Tuesday's Fund Track column
focuses on Fidelity
's three brokerage units, where trading volume jumped and assets dropped, all during the third quarter. The Wall Street Journal
's Jon Kamp reports that the Boston-based fund firm saw client assets fall nine percent in the third quarter at its institutional advisor, retail, and institutional trade-clearing brokerage units.
Kamp also points out an SEC settlement with ex-Putnam
execs Karnig Durgarian Jr.
and Ronald Hogan
over allegedly allowing, and then covering up, a one-day delay in investing for a number of retirement plans, including the Cardinal Health 401(k), in January 2001. They face fines of $100,000 and $35,000, respectively. Three other related cases were already dismissed, and a fourth remains open.
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