MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, March 28, 2001 More to Leave Merrill A court reversal extended the legal siege on fund fees, as the U.S. Court of Appeals for the District of New Jersey brought a suit back into play alleging that Merrill Lynch charged excessive fees in several closed-end funds. Lawyers will now be able to litigate under state and federal laws, according to Ignites. (added 11:00 AM) * * *
A 10.8 percent drop in ETF assets for February erased $7.82 billion and preserved $62.4 billion, according to an ICI report. After redemptions, ETFs still issued $3.2 billion in shares, an increase of 27 percent over issuances in January.
(added 11:00 AM)
* * *
The Merrill shakeup continued today with an announcement of promotions and retirements. Robert Doll was named global chief investment officer and Peter Gibbs was appointed global chief operating officer of MLIM. Carol Galley and Stephen Zimmerman, previously joint chief operating officers, will retire this year after 30 years at Merrill.
(added 11:00 AM)
* * *
Fidelity named Jeffrey Carney the new president of Fidelity Investment Canada, filling the former position held by David Denison, the president of Fidelity Institutional Brokerage. Carney will join Fidelity on April 2, 2001, from Toronto-based TD Bank, where he was executive vice president of its retail branch distribution business.
(added 11:00 AM)
* * *
The Nasdaq announced an agreement to acquire a majority share in Easdaq yesterday, in a move to build out its international strategy. Nasdaq will rebrand the Easdaq, which currently lists 62 companies, as Nasdaq Europe. The pan-European market is expected to be operational in May or June.
(added 11:00 AM)* * *
In a long-awaited move, the ICI today petitioned the SEC to regulate folio products as 40 Act investment companies. The ICI pointed out that the interests of investors are at the heart of the move, not competition, as "[t]he mutual fund industry is highly competitive and welcomes new entrants."(added 2:15 PM) * * *
National City has signed on with Yodlee to offer aggregation services for its customers on its secure site. The firm joins Charles Schwab, Chase, Citibank, and other financial institutions.
(added 6:30 PM)
* * *
Strong Capital Management opened up the 401 Building, located at 401 Woodland Prime. Appropriately enough, the building, located in Menomonee Falls, Wisconsin, will be dedicated to the firm's 401(k) business, geared towards serving plan sponsors and participants.
(added 6:30 PM)
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