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WIREHOUSES MAY 07, 2007
Wachovia wealth unit missed earnings-growth goal in ’06

SAN FRANCISCO — Wachovia Wealth Management missed the mark set by its parent company last year as earnings growth was dampened by investments and growth pains in that division.

By Bloomberg
MUTUAL FUNDS MAY 07, 2007
Fund industry awaits simplified prospectus

Industry leaders eagerly are awaiting a proposal that would allow mutual funds to provide a two-page prospectus in lieu of the lengthy one now required, a concept that could save millions of dollars in costs.

By Bloomberg
REGULATION AND LEGISLATION MAY 07, 2007
Small firms upset by an NASD hiring

NASD has hired a former board member as a consultant, raising questions about conflicts of interest and concerns about how well small firms have been represented in the organization.

By Bloomberg
INDUSTRY NEWS MAY 07, 2007
More firms look to India to fill research needs

NEW YORK — Following the lead of investment banks, money managers are turning to India to hire research analysts at a cheaper price.

By Bloomberg
REGULATION AND LEGISLATION MAY 07, 2007
House Democrats eyeing reduction in the AMT

WASHINGTON — House Democrats are hoping to appeal to the middle class with a plan to shift to wealthy taxpayers the responsibility for paying the alternative minimum tax, but financial advisers in general think that it is a bad idea.

By Bloomberg
LIFE INSURANCE AND ANNUITIES MAY 07, 2007
Rich are likely to snub insurers, experts say

NEW YORK — Insurers are launching marketing blitzes to win the investible assets of the wealthy, but many will fail because they don’t understand how rich people think, some consultants say.

By Bloomberg
INDUSTRY NEWS MAY 07, 2007
Disputing the superiority of fundamental indexing

BOSTON — Fundamental indexing — touted as a “better mousetrap” alternative to capital-weighted market indexes — won’t necessarily catch more mice, according to Harvard professor Andre Perold.

By Bloomberg
REGULATION AND LEGISLATION MAY 07, 2007
Battle lines drawn on appeal of broker ruling

NEW YORK — As the May 14 deadline looms for the Securities and Exchange Commission to appeal the overturning of the broker-dealer exemption rule, supporters and opponents of the rule have been busy making their case in the court of public opinion.

By Bloomberg
INDUSTRY NEWS MAY 07, 2007
China takes action to plug investment flood

NEW YORK — Chinese regulators have begun limiting the amount of money that asset managers can raise during a fund’s launch period, generally to about 10 billion renminbi ($1.3 billion).

By Bloomberg
INDUSTRY NEWS MAY 07, 2007
Will fears of a hollowing out save income trusts?

OTTAWA — Recent research indicates that those who fear a “hollowing out” of the Canadian economy through foreign takeovers of domestic companies (InvestmentNews, Nov. 6) may have good reason.

By Bloomberg
INDUSTRY NEWS MAY 07, 2007
Volatility nearing the end of a three-year holiday

NEW YORK — Active managers that thrive on volatile markets soon may get their day in the sun. Recent data from Wilshire Associates Inc. in Santa Monica, Calif., show just how long those managers have waited.

By Bloomberg
OPINION MAY 07, 2007
You can’t afford to turn a blind eye to client/fiduciary

No matter how you are registered and regulated, you can’t afford to turn a blind eye to the breaches of your clients who are fiduciaries — investment committees of retirement plans, foundations and endowments, and trustees of personal trusts.

By Bloomberg
INDUSTRY NEWS MAY 07, 2007
As big Canadian listings slip, TSX turns to U.S.

OTTAWA — Richard Nesbitt, chief executive of TSX Group Inc., is touring 10 U.S. cities to try to drum up new listings for the Toronto Stock Exchange.

By Bloomberg
BROKER DEALERS MAY 04, 2007
Bradley keen on post B-D rule era

The end of the broker-dealer exemption rule will create a great opportunity for registered investment advisers to build out their firms, said J. Thomas Bradley, president of TD Ameritrade Institutional, speaking in Chicago today.

By Bloomberg
WIREHOUSES MAY 03, 2007
Lehman appoints first head based in London

New York-based Lehman Brothers has appointed Roger Nagioff as global head of fixed income, based in London, according to published reports.

By Bloomberg
MUTUAL FUNDS MAY 03, 2007
A.G. Edwards settles market-timing suit

A.G. Edwards & Sons Inc. of St. Louis yesterday settled with the Securities and Exchange Commission over allegations of mutual fund market timing. The firm agreed to pay $2.4 million in disgorgement and $1.5 million in penalties.

By Bloomberg
WIREHOUSES MAY 03, 2007
Wachovia to bow retirement income account

Wachovia Securities LLC is launching a pilot version of a retirement income management account, Robert Vorlop, director of investment products, told attendees of the Money Management Institute's annual meeting in Washington.

By Bloomberg
INDUSTRY NEWS MAY 03, 2007
Acquisitions drive Morningstar revenues

Morningstar Inc. a provider of independent investment research, today reported consolidated revenues of $95.4 million in the first quarter, a 36% increase from revenues of $70.1 million in the first quarter of 2006.

By Bloomberg
LIFE INSURANCE AND ANNUITIES MAY 02, 2007
Dubai takes stake in HSBC

For the second time in as many months, a Mideastern investor has acquired what it called a “substantial” stake in British bank HSBC Holdings PLC, according to published reports.

By Bloomberg
LIFE INSURANCE AND ANNUITIES MAY 02, 2007
JPMorgan records shown on YouTube

JPMorgan Chase & Co is reviewing security protocols after a video posted online showed someone displaying documents found in trash cans containing customers' personal information, according to CNN.Money.com.

By Bloomberg