- Money Management Executive
State Street has beefed up its Web-based program to find tax-lot stock transactions in order to avoid short-term taxes and capitalize on losing portfolio holdings. The company initially developed its Tax-Efficient Lot Selector (iTELS) to help customers determine when to make wash sales of individual investments.
February 4 - Money Management Executive
Barclays Global Investors' first Chinese exchange-traded fund is designed for U.S. customers, but the investment's success is raising Asian market officials' expectations for future index-based funds.
February 4 - Money Management Executive
Fidelity Investments is the undisputed king of 401(k) plans, but its lineup of retirement-orientated mutual funds conspicuously lags lifestyle funds offered by competitors like T. R. Price and Vanguard, according to a new Morningstar "Fund Spy" column. Lifestyle funds gradually dial down aggressive portfolio components as the years draw closer to retirement dates like 2040.
February 4 - Money Management Executive
Morningstar plans on trading on the Nasdaq under the symbol "MORN," reports Investors.com, the online edition of Investors Business Daily. The company is also "fully cooperating with staff" regarding an ongoing investigation by the SEC into erroneous filings from 2004.
February 4 - Money Management Executive
The British Columbia Securities Commission has found a former mutual fund salesman guilty of fraud and "failing to deal fairly, honestly and in good faith with clients." Carey Brian Dennis misappropriated close to $200,000 (C$250,000) of clients' money, the regulator charged. Earlier, in October 2003, the Supreme Court of British Columbia found Dennis guilty of fraud and theft, sentencing him to two years and three months in prison and ordering him to make restitution.
February 4 - Money Management Executive
A claim recently filed before NASD accuses Charles Schwab Corp. of elder abuse in its sale of variable annuities.
February 3 - Money Management Executive
Embattled fund giant Alliance Capital announced that fourth-quarter profits stormed higher as a year-end rally in the stock market boosted revenue.
February 3 - Money Management Executive
Investors in Indonesian mutual funds enjoyed an average 34% return last year, closely followed by those in India and the Philippines, who saw an average 27% increase, according to Lipper.
February 3 - Money Management Executive
An independent consultant says that rapid in-and-out trading in mutual funds at Putnam Investments cost investors as much as $100 million, a figure that is 10 times the previous estimate of damages, The Wall Street Journal reports.
February 3 - Money Management Executive
The Massachusetts pension board withheld a $75 million investment from Fidelity Investments on Monday, expressing doubts and concerns over how the mutual fund giant has responded to the government's investigation of its traders' improper trading practices, the Boston Globe reports.
February 3 - Money Management Executive
Massachusetts Secretary of the Commonwealth William Galvin sued A.G. Edwards Wednesday for allowing at least one of its representatives to market time mutual funds on behalf of two offshore hedge funds. One of the fund's market-timing trades was nearly $2 billion, according to the complaint.
February 3 - Money Management Executive
The separately managed account industry witnessed strong growth again in 2004, as assets under management grew by 15.9% to $576.1 billion, the Money Management Institute reported Tuesday.
February 2 - Money Management Executive
American Express finalized plans this week to concentrate on its core credit-card and travel businesses by spinning off its Financial Advisors subsidiary in a tax-free distribution to shareholders.
February 2 - Money Management Executive
Hedge funds promising dazzling performance are gradually falling out of favor among wealthy investors who are increasingly wary of these unregulated investments, The Wall Street Journal reports.
February 2 - Money Management Executive
President Bush's efforts to privatize the Social Security system drew sharp criticism from New York Attorney General Eliot Spitzer, Reuters reports.
February 2 - Money Management Executive
Fidelity Investments Tuesday announced it has expanded its retail brokerage services by adding new independent research and providing access to more analyst performance data, Reuters reports.
February 2 - Money Management Executive
Investment manager BlackRock announced on Monday it had completed its $375 million acquisition of State Street Research from MetLife. Boston-based SSRM is the parent company of State Street Research & Management Co. and SSR Realty Advisors.
February 1 - Money Management Executive
The board of directors for the $490 million Dreyfus High Yield Strategies Fund approved the appointment of Jon Uhrig and John McNichols as the new portfolio managers, effective Jan. 31.
February 1 - Money Management Executive
Congressional Democrats from Massachusetts, a state that many leading money management firms call home, are unifying in opposition to the Bush Administration's proposal to route a portion of Social Security into mutual funds.
February 1 - Money Management Executive
The Securities and Exchange Commission is drafting a proposal that would offer mutual fund investors more information on how much their funds spend to buy and sell securities, The Wall Street Journal reports.
February 1