At an open meeting yesterday the Securities and Exchange Commission took action on three measures to address late trading, market timing and related abuses in the mutual fund industry. The Commission voted to propose a rule requiring that fund orders
The Securities and Exchange Commission yesterday announced civil fraud charges against Invesco Funds Group, and Raymond R. Cunningham, IFG's president and chief executive officer. Invesco Funds Group, Inc., a Denver investment adviser, manages the Invesco complex of mutual funds. According
RBC Global Services, Institutional & Investor Services (IIS) says it is to be sole custodian and fund valuation agent for the Legg Mason Canada funds, which represent about C$5 billion in assets under administration. "RBC Global Services' insight and appreciation
Aletti Gestielle Sgr and Aletti Gestielle Alternative Sgr, the two investment companies of the Gruppo Banco Popolare di Verona e Novara group, are to out source their fund administration needs to Dexia Fund Services Italia S.p.A. Gruppo Banco Popolare di
The Securities and Exchange Commission today announced civil fraud charges against Phoenix, Arizona based Security Trust Company, N.A. (STC) and its former chief executive officer, president, and senior vice president, for facilitating and participating in fraudulent mutual fund late trading
The Securities and Exchange Commission yesterday announced the filing of a civil injunctive action in the United States District Court for the Eastern District of Pennsylvania against Gary L. Pilgrim, of Malvern, Pa., Harold J. Baxter, of Berwyn, Pa., and
BISYS has launched LinkinSight, a Web based tool designed to providesconvenient online access to its retirement related products, for both plan sponsors and third party administrators (TPAs) and financial advisors. It enables plan sponsors to access relevant plan and participant
The BISYS Group, an acqisitio hungry group which has suffered from a weak share price, is launching a buy back programme to purchase up to $100 million of its outstanding stock. A previous programme saw BISYS purchase approximately 3.5 million
The Securities and Exchange Commission yesterday announced the institution and simultaneous settlement of an enforcement action against Morgan Stanley DW Inc. (Morgan Stanley) for failing to provide customers important information relating to their purchases of mutual fund shares. As part
AXA Investment Managers Inc. has chosen Bank of New York to provide it with the full range of outsourcing services for its US Investment Grade Team catering to institutional investors. AXA IM is part of the global AXA Group, which