Oppenheimer Funds CEO Jon Fossel and former Van Kampen Investments CEO Don Powell both former chairmen of the Investment Company Institute (ICI), the Washington based lobbyists for the US mutual fund industry have joined the debate about how to reform
Nasdaq has offered to merge with the New York Stock Exchange (NYSE), according to a report in the Wall Street Journal yesterday. The report says that Nasdaq's chief executive, Robert Greifeld, approached the NYSE three weeks ago, but that no
The State Street Associates investor confidence index rose 7.1 points this month to 114.8 from a revised November level of 107.7. The index gain was the year's largest, concluding 2003 at a twelve month high after rising from 98.0 at
Franklin Resources says it has put two executives and a trader on "administrative leave" over frequent trading in the company's mutual funds. The California based company said in a filing with the US Securities and Exchange Commission that it had
ADP Claims Services Group, part of Automatic Data Processing, is buying ABZ Group BV, a privately held company in the Netherlands. ABZ, located in Zeist, has revenues of Euros 40 million. It is a business service provider, offering web based
Canadian Imperial Bank of Commerce (CIBC) will pay $80 million to settle charges it helped Enron perpetrate an accounting fraud, US regulators announced yesterday. The settlement is one of the largest regulatory penalties ever levied against a Canadian bank. The
New York City is expected to take its securities lending fight with Citibank to court and has also undertaken a search for a new custodian. New York City's pension funds last week sued several banks, accusing them of aiding bankrupt
Eiger Systems, a provider of payment systems, says it that it has been ranked eighteenth in the 2003 Deloitte European Technology Fast 500, and is the third highest placed UK company. The 2003 Deloitte European Technology Fast 500 is a
BNP Paribas Asset Management, which already manages US$15 billion in alternative investment strategies, is stepping up its involvement by launching three new hedge funds the Dublin domiciled SingleHedge Market Neutral fund, and two French funds, the SingleHedge Global Macro fund,
Daniel Gordon, the former head energy trader for Merrill Lynch who pleaded guilty on Friday to charges that he stole $43 million from the firm, also alleged that his bosses had cooked the books of the Global Energy Markets division