- Money Management Executive
Janus announced this week that both the company’s chief financial officer and general counsel will leave March 2. The company also said that the departures of Dave Martin and John Bluher are unrelated.
February 7 - Money Management Executive
Nationwide Mutual Insurance is selling its retail mutual funds business, NWD Investment Management, for $225 million in cash, plus the value of tangible shareholders’ equity on the balance sheet at closing, to its publicly traded Nationwide Financial Services division.
February 7 - Money Management Executive
The Securities and Exchange Commission is taking proceedings against brokerage Trautman Wasserman and a number of its executives, including the chairman and chief executive officer, charging them with late trading for clients and the firm’s own account. Named in the case are CEO Greg Trautman, Chairman Samuel Wasserman, Chief Compliance Officer Forde Prigot Chief Financial Officer Mark Barbera, Chief Administrative Officer Jerome Snyder and Registered Representative James A. Wilson, Jr.
February 7 - Money Management Executive
President Bush’s 2007 proposed budget increases funding for the Securities and Exchange Commission only 3%, to $905.3 million compared to $904.8 million in 2006, according to the Associated Press.
February 7 - Money Management Executive
Federal Prosecutors are examining how someone from Allied Capital Group may have obtained phone records of a rival hedge fund, according to Reuters.
February 7 - Money Management Executive
The Securities and Exchange Commission is investigating whether large brokerage firms are sharing information about big trading blocks, by such companies as large mutual funds, with favored clients, such as hedge funds, sources have told The New York Times, and the SEC itself confirmed.
February 7 - Money Management Executive
State Street Corp. announced Monday it is taking over Investors Financial Services for $4.5 billion in stock.
February 6 - Money Management Executive
New York-based Depository Trust & Clearing Corporation announced plans to launch a web-based tool that will make a wide range of information gleaned from fund prospectuses and funnel it into a single, searchable database.
February 6 - Money Management Executive
The federal Department of Labor is cracking down on 401(k) plans, and pushing for transparency, according to Investment News.
February 6 - Money Management Executive
The family of Fidelity Investments Chairman Edward “Ned” Johnson and senior executives are trading $3.8 billion of preferred stock for common stock and bonds, a move that could save them millions in taxes, Bloomberg reports.
February 6 - Money Management Executive
Connecticut is home to many hedge funds, and various proposals to oversee them are in discussion, according to Dow Jones.
February 6 - Money Management Executive
The NASD is fining four Fidelity Investments broker/dealer subsidiaries $3.75 million for supervisory failures, including allowing brokers to accept lavish gifts. As many as 1,000 of Fidelity registered reps didn’t have supervisors, the NASD said. In addition, Fidelity maintained broker registrations for 1,100 employees who didn’t need the credentials, which would have enabled them to join another brokerage without taking tests required of those who are unregistered for two or more years. The regulator said that these registrations occurred because Fidelity permitted new employees to “park” NASD licenses they held prior to joining Fidelity even though they did not need them for jobs that neither required nor permitted NASD licenses.
February 6 - Money Management Executive
The Securities and Exchange Commission announced last Wednesday it is taking proceedings against former CIBC brokers Michael Sassano and Dogan Baruh for allegedly assisting hedge funds market time mutual funds between 1999 and at least 2003. The SEC also said that Baruh placed illegal late trades.
February 5 - Money Management Executive
BOSTON-As retirement plan sponsors navigate the rules and regulations of the Internal Revenue Service and Department of Labor they'll be looking to their service providers for help. And those service providers better have answers, according to a panel presentation at the National Investment Company Service Association's recent East Coast Regional Meeting.
February 5 - Money Management Executive
While defined benefit plans at large corporations may be going the way of the dinosaur, it might be a little early to call in the taxidermists.
February 5 - Money Management Executive
The options industry is growing, and over the next few years more institutional investors will seek to invest in them to diversify portfolios and lower risk.
February 5 - Money Management Executive
Despite industry support of a proposed rule raising the requisite assets investors need to buy into hedge funds, the Securities and Exchange Commission is now questioning whether more regulation may be needed.
February 5 - Money Management Executive
Despite claims she is too ill to take the stand, Concetta Donovan, mother of former Fidelity Investments trader David Donovan, Jr., will testify about trades made in her account that mirrored those of the mutual fund company's.
February 5 - Money Management Executive
Two managers of HMC International, a defunct hedge fund headquartered in Montvale, N.J., have agreed to pay $4.6 million after charges that they bilked investors to buy cars and trips, according to the Securities and Exchange Commission. Founder and manager Robert Massimi agreed to pay $1.46 million, while trader Bret Grebow will pay $3.1 million.
February 5 - Money Management Executive
Fidelity Investments is considering expanding a facility outside of Dallas, in Westlake, Texas, by as many 1,500 jobs. The campus currently has 2,900 workers. The firm decided to do so after the town approved its request to extend tax breaks it initially gave to Fidelity in 1999.
February 5