Mutual funds

ProShares this week got some good news from the United States District Court for the Southern District of New York, which dismissed, in its entirety, the class action lawsuit filed against the firm in 2009.

The departure of Chief Executive Officer Mark Fetting from embattled money manager Legg Mason has the firm reshuffling its top management in the face of a looming face-off with hedge fund manager Nelson Peltz of Trian Fund Management.

The Financial Services Authority has fined BlackRock Investment Management (UK) Limited £9,533,100 (US$15.2 million) for failing to adequately protect its clients’ money market deposits and for failing to have controls in place to protect its money market deposits.

Touchstone Investments, a Cincinnati-based mutual fund company, completed its acquisition of 16 mutual funds from Fifth Third Asset Management.

Federated Investors has added $4.4 billion in assets by acquiring four Fifth Third money market funds and merging them into four existing Federated money market funds.

Herb Morgan has a good barometer to tell how hot the market for exchange-traded funds is getting.

Herb Morgan has a good barometer to tell how hot the market for exchange-traded funds is getting.

Federated Investors has added $4.4 billion in assets from four Fifth Third money market funds into four existing Federated money market funds.

BlackRock is cutting fees for its large exchange-traded funds next quarter in response to pricing pressure from the Vanguard Group, Bloomberg reports.

Dimensional Fund Advisor has made its way onto Paychex’s Open Fund Select and Advisor Select platforms. Paychex provides of payroll, human resource, and benefits outsourcing services, including 401(k) plan recordkeeping, for small- to medium-sized businesses.

Denver-based ALPS Fund Services, Inc. has launched two large-cap Exchange-Traded Fund (ETF) index funds that will invest in an index of three ETFS that track the S&P 500 (SPX) and two volatility indices pegged off the S&P 500 Market Volatility Index (VIX).

Novato, Calif.-based Hennessy Funds moved closer to finalizing its acquisition of FBR Funds, and transferring the assets into various Hennessy funds.

Advisors want more control over clients' managed accounts, and such accounts increasingly tilt towards mutual funds. Judging from recent results, though, the combination of these trends might not be good news for clients.

Risk management and regulatory reporting.

Franklin Templeton has expanded its defined contribution investment only team this year with the addition of four wholesalers.

As the asset management industry evolves, innovative product options are being introduced to compliment traditional pooled vehicles.

Multi-manager shop Virtus Investment Partners has added Rampart Investment Management, which specializes in customized options strategies for institutional and high-net-worth clients, as a wholly owned affiliate of Virtus.

Artio Global Investment Funds last month decided to liquidate four equity funds.

Sudi Mariappa, the former bond head and Managing Director at PIMCO who worked closely with founder Bill Gross, will join GLG, the investment management division of London-based Man Group PLC to manage the firm’s renewed push into fixed-income hedge funds.

Columbus, Ohio-based Huntington Funds has launched the Huntington Income Generation Fund, a fund of funds that will primarily invest in three other Huntington funds.