Mutual funds

Franklin Resources yesterday announced that Charles Johnson will retire as chairman of the board and director, effective June 13. In his stead, the firm's board of directors approved the appointment of his son, Gregory Johnson, as chairman and he will continue in his roles as president and chief executive officer.

The Depository Trust & Clearing Corporation’s Wealth Management Services division this week rolled out a shinier version of its Mutual Fund Profile Service II, DTCC’s repository of databases allowing funds, broker/dealers and other distribution firms to automate and streamline the exchange of information regarding securities, participants and distributions.

The Securities and Exchange Commission has approved new FINRA rules that prevent mutual fund and hedge fund industry personnel from serving as public arbitrators, effective July 1.

After weeks of either net outflows or only modest inflows, tax-exempt money market funds recaptured $3.13 billion of net gains as total net assets grew to $260.97 billion in the week ended June 10, according to The Money Fund Report, a service of iMoneyNet.com.

With the number of alternative strategies rising, how can advisors pick the winners from the losers?

Total money market mutual fund assets increased by $1.02 billion to $2.612 trillion for the week ended Wednesday, June 12, according to the Investment Company Institute.

Arrow Funds is building out its sales team with an eye on expanding distribution of its alternative products in the RIA channel.

Trading at 25% down from an all-time high of $1,921 per ounce, gold's recent prices may have you thinking that the bull run is over.

The Securities and Exchange Commission has approved new Financial Industry Regulatory Authority rules that prevent mutual fund and hedge fund industry personnel from serving as public arbitrators, effective July 1.

BNY Mellon Investment Management has hired Andrew Provencher as Head of U.S. Retail Sales, a newly created role in which he will be responsible for leading all sales and relationship management through the Dreyfus platform focusing on national wirehouse firms, Registered Investment Advisors, independent broker-dealers and private banks.

The USAA Nasdaq 100 Index Fund (USNQX) has made its way onto the T. Rowe Price retirement platform, Money Management Executive has learned.

During the week ended June 5, investors yanked an estimated $11.53 billion from virtually all categories of long-term funds, giving them their first weekly outflow this year.

A new Portland, Ore.-based investment shop has bagged its first sub-advisory mandate courtesy of its affiliate.

Investors redeemed $11.53 billion from mutual funds for the week ended Wednesday, June 5, according to the Investment Company Institute.

Bloomfield Hills, Mich.-based Ave Maria Mutual Funds, which markets itself as “the largest family of Catholic mutual funds in the U.S.,” today announced that it now manages more than $1 billion in assets.

New York-based Loeb & King Capital Management has filed with the Securities and Exchange Commission to launch the Loeb & King Alternative Solutions Fund, a multi-strategy alternative offering.

Last year, 36% of all participants in 401(k) retirement plans at Vanguard invested their plan assets in a professionally managed investment option, more than doubled from 17% at the end of 2007, according to the Valley Forge, Penn.-based firm.

Buyer beware! The Financial Industry Regulatory Authority today issued an investor alert regarding the burgeoning alternative mutual fund asset class.

Despite challenges, wirehouses are still the most attractive distribution opportunity for product manufacturers, according to Boston-based global analytics firm Cerulli Associates.

Huntington, NY-based Catalyst Capital Advisors has added George Amrhein as Director of Business Development to build upon the firm’s key distribution relationships and manage the continued expansion of its lineup of mutual funds.