Money Management Executive Latest News

The Money Management Institute has named its new chairman, chair elect and six new board members.

To expand its footprint in the managed account business, Fiserv announced Monday it has acquired AdviceAmerica, a provider of financial planning software for independent advisors and institutions.

An "empowered investor base" insisting on more transparency and liquidity from managers, as well as absolute returns and uncorrelated investment strategies, has led to a spike in demand for alternative mutual funds, a report concluded.

The cost-basis reporting requirements are going to be a quagmire for shareholders and fund complexes alike.

Over the last number of years, mutual fund transfer agencies and shareholder communications companies have tried to convince shareholders to accept paperless summary prospectuses, proxies, trade confirmations and electronically stamped signatures. Fund supermarkets and web home pages have broadened their horizons to include market commentary, videostreaming and personal financial news.

Bullion Heads Payden's New Boston Office

JPMorgan, consistently one of the top municipal bond underwriters, has been responding to increased appetite in the market recently by expanding its retail networks, marketing taxable munis for international distribution, and bulking up its public finance staff.

IRS Probes 401(k) Compliance

LPL, the largest independent broke/-dealer, filed S-1 forms with the Securities Exchange Commission Friday to become a public corporation.

Tax-exempt money market funds shed $3.91 billion in the week ending May 31, finishing with total net assets of $352.92 billion, according to the Money Fund Report, a service of iMoneyNet.com. That was a significantly steeper decline than the previous week, in which the funds saw $156.7 million of outflows and ended with $356.83 billion.