The head of Lancer Management Group LLC and Lancer Management Group II LLC has been found guilty of overstating the hedge funds’ valuations, manipulating the prices of seven securities and falsely representing the funds’ holdings in newsletters.
Thirteen banking and insurance executives have been selected to join the Washington-based trade association’s board.
National Financial Partners Corp. warned investors that its total revenue took a dive during the third quarter.
Under the agreement, the Putnam fund purchased shares in Federated fund with cash and portfolio securities valued at $12.3 billion, said Putnam spokeswoman Laura McNamara.
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
Advisers undoubtedly are concerned about their clients in this time of financial crisis, said Charles Goldman, executive vice president of Schwab Institutional, but they probably aren’t doing enough about it.
Sales of existing homes fell to a seasonally adjusted rate of 4.91 million units in August, down 2.2% from July and 10.7% from a year ago, according to the National Association of Realtors of Chicago.
Treasury Secretary Henry Paulson today told a House committee he was open to considering limits on executive compensation in the Bush administration’s proposed $700 billion bailout package for the nation’s financial institutions.
Lauded for its ability to make use of advanced technology to make its website user-friendly, Fidelity Investments Institutional Services Co. of Boston was ranked as the financial intermediary with the best website by kasina LLC.
Third Avenue Institutional International Value Fund LP, a fund of Third Avenue Management LLC, filed a class action Friday against Reserve Management Corp. hinging on the firm's redemption process last week, when the net asset value of the Reserve Primary Fund fell to 97 cents.
