucking up for the corrections bill.

LPL Financial is acquiring “certain assets” from National Retirement Partners, the broker/dealer announced Wednesday.

Chairman Gary Gensler Wednesday told the Technology Advisory Committee of the Commodities Futures Trading Commission "we must improve our ability to employ modern technology to automate our surveillance" of markets."

WASHINGTON — Although the Senate finally voted Thursday to send regulatory reform to the president's desk, policy circles are already abuzz about what changes to seek in a "corrections" bill to fix problems with the legislation.

The Department of Labor issued an interim final rule on fee disclosure in 401(k) plans Thursday morning. The final Rule 408(b)2 relieves plan sponsors and their fund providers and consultants from having to share and store written documentation on disclosure obligations.

Fund managers could end up finding out about corporate agendas far sooner and disclosing far more about their voting activities if some of the Securities and Exchange Commission’s proposed changes to the proxy system eventually become effective.

No one’s said anything yet about it, but a fiduciary standard will mean not just keeping an investor’s interests ahead of one’s own. It will also mean making sure that customer knows what that is costing.

On July 1, final amendments were passed on a new incarnation of pan-European legislation that will make it easier and faster for fund managers to set up shop in different countries and market their funds in more locations. The changes will take effect in July 2011.

Bank of America Corp. is charging some customers to receive their monthly statement in the mail, the industry's most aggressive move yet to encourage paperless banking.