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10:26 AM, Mar. 11, 2010
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20 Rising Stars of Mutual Funds - 2008
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    • More Top News

      Top News

      • Claymore Eyes Broader Market Offerings
      • DC Players Launch Trade Association
    • More Washington

      Washington

      • ASPPA Asks Leeway To Fix Auto-Enroll, Roth
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    • Previously in Fund Action

      • Mercer Bolsters Alternatives Unit

        Mercer has hired eight senior consultants to bolster its alternative investments unit. “In the wake of unsettled market conditions over the past two years, institutional clients continue to look to alternative investments as they seek attractive investment returns and diversification,” said David Kaposi, head of the alternatives boutique within investment consulting. (plansponsor)

      • ProFunds Launches Eight ETFs

        ProFunds has launched eight new ProShares exchange-traded funds. The funds include 3x and -3x funds on the NASDAQ 100, the Dow Jones Industrial Average, the S&P MidCap 400 and the Russell 200. (plansponsor)

      • Newport Group Names Regional Exec

        Retirement and benefit consultant Newport Group named Joseph Cosentino regional director. He will report to Dennis Sain. Cosentino was previously with Putnam Retail Management. (planadviser)

      • Fed Talks To Money Funds About Draining Liquidity

        Money-market mutual funds are in discussions with the Federal Reserve to drain up to $1 trillion from the financial system. “There are lots of great credit stories, but the option of going with the Fed and the government--it takes away part of the risk,” said Deborah Cunningham, a chief investment officer at Federated Investors. (Bloomberg)

      • Gundlach Generated Half TCW's Mutual Fund Advisory Fees

        A bond vehicle run by Jeffrey Gundlach generated half of all mutual fund advisory fees earned by TCW Group last year, according to a regulatory filing. “It will obviously be a concern to management, as this fund dominated the complex,” said Geoff Bobroff, a consultant. (Bloomberg)

      • Midas Fund Up 83%

        Midas Fund, a $125 million fund that invests in companies that mine or process metals, was up 83% last year and beat 95% of its peers. Tom Winmill, who runs the fund, said his legal training helped him analyze engineering reports. “That’s much more important than putting on your hiking boots and walking around the mine,” Winmill said. (Bloomberg)

      • Dow Jones Sells 90% Stake

        CME Group is buying a 90% stake in Dow Jones' stock market index for $607.5 million. The deal, which will keep the name of the industrial average the same, is expected to close in the first quarter. (InvestmentNews)

      • Broker Group Sues Over Compensation Ruling

        The Independent Insurance Agents & Brokers of New York said it is suing to stop a new New York Insurance Department producer compensation rule from taking effect. “IIABNY has a responsibility to represent and to protect the interests of its members, and our members have unanimously and vociferously told us that this rule is unnecessary, ineffective and overly burdensome to their businesses,” said Dick Poppa, president of the group. (InvestmentNews)

      • BlackRock Names Doll Chief Equity Strategist

        BlackRock named Bob Doll to be the new chief equity strategist for its fundamental equities platform. Quintin Price was made head of fundamental equity and Paul Walker-Duncalf was named head of fundamental equity trading. (InvestmentNews)

      • Estimates Differ On Mutual Fund Fees

        Mutual fund expenses are 3.37% of assets per year for stock funds, according to investing website kaChing, but only 1.17% of assets per year according to the Investment Company Institute. "Mutual funds are promoted as having very low management fees," said Andy Rachleff, chief executive of kaChing. But those costs "are just the tip of the iceberg." KaChing factors in trading commissions and taxes. (The Wall Street Journal)

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    • Jones v. Harris Oral Arguments

      • Jones v. Harris Oral Arguments

        Back when the 1970 amendments to the Investment Company Act were written, a divided Congress said investors could sue funds over fees but didn't say much that made sense about adequate grounds for bringing suit. The Securities and Exchange Commission wanted the right to sue to be in the bill. Industry people wanted to make it as hard as possible to do so--and they succeeded. Supreme Court justices, as they listened to oral arguments in the case of Jones v. Harris Associates, tried to figure out what to do about section 36b of the ICA, which creates a fiduciary duty on the part of fund advisors “with respect to the receipt of compensation for services.” After the oral arguments, Nov. 2, the guessing was that, rather than plunge 8,000 fund firms into litigation, the high court would go 6-3 for continuing the Gartenberg standard. But some lawyers thought the Court could come up with a change to add to Gartenberg, directing that district courts must, in the future, make a determination as to whether or not it is valid to compare the fees an advisor charges to funds under its control to the amounts it charges independent clients.

        For a full transcript from the Jones v. Harris Supreme Court oral arguments, click here.

  • view all

    Awards

    • First Eagle's Eveillard Named Lifetime Achievement Winner
    • Jones v. Harris Oral Arguments

      • Jones v. Harris Oral Arguments

        Back when the 1970 amendments to the Investment Company Act were written, a divided Congress said investors could sue funds over fees but didn't say much that made sense about adequate grounds for bringing suit. The Securities and Exchange Commission wanted the right to sue to be in the bill. Industry people wanted to make it as hard as possible to do so--and they succeeded. Supreme Court justices, as they listened to oral arguments in the case of Jones v. Harris Associates, tried to figure out what to do about section 36b of the ICA, which creates a fiduciary duty on the part of fund advisors “with respect to the receipt of compensation for services.” After the oral arguments, Nov. 2, the guessing was that, rather than plunge 8,000 fund firms into litigation, the high court would go 6-3 for continuing the Gartenberg standard. But some lawyers thought the Court could come up with a change to add to Gartenberg, directing that district courts must, in the future, make a determination as to whether or not it is valid to compare the fees an advisor charges to funds under its control to the amounts it charges independent clients.

        For a full transcript from the Jones v. Harris Supreme Court oral arguments, click here.

  • News Brief

    • Investors Weary Of Stock Funds
    • PPF To Expand Asset Range
  • Money Fund Watch

    • Take a look at the week's top performing tax-free national retail, prime retail and government retail money market funds, courtesy of iMoneyNet

    • Money Fund Watch
  • Pandoras Portfolio

    • PANDORA'S PORTFOLIO
  • View from the Top

    • Keith Hartstein, ceo and president, John Hancock Funds
  • Conference Coverage

    • SPARK Conference
    • Charles Schwab IMPACT2009, The Next Step
  • Regulatory Talk

    • Jack Winters, CFA: Fund Industry Manager
  • The Wirehouse 10

    • The Wirehouse 10 - November 12, 2007
  • Special Reports

    • ALPS Targets RIAs
    • Q&A: Paul Schott Stevens, President, Investment Company Institute
  • One Year Ago

    • One Year Ago In Fund Action
  • view complete story

    Quote of the Week

    • "Opposition to a mandated annuity is overwhelming."
    • --Paul Stevens, president of the Investment Company Institute, voicing his opposition to the government incentivizing annuitized retirement assets.

    • Rising Stars

      • 20 Rising Stars of Mutual Funds - 2008
      • The 20 Rising Stars of Compliance - 2007
      • The 20 Rising Stars of Retirement Plan Advisors - 2007
      • The 20 Rising Stars of Wealth Management – 2007
      • The 20 Rising Stars of Hedge Funds – 2007
      • The 20 Rising Stars of Real Estate – 2007
    • Special Issues

      • 2008 Global Exchanges & ETFs Report
      • Enterprise Data Management Report
      • Global ETF Update
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