- Money Management Executive
Citigroup is in negotiations with Legg Mason on deal that could result in the sale of the New York bank's asset management business, or perhaps an outright swap in exchange for the Baltimore fund firm's 1,540-person brokerage unit.
June 3 - Money Management Executive
The board of Amerindo Funds has replaced founder and CEO Alberto Vilar and President Gary Tanaka because of criminal complaints that have landed the pair in jail, according to an SEC filing. Both are facing charges of stealing millions in investor funds for personal use.
June 3 - Money Management Executive
Growth stocks outperformed value stocks in May at every capitalization tier, according to the Russell Investment Group's family of U.S. equity indexes. At the end of May, the large-cap Russell 1000 Growth Index, with returns of 4.84%, beat the Russell 1000 Value Index, which returned 2.41%.
June 2 - Money Management Executive
Hedge funds are on the rise and making it into the mainstream, according to the latest survey from the Hennessee Hedge Fund Advisory Group. The 11th annual Hennessee Hedge Fund Manager Survey found that hedge fund assets have soared 27% in just one year, from $795 billion to more than $1 trillion.
June 2 - Money Management Executive
The Securities and Exchange Commission has settled charges of fraud against two Citigroup subsidiaries, related to the use of an affiliated transfer agent that had been serving the Smith Barney mutual funds. The company has consented to the order without admitted to or denying the charges, and is set to pay $128 million in disgorgement and interest and $80 million in penalties.
June 2 - Money Management Executive
San Francisco-based Wells Fargo & Co. said Wednesday it would offer new low- and no-cost online stock and mutual fund commissions for WellsTrade, its brokerage account for self-directed investors, according to The Associated Press.
June 2 - Money Management Executive
As Ameritrade and its rival, T.D. Waterhouse, a unit of Canada's Toronto Dominion Bank, engage in talks about a possible merger, another online brokerage is looking to get a piece of the action, Dow Jones reports.
June 2 - Money Management Executive
In a surprise move, Securities and Exchange Commission Chairman William Donaldson said late Wednesday that he will step down on June 30, prompting President Bush to nominate California Republican Christopher Cox as his replacement, according to published reports.
June 2 - Money Management Executive
Russell Investment Group, a subsidiary of Tacoma, Wash.-based Northwestern Mutual, will add a new microcap index to its family of U.S. equity benchmarks after an annual reconstitution of indexes scheduled for June 24.
June 1 - Money Management Executive
TD Bank Financial Group and Ameritrade Holding Corp. are in discussions about a potential transaction involving TD Waterhouse USA.
June 1 - Money Management Executive
The former chief executive of Waddell & Reed will leave the mutual fund firm with more than $14 million in stock, cash and benefits, a Kansas City Star report reveals through documents it obtained from a Securities and Exchange Commission filing.
June 1 - Money Management Executive
Sometimes, the grass truly is greener.
June 1 - Money Management Executive
NEW YORK - A defense attorney in the criminal case against former Bank of America broker Theodore C. Sihpol III made his summation Tuesday, emphasizing to the jury that Sihpol never intended to commit a crime when he helped hedge fund Canary Capital Partners engage in late trading of mutual funds.
June 1 - Money Management Executive
Fidelity Investments said on Thursday that it had entered into a new agreement with Ibbotson Associates, an institutional investment advisor and leading authority on asset allocation strategies, to offer independent investment advisory services to the more than 10,000 defined contribution plan sponsors serviced by Fidelity, for their participants.
May 31 - Money Management Executive
A mutual fund entrepreneur is using a new strategy to invest his money. To test whether his investments are sound, 42-year-old Nicholas Gerber sets up his own rival company to see how tough barriers to entry are, according to Dow Jones.
May 31 - Money Management Executive
Total assets in the country's exchange traded funds in April fell 3.6% to $220.59 billion, according to the Investment Company Institute. The ICI also said that the total assets in the country's closed-end funds stood at $259.65 billion at the end of March.
May 31 - Money Management Executive
The Securities and Exchange Commission may undertake some major policy transformation as changes in top personnel could shift the balance of power, Reuters reports.
May 31 - Money Management Executive
Running contrary to declines in the broader market from March to April, equity mutual fund inflows increased month over month by about $3.5 billion, or roughly 24%, according to Lipper Senior Research Analyst Andrew Clark.
May 30 - Money Management Executive
NEW YORK - The biggest criminal trial in mutual fund history is nearing judgment day as both sides gear up for their summations, but not before some interesting twists and turns.
May 30 - Money Management Executive
The Growth Act, a surprisingly obscure piece of tax code reform legislation that could be a boon for the mutual fund industry, has found a key ally in the Investment Company Institute.
May 30