A former Security Trust Company executive yesterday pleaded guilty to having disguised illegal trades for hedge fund clients, according to New York Attorney General Eliot Spitzer's office. Nicole McDermott, formerly senior vice president of the Phoenix based company, faces a
Callum McCarthy, Chairman of the UK regulator, the Financial Services Authority (FSA) has called in the Chief Executives of 25 of the largest mutual fund companies in the UK and told them that will hold them personally liable if evidence
Four major US public pension funds have told the parent company of beleaguered mutual fund group Putnam Investments that they will nominate their own candidate for the company's board, in line with the post Enron rule proposed by the Securities
The third largest US pension fund, California giant Calstrs, has fired Putnam Investments as money manager. The decision by the California State Teachers' Retirement System comes after its sister fund, the California Public Employees' Retirement System, voted last month to
DALBAR, the US financial services market research firm, has condemned out of hand the Securities and Exchange Commission (SEC) decision to disallow mutual fund tradng after 4.00 p.m. "This may be one of the worst ideas coming from Washington since
Latin American institutional investors will continue to increase their international exposure, thanks to shallow domestic markets and relaxed restrictions on overseas investing. Latin American pension and mutual funds are likely to hold as much as US$80 billion in foreign investments
Merrill Lynch plans to reimburse by December 20 about $11 million to some 20,000 buyers of mutual funds it overcharged, according to the New York Times, citing people at the brokerage firm. After regulators began an industry wide investigation into
The Securities and Exchange Commission yesterday announced civil fraud charges against Mutuals.com of Dallas, Texas, and its CEO, its president, and its compliance officer, as well as two affiliated broker dealer firms. According to the charges, the defendants deceived hundreds
Boston based Putnam Investments and Janus Capital Group Inc. took hits when Anglo Dutch consumer goods giant Unilever fired Putnam from managing part of its UK pension fund and, in a separate decision, U.S. based DuPont Co. told employees they
Indiana's Teachers' Retirement Fund said on Tuesday it fired Putnam Investments as one of its money managers, becoming the latest investor to pull cash from the fifth largest U.S. mutual fund company amid an improper trading scandal. The $6.4 billion