A day after Strong Capital Managements founder resigned, the firm announced it has hired Goldman Sachs to find a buyer, as the firm struggles for survival. According to one estimate, the firm is worth $1 billion if outflows are stanched.
Other Fundgate News:
The Denver Broncos football stadium is thinking about removing Invescos name.
- Merrill Lynch said it will reimburse $11 million to more than 20,000 customers.
- Spitzer told The Japan Society he will press more charges. He also noted that unlike his $1.4 billion Wall Street settlement, which sought to reform "flawed" business models, the mutual fund industry has many appropriate rules. The trick is for those in the industry to "abide by" them and for the SEC and other regulators to enforce them.
- Unilever axed Putnam.
- DuPont froze employees out of contributing any more money to Janus funds in its 401(k).
- A Piper Jaffray SEC filing yesterday indicated it has disciplined two employees over trading.