Mutual funds

Pyramis Global Advisors, the institutional asset management arm of Fidelity Investments, has expanded its global distribution leadership team with the additions of Maureen Fitzgerald as head of North American Institutional Distribution, a newly created position.

Calamos Investments this week welcomed an old foe into its fold.

SEC Commissioner Luis A. Aguilar said that the agency should look at the “cash management industry as a whole” instead of zeroing in only on money market funds.

Plan participants who pick their own mix of investment options are generally exposed to greater risk due to reduced diversification, according to The Principal.

After a large inflow the previous week, assets held in institutional money market funds decreased by $1.06 billion to $1.686 trillion for the week ending Aug. 22.

Municipal bond mutual funds saw inflows fall by more than half the previous week's amount, dropping for the second straight week. But they've thus far remained positive through the summer lull at $436 million for the week ended Aug. 22.

After a large inflow for the previous week, assets of institutional money market funds decreased by $1.06 billion to $1.686 trillion for the week ending Aug. 22.

John Hancock Financial, the U.S. division of Manulife Financial Corp., has named James D. Gallagher as executive vice president, general counsel and chief administrative officer.

The Investment Company Institute, which lobbied heavily against money market regulatory changes that were supported by Securities and Exchange Commission Chairman Mary Schapiro, said it was “pleased” that the commission was dropping its plans to pursue those changes.

Plan participants who pick their own mix of investment options are generally exposed to greater risk due to reduced diversification, according to The Principal.

Money Fund Reform Drops Dead

Here is the text of the statement by Securities and Exchange Commission Chairman Mary Schapiro on money market mutual fund reform

Investors last week pulled an estimated $2.67 billion from U.S. stock funds, down from $3.56 billion the prior week and half that two weeks earlier.

For the week ended Aug. 15, investors pulled an estimated $2.67 billion from funds that invest in U.S. stock mutual funds, substantially less than the $3.56 billion withdrawn the week before.

Heavy lobbying continues in the lead-up to what some expect will be an Aug. 29 SEC vote on controversial money market reforms.

Two trade groups for corporate treasurers have sounded the alarm about proposed reforms of money market funds, warning that proposed regulations could reduce large companies' financing options - and add to their dependence on megabanks.

Jensen Investment Management has hired Gabe Goddard as chief compliance officer and counsel.

Index funds are "just slightly underperforming" their benchmarks because of their small expenses, according to a Lipper report.

The measure of success for Christopher Donahue's defense? That the SEC so far this year has not sought a showdown on reform.

With the departure of Peter Ehret, formerly a senior money manager at Invesco, the firm announced a number of changes to its portfolio manager lineup.