Results for "mutual funds"

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Choppy market seen hurting closed-end funds

August 27, 2007

IRVINE, Calif. — Market turmoil could create some pretty unhappy closed-end-fund investors and put a damper on the closed-end-fund-underwriting business. At the same time, professional closed-end-fund investors said that they are still buying...

SEC debuts e-filing for mutual funds

August 20, 2007

The Securities and Exchange Commission today has begun its voluntary electronic filing program for mutual funds. The program allows companies to submit XBRL-tagged risk/return summary information from their prospectuses. A 2003 SEC rule requires...

Sentinel’s changing of the guard a way to get distributors’ attention

July 23, 2007

BOSTON — Say goodbye to the Green Mountain Boy. As part of an ambitious growth strategy designed to get its mutual funds noticed by distributors, Montpelier, Vt.-based Sentinel Asset Management Inc. is retiring its decades-old icon. In more...

Morningstar reverses stance on board governance

July 23, 2007

PHILADELPHIA — Morningstar Inc., the mutual fund research company, is backing off its long-held position that fund boards that oversee multiple funds are less effective stewards than those responsible for just a few funds. The change of heart...

Mutual funds fall under hedge regulation

July 11, 2007

Mutual funds will be subject to a new rule approved by the SEC that prohibits fraud in hedge funds and other private investment pools. In a meeting today in Washington, all five members of the commission voted for final approval of the rule,...

Trading costs have predictive power

July 9, 2007

BOSTON — Forget expense ratios. Portfolio trading costs can be an even bigger drag on mutual fund performance. On average, U.S. stock funds spent $1.44 per $100 of assets on trading costs, compared with $1.21 on costs that comprised their expense...

Vanguard’s fund inflows top rivals’ in first five months

July 9, 2007

BOSTON — Fidelity Investments and American Funds lagged behind The Vanguard Group Inc. in stock and bond mutual fund sales for this year through May as investor appetite for low-cost index and exchange traded funds increased. Vanguard’s long-term...

ICAP fund manager dies

July 6, 2007

Robert Lyon, former CEO and chief investment officer of Institutional Capital Corp., died earlier this week at the age of 57. Chicago-based Institutional Capital Corp. would not disclose further details about Mr. Lyon’s passing, but did say...

Fidelity buyback may lead to restructuring

June 29, 2007

Fidelity Investments has bought back preferred shares from stockholders, possibly paving the way for a new ownership structure that would decrease corporate income taxes, published reports said. Stockholders have traded their preferred stock...

Rydex to be acquired by Security Benefit

June 28, 2007

The Security Benefit Group of Companies announced today that it will acquire Rydex Investments. Security Benefit, a mutually-owned insurer and asset manager based in Topeka, Kan., said it plans to close on the deal for Rydex, headquartered in...

Large trades costly to fund performance

June 28, 2007

On average, every dollar that funds spend on trading costs translates into a roughly 42-cent reduction in fund value, Virginia Tech Professor Gregory Kadlec said today. at the Morningstar Investment Conference 2007 in Chicago. “So in other...

Make 12(b)-1 fee disclosures more discernible

June 25, 2007

WASHINGTON — Disclosures of 12(b)-1 fees should be made clearer and easier to decipher, but the fees themselves should not be abolished, officials from the mutual fund and brokerage industries said at a Securities and Exchange Commission round...

More fund companies to offer 130/30s

June 25, 2007

PHILADELPHIA — More mutual fund companies soon will offer individual investors access to a strategy that is popular among institutional investors who are trying to outperform a benchmark. New York Life Investment Management LLC plans to open...

Fund company makes a bet on infrastructure

June 25, 2007

PHILADELPHIA — A mutual fund company is taking a chance on the burgeoning market of infrastructure investments. Kensington Investment Group Inc. of Orinda, Calif., expects to launch the Kensington Global Infrastructure Fund on Friday. It will...

Fidelity unit hires fund manager

June 19, 2007

Pyramis Global Advisors, a Fidelity Investments Co. subsidiary, has appointed Daniel E. Crowe as a portfolio manager of mid-cap growth equities for institutional clients. Prior to joining Pyramis of Boston, he was portfolio manager of Dreyfus...

SEC anticipated use of 12(b)-1 fees

June 19, 2007

Compensating brokers for servicing mutual fund shareholders was anticipated by the Securities and Exchange Commission when it first adopted12(b)-1 fees in 1980. The fees, which now account for $11 billion paid by investors annually, were expected...

Firm tax may lead to fund tax

June 15, 2007

Legislation that would tax some private equity partnerships as corporations could result in the investment funds themselves being taxed as corporations, one of the country’s leading private equity law firms said today. “The wording is broad,”...

Wachovia sued over bank sweep program

June 12, 2007

Wachovia Securities has been added to a lawsuit challenging the legality of firms’ bank deposit sweep programs. The company was added to the case in an amended claim filed yesterday with the U.S. District Court for the Southern District of...

ETF giant launches 401(k) plan invasion

June 11, 2007

PHILADELPHIA — With help from Barclays Global Investors, a California 401(k) record keeper has created a new platform intended to break the mutual fund stranglehold on the 401(k) market. BenefitStreet Inc. announced the launch of its platform...

It is high noon for 12(b)-1 fees

June 11, 2007

WASHINGTON — The SEC plans to decide by the end of the year whether to reform 12(b)-1 fees or eliminate them altogether, and proponents of both alternatives are poised to try swaying its decision. The fees’ fate will take center stage next...

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