The board of trustees of Bank of America has named a new interim chief for its mutual fund group after the former head was fired amid a probe of alleged trading violations.
Edward Bedard, chief financial officer of its Nations Funds replaces Robert Gordon, who was dismissed two weeks ago along with several other employees. Their dismissal came on the heels of charges brought by New York Attorney General Eliot Spitzer that the fund group allowed hedge fund Canary Capital Partners to participate in market timing and late trading activities.
Bedard will serve as interim president and chief executive of the Nations Funds, the board said in a report filed with the Securities and Exchange Commission earlier this week.
Bank of America was one of four funds named in Spitzers investigation including Janus Capital Group, Strong Capital Management and Bank One. Spitzer has since brought criminal charges against former broker Theodore Sihpol, accusing him of securities fraud and grand larceny.