Special Program Root Tag

Alliance Capital Management plans to overhaul its retail mutual fund business, a long-term initiative that may involve shrinking its fund lineup.

Morningstar already raised eyebrows when it told investors to think twice about keeping their money with Putnam, Janus, Alliance and Strong. And now the leading fund research firm has gone even further out on a limb.

DTCC Names Lewis New Marketing Director

Until now, the low-end separately managed account marketplace has seemed a bit like a Baskin-Robbins shop where you could get everything but vanilla. But if Kevin Carter has his way, the SMA industry could soon be getting a long-awaited 32nd flavor: index funds.

NEW YORK -- Donald A. Yacktman, the president and chief investment officer of Yacktman Asset Management in Buffalo Grove, Ill., is no stranger to heated boardroom battles, and as the great bull run of the 1990s was reaching its heights, he made headlines as a result.

Janus Capital Group, the maligned fund giant, reported higher earnings for the fourth quarter, but its assets under management growth lagged its peers due to its involvement in the scandal, the company reports.

The worldwide mutual fund industry reached $12.83 trillion in assets, a 4% improvement from the previous quarter, according to the Investment Company Institute’s third quarter numbers.

State and federal regulators announced Thursday a $350 million settlement with Massachusetts Financial Services to resolve charges that it knowingly allowed preferred customers to market time ten of its mutual funds.

Canadian Imperial Bank of Commerce said on Thursday that David Kassie, Chairman and CEO of the bank’s CIBC World Markets unit, has left the firm and has been replaced by Gerry McCaughey, Vice Chair of Wealth Management at the firm.

Alliance Capital reached a settlement with New York State Attorney General Eliot Spitzer and the SEC in December, and a little less than two months later, Morningstar is pulling its "consider selling" label from the fund group.

The portfolio that invests based on the bible’s good word has some new encouraging numbers and new vice president.

SunTrust Banks has turned the ignition key on a Motorsports Private Banking Group to develop business with race car drivers and team owners.

MFS Investment Management is likely to settle securities fraud charges today, Reuters reports. Lower fees and fines totaling $350 million, plus the suspension of two top executives, including CEO John Ballen, are part of the deal, according to the report.

Franklin Resources was hit yesterday with fraud charges, as Massachusetts Secretary of the Commonwealth William Galvin charged the firm with harming long-term investors by allowing Las Vegas broker Daniel Calugar to market time the fund.

By combining the assets of American Express Bank and American Express Financial Corp., the two entities’ parent company, American Express, announced the creation of a new global fund-of-hedge funds business.

Six financial services companies, including UBS AG and Wachovia Corp., have reportedly agreed to settle SEC allegations that their brokers failed to give promised mutual fund discounts.

Charles Freeman, 60, the head portfolio manager of the $19 billion Vanguard Windsor Fund, will retire at the end of June.

Fidelity Investments might soon lose $475 million in assets that it runs for the Massachusetts state pension fund, Fidelity confirmed Tuesday.

New York Attorney General Eliot Spitzer announced Tuesday the arrest of a former executive of Canadian Imperial Bank of Commerce for allegedly stealing $1 million from mutual funds in a late-trading scheme. In a related action, the Securities and Exchange Commission has filed civil charges against Flynn as well.

U.S. Bancorp Asset Management said that it is cooperating with the Securities and Exchange Commission on an informal inquiry into trading activity in the First American Small Cap Growth Opportunities fund, according to a filing with the regulatory agency.