Money Management Executive Latest News

FINRA Eyes Action Against Firms Selling Municipal Bonds

It wasn’t a hedge fund, a proprietary trading desk at an investment bank or a rogue trader that may have been the key trigger behind the “flash crash,” one-thousand-point drop in the Dow.

UMB Fund Services has signed a deal to acquire the managed accounts solutions business of J.P. Morgan Worldwide Securities Services.

GE Funding Capital Market Services Inc., a subsidiary of General Electric Capital Corp., does not agree with the Securities and Exchange Commission’s plans to file charges against it in connection with an industry-wide investigation of guaranteed investment contracts and derivatives, but is discussing the matter, including a “potential resolution,” with SEC staff.

Putnam Investments is expanding its reach into the 529 college savings plan arena, after its 10-year partnership with Ohio Tuition Trust Authority comes to an end in October. Putnam is seeking new opportunities in the nationwide college savings marketplace, including new state partnerships and investment-only mandates, a spokesman from the firm said.

Pittsburgh-based data automation company Confluence has created new software that helps fund administrators comply with new reporting requirements to Rule 2a-7 regarding money market mutual funds.

The Hartford Mutual Funds has unveiled a new portfolio toolbox for financial advisers, powered by Morningstar data. The Hartford Portfolio Toolbox features interactive research and analytical tools from Morningstar, allowing advisers to quickly create professional reports for clients.

Money market mutual funds ended their 18-week losing streak as investors sought the safety of cash in increasingly volatile markets. Total money fund assets rose by $24.23 billion to $2.878 trillion for the week ending May 12, according to the Investment Company Institute.

Declining annuity premiums mean insurers may have to rethink their annuities products in order to survive, according to a report by Scott Hawkins, vice president and insurance analyst at Conning Research & Consulting in Hartford, Conn.

Hedge funds’ take on the wide array of new regulations being proposed for collateralized debt obligations, credit default swaps and derivatives, in addition to taxes on risk retention, is simple: Bring it on.