Special Program Root Tag

Bank of America said its profits jumped 30% in the third quarter, but that it has set aside $100 million to cover costs related to the investigations into mutual fund trading practices at the bank by New York State Attorney General Eliot Spitzer, according to published reports.

OppenheimerFunds has started a real estate fund that seeks total return through investments in real estate securities.

The human-based system used by the New York Stock Exchange should be eliminated in favor of an electronic system similar to that used by Nasdaq, Fidelity Investments told the Big Board Monday, The Wall Street Journal reports.

A $150,000 fine was levied upon Wells Investment Services Inc. and Leo Wells, its president, because it substituted fun entertainment events like a "beach bash" for traditional broker/dealer conferences, Bloomberg News reports.

Lord Abbett’s Private Advisory Services Department is now known as the Separately Managed Accounts (SMA) Department, a name switch it says stems from the increasing popularity of the SMA industry.

Barclay’s investment banking has hired Bulent Baygun to head fixed-income investing. Baygun was named a director and head of U.S. fixed-income strategy for Barclays Capital, the bank announced Wednesday. He is to join the company in New York at the end of the month.

It’s no secret that creating a will is accepting mortality – a reason that many clients and the public at large refrain from having one established. In fact, according to the latest annual survey of 1,000 participants by legal Web site, FindLaw (a Thomson company), only 41% have wills, decreasing slightly from 44.4% in 2002.

Noting that Gabelli Asset Management is just one of a growing legion of mutual fund companies that have been subpoenaed by the New York attorney general’s office, as well as actions the firm has taken to prevent market timing, Merrill Lynch issued a favorable report on the firm Friday.

ML Stern, an affiliate of Pacific Life Insurance Co. that caters to high-net-worth investors, will sell Curian Capital’s separately managed account program.

Barclay’s Global Investors expanded its exchange-traded fund lineup Friday as it launched trading of its iShares Dow Jones Transportation Average Index Fund on the American Stock Exchange.

Wachovia Unit Refocuses On Wealth Sweet Spot'

Those who have maintained the holier-than-thou attitude of the mutual fund industry and have believed that this scandal, too, shall pass, shouldn't kid themselves. It's time for the industry to turn in its halo.

NEW YORK - The recent market timing and late trading allegations brought forth by New York Attorney General Eliot Spitzer have sparked a renewed interest in how mutual fund firms determine fair value. The crux of the matter is that many fund shares are bought and sold at incorrect prices due to time zone differences. Quantitative research in the past few years has made the industry aware that the use of stale prices affords market timers the opportunity to realize significant gains at the expense of shareholders.

It takes society 30 years to become comfortable with a new technology - be it steel plows, electric lights or video recorders. The device doesn't matter. By that standard, financial advisers are doing pretty well with separately managed accounts.

Insidious greed notwithstanding, corporate governance is the Achilles heel of U.S. public companies. The analyst research scandal, the collapse of Enron and WorldCom and alleged illegal trading practices in the mutual fund industry all could have been prevented had there been sound corporate governance teams in place.

The Bank of New York has been selected by ABN Amro Investment Fund Services to provide outsourcing services for its new separately managed account product.

FOLIOfn has expanded its FOLIO Advisor and FOLIO Manager platforms to accommodate financial advisers, separately managed account managers and mutual fund wrap sponsors.

A Baltimore court has reportedly ordered Legg Mason to pay newsletter publisher Lowry's Reports $20 million for sharing one paid $700 subscription to Lowry's Market Trend Analysis with more than 1,300 employees over the company's intranet.

Following its acquisition of the Williamette Family of Funds, Integrity Mutual Funds has hired F. Martin Koenig to manage four funds with $60 million of assets. The four funds have been merged into four of Integrity's funds.

For Gabelli Group Capital