Special Program Root Tag

CHICAGO - The Securities and Exchange Commission plans to make all footnotes and related commentary for Form N-Q filings public, which is causing consternation in the industry.

NEW YORK - In 1934, German engineer Ferdinand Porsche invented the "people's car," known today as the Volkswagen Beetle. Affordable and reliable, it was arguably the first car within reach of the everyday consumer and almost instantly brought mass motoring to the streets of Germany. Over its lifespan, it has accounted for more sales worldwide than even Henry Ford's Model T.

Janus Capital Group must really be confident in the potential performance of its funds, because the Denver-based mutual fund company's management board voted unanimously on Sept. 20 to charge performance-based fees on 13 of its 59 funds, representing 30% of its $130 million of assets under management.

Mutual fund complexes, which own more than 22% of U.S. corporate stocks, are the puppets of corporate bigwigs, and the relationship is harming shareholders, a new study from the Center for Political Accountability (CPA) claims.

Only 34% of Americans expect to be prepared for retirement, according to a recent Wall Street Journal Online/Harris Interactive poll of 1,772 people who are key financial decision-makers in their households. Nearly a third, 27%, don't think they'll have enough money saved, and 39% are not sure.

The Securities and Exchange Commission will host its first national CCO Outreach Seminar on Nov. 8 at the Commission's headquarters. With space available for only 500, the SEC is accepting registrations online and giving priority to chief compliance officers. The SEC will also webcast the all-day meeting at its home page.

European mutual funds fees are almost twice as high as U.S. fees, as portfolios in the states benefit from economies of scale in a unified market, according to research firm Fitzrovia, a division of Lipper.

Fulbright & Jaworski Taps Former SEC Heavyweights

In the five years since the end of 1999 through 2004, those Americans who consistently maintained their 401(k) accounts in that time period saw their balances rise 36% to an average of $91,042, according to a study released last week by the Employee Benefit Research Institute and the Investment Company Institute.

NEW YORK - New regulations may serve to harm investors by flooding them with information, Charles E. Haldeman, CEO of Putnam Investments, said here at the annual meeting of the National Association for Variable Annuities.

Experts warn that the sky-high returns from the hedge fund industry will not be here for long, Reuters reports. As the industry gets more crowded, returns will shrink.

Hedge fund fraud is more common in the United States than it is in Europe because nearly anyone can take a shot at becoming a hedge fund manager as long as they have a Bloomberg terminal and money to start with, CNN/Money reports.

Hedge fund portfolio managers looking to buy a fund tracking the S&P 500 have more choices than ever before, HedgeWorld News reports, but in most cases, they will choose an S&P 500 Index futures contract over a SPDR or other exchange-traded fund.

The Securities and Exchange Commission is considering requiring fewer hedge funds to register, Financial Times reports. The current rule, which is to go into effect in February, will require hedge fund managers with more than $25 million in assets to register with the SEC. Lori Richards, the SEC director of compliance inspections and examinations, said the SEC has been discussing the possibility of raising the minimum to reduce its oversight responsibilities.

AUSTIN - Spokane, Wash., native and University of Denver graduate Erik Benzel has been named recipient of the 2005 Robert L. Gould Scholastic Award.

PowerShares Capital Management LLC is planning to launch eight exchange-traded funds covering a range of sectors, including few that are not yet represented by an ETF--those being funds covering nanotech, building and construction, aerospace and defense.

The New York Stock Exchange plans to continue to compel brokerages to make meaningful reforms, The Globe and Mail reports, quoting NYSE Enforcement Chief Susan Merrill.

Fidelity Management & Research Co. has hired Brian Conroy as senior vice president and head of global equity trading, responsible for international as well as domestic fund strategies, as well as being the point person for both of these desks, FinanceTech.com reports.

Janus reported net income for the third quarter of 2005 of $31.7 million, a 33% decrease from net income of $47.3 million in the corresponding quarter a year earlier. However, Janus has its first quarter of net inflows, $1.7 billion, since the second quarter of 2003.

The State Attorney General of Connecticut, Richard Blumenthal, believes greater regulation of the hedge fund industry is a must and that state authorities could help the Securities and Exchange Commission, according to Financial News Online.