Special Program Root Tag

The Investment Company Institute's top officials presented ideas to the Senate and the Securities and Exchange Commission last week to fix the problems of late-trading, market timing and insider market timing. But they might soon need to add accurate NAV pricing to the list, as SEC Director of Enforcement Stephen Cutler testified before Congress last week that some funds are also guilty of purposely writing down their net asset values.

Dresdner RCM Global Investors has hired Scott Migliori, a senior co-manager with Provident Investment Counsel as its new senior portfolio manager, in an effort to boost the capacity of its U.S. large-cap growth equity team.

Pugh Capital Management, the Seattle-based fixed-income money manager, has named Paul Ravetta as its new marketing director.

After 22 years with the firm, Andrew Adelson, chief investment officer and manager of international investments for AllianceBernstein Institutional Investment Management, is hanging up his hat, a staff member at the firm said.

The National Association of Securities Dealers at press time was reportedly investigating Prudential Securities for potential late trading out of the company's Boston office.

Alliance Capital and Deutsche Bank are two other giants that New York's top regulator may come down on next, according to reports last week.

Most stock mutual funds, 96.3%, rose during the third quarter of 2003, according to Weiss Ratings. Average gain was 5.24%, lower than the 16.38% of the previous quarter.

LIMRA International has created the Retirement Resource Center to help carriers and distributors serve consumers. The center provides information and support services on retirement and retirement risks.

Charles Schwab Investment Management, the asset management arm of Charles Schwab & Co. said that it is adopting the entire family of U.S. mutual funds from AXA Rosenberg, pending AXA shareholder approval.

Fidelity Investments has announced plans to buy a software development company that provides learning management systems, as the fund giant looks to broaden the capabilities of its big human resources outsourcing business.

Cost and volatility concerns related to defined benefit plans have led more than 20% of plan sponsors to either freeze or consider a freeze on pension plan benefits, according to research by Aon Consulting.

Nearly half of employees who change jobs cash out their 401(k) plans, a new report from Hewitt Associates finds.

Microsoft Corp.’s Excel spreadsheet program will have a new feature beginning in early 2004 – financial reports from over 12,000 companies right at the user’s fingertips.

New York State Attorney General Eliot Spitzer is in talks with Strong, Janus, Bank One and BoA to to find individual settlements with his office, Bloomberg reports.

A senior partner of Spear, Leeds & Kellogg, a trading arm of Goldman

The National Association of Securities Dealers is investigating Prudential Securities to see if illegal late trading has been conducted out of the company’s Boston office, The Wall Street Journal reports.

The Securities and Exchange Commission and National Association of Securities Dealers have announced a series of actions resulting from their examination of mutual fund breakpoints. The regulators directed securities firms to assess their treatment of breakpoints in the sale of mutual fund A shares.

Lockwood Advisors introduced the last phase of its product expansion Tuesday – a mutual fund access program that closely mirrors that of separately managed accounts (SMAs).

Alliance Capital and Deutsche Bank are two other giants that New York’s top regulator may come down on next, according to reports this morning in The New York Times and Reuters.

Besides the almost $163 million he has already earned in the past five years, ousted Putnam CEO Lawrence Lasser might be entitled to as much as $89 in additional compensation, an analyst told The Wall Street Journal.