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SEC’s Schapiro pledges to beef up enforcement of anti-fraud regs
Securities and Exchange Commission Chairman Mary Schapiro's pledge Friday to revamp the regulator's enforcement efforts was cheered by some officials in the mutual fund industry.
Putnam chief pushes for automatic enrollment for 401(k) plans
All companies that offer 401(k) plans should be required to automatically enroll employees in the plans, the head of Putnam Investments told Investment Company Institute members today.
401(k) fee critics overstate problem, ICI chairman says
While supporting improved retirement plan fee disclosure, the head of the Investment Company Institute said yesterday that congressional criticism of 401(k) plan fees has been inflated by critics.
Bank stress tests ill-advised, says Legg’s Bill Miller
The government’s stress tests of banks have been shrugged off by the market, Bill Miller, chairman of Legg Mason Capital Management Inc., told the Investment Company Institute today.
Mutual fund assets grow despite outflows, ICI says
Mutual fund assets grew by 2.3% in March, according to a report released by the Investment Company Institute.
New Build America Bonds are the hot muni investment
A little more than a week after they were first issued, sales of Build America Bonds have reached nearly $10 billion and are climbing.
Size of plan, pay-in rates help lower retirement plan fees, survey says
Lower fees for defined contribution retirement plans are related to factors such as the size of the plan, higher contribution rates by employers and employees, and greater use of automatic enrollment.
Money fund regs not expected to exceed ICI guidelines
Although the Securities and Exchange Commission is eyeing regulatory changes for money market mutual funds, industry observers are not expecting stricter standards than those adopted by the Investment Company Institute last week.
Disclosure suits could eclipse fee litigation, experts say
The mutual fund industry should expect to see fewer lawsuits based on excessive fees and more based on issues of disclosure, legal experts said yesterday during a panel discussion at the Investment Company Institute’s Mutual Funds and Investment Management Conference in Palm Desert, Calif.
SEC puts 12(b)-1 reform on back burner
Reform of 12(b)-1 fees — which some mutual funds charge to cover promotion, distributions and marketing expenses — will be deferred for at least a year, Andrew “Buddy” Donohue, director of the Securities and Exchange Commission’s Division of Investment Management, said today.
Closed-end fund assets fall to $188.42B
Assets in closed-end mutual funds dropped to $188.42 billion at the end of 2008, from $314.94 billion at the end of the previous year.
Don’t scrap 401(k)s, ICI president says
The mutual fund industry today attempted to make a pre-emptive strike against congressional efforts to reduce tax breaks for 401(k) plans or to make major changes in the system.
Murphy re-ups
The ICI’s board of governors today re-elected OppenheimerFunds Inc. chief executive John V. Murphy to a new one-year term as chairman.
Comprehensive IRA database planned
The Investment Company Institute and the Securities Industry and Financial Markets Association are launching a new research project to improve understanding of investors' use of individual retirement accounts.
Study: Mutual fund proxy votes back management
Mutual funds voted in favor of management proposals more than 90% of the time in 2007, an ICI study found.
ICI sees mini-exodus of officials
Two top officials have left the Investment Company Institute in Washington, and another will leave in August.
401(k)s boost mutual fund ownership
Nearly 51 million U.S. households own mutual funds, representing 44% of all households.
Oppenheimer’s Murphy tapped as ICI head
John V. Murphy replaces Martin L. Flanagan, president and CEO of INVESCO, who will now serve as vice chairman.
ICI taps senior economist
Joining from the Congressional Budget Office, John Sabelhaus was most recently a unit chief for long-term modeling.
ICI sounds off on 12(b)-1 fees
Mutual fund boards should not be required to annually approve 12(b)-1 fees used by advisers, says the ICI.
