Money Management Executive Latest News

Long-term mutual funds took in $8.93 billion in the week ended Oct. 28, bringing the sales streak to 33 weeks straight and $346 billion, according to the Investment Company Institute.

For money market fund advisors and investors, help on yields is seen on the way.

The House Financial Services Committee passed a bill Wednesday that would allow states to oversee hedge funds and other investment advisors with $100 million or less in assets under management, leaving larger investment managers up to the Securities and Exchange Commission.

Plan sponsors are becoming more aggressive about helping their workers save for retirement, and even investment advice is now offered, Hewitt Associates found in a survey of 300 mid- and large-sized companies.

Value Line, its CEO and former CCO settled civil charges with the Securities and Exchange Commission for $45 million for having improperly funneled mutual fund trades to its affiliated broker/dealer and pocketing $24 million in commissions.

Of the wirehouse advisers who switched firms, 34% moved to another wirehouse, while 18% went independent. Another 11% of those wirehouse advisers went to a regional firm.

PIMCO has launched the PIMCO Tax Managed Real Return Fund, an actively managed fund that aims to provide tax-efficient income and a hedge against inflation. John Cummings, executive vice president and head of the firm’s municipal bond desk, and Gang Hu, senior vice president and inflation-hedging specialist, are managing the fund.

Putnam Chief Executive Officer Robert Reynolds is once again sounding the call for a new approach to 401(k) investing, inclusive of annuities and other retirement income products. This time, he is asking Washington to create a national insurance charter that will ensure consistent regulation for assured income products.

The Securities and Exchange Commission has hired Norm Champ, general counsel to hedge fund Chilton Investment Co., to head up its New York examinations group.

Spectrem Group announced that its Spectrem Millionaire Investor Confidence Index fell two points in October to negative seven, its first decline since June.