Money Management Executive Latest News

Citi to Raise $3 Billion for Hedge Funds, Private Equity

The Supreme Court ruled this morning to uphold the tenets of the PCAOB and Sarbanes-Oxley rule in the Sarbanes Oxley Act of 2002 (SOX), Free Enterprise Fund v. Public Company Accounting Oversight Board. However, the Free Enterprise Fund and others could stage a shareholder campaign to remove board members, the high court said.

Legislators finally reached a compromise on the fiduciary standard bill late Thursday after fierce last-minute wrangling over its contents.

New York officials reached a handshake deal on the city's $62.9 billion budget late last week and spent the weekend trying to hammer out the final details as the state budget remained in legislative limbo.

CHICAGO - The Morningstar 2010 Investment Conference started with a thud Wednesday as hundreds of advisers, registered investment advisors and fund managers gathered to listen to the industry's best and brightest - only to be bombarded by pessimistic messages from fund managers such as Double Line Capital’s Je ffrey Gundlach. (See also, "Meet the Newest Emerging Markets Nation: The U.S.," in Monday, June 28's edition of Money Management Executive.)

CHICAGO — Yields on floating-rate municipal prepaid gas bonds with ties to BP have spiked to nearly 9% from less than 0.5% as credit analysts continue to cut their ratings on the oil giant.

Milberg LLP is preparing a lawsuit against BP and its four Employee Savings Plans, which collectively have $8.27 billion in assets under management.

Fidelity launched a series of resources for registered investment advisors to help maximize their referral flow.

RS Investments, San Francisco, announced Thursday it has entered into an agreement to acquire the portfolio management team of Oak Value Capital Management, Inc. of Chapel Hill, N.C. RS will also acquire "certain assets of that firm, including its investment management relationships," the company said.

CHICAGO—The $787 billion debt overhang the federal government absorbed from the failed banking sector from the 2008 credit crisis will not come due until 2020, or perhaps later.