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By Ian Johnson and Ian Johnson,New York Bureau | March 19, 1993
NEW YORK -- Clipping a coupon and writing a check might be all that investors will have to do in the future to buy shares of mutual funds, the Securities and Exchange Commission decided yesterday.The proposed rule would allow mutual fund shares to be sold through newspaper and magazine ads or through direct mail. Now, fund shares can be bought only through a broker or by contacting a fund, requesting a prospectus and signing up.The SEC proposal, which is open to comment for 90 days, was approved 4-0 by the commission, meaning that it has a good chance of receiving final approval in June.
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BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | June 25, 2008
Investors are pouring billions of dollars into target-date mutual funds, and Baltimore's Legg Mason Inc. wants a piece of that budding market. Legg plans to launch its life-cycle funds in August, joining a litany of other firms trying to capture a flow of money that has increased 50 percent annually in the past several years, according to mutual fund tracker Lipper Inc. Assets in these mutual funds are managed based on specific retirement years like...
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BUSINESS
By Charles Jaffe | October 24, 1999
CUT A PIZZA into 16 slices instead of eight and the result is not a bigger pizza -- it's just smaller slices.Similarly, split a mutual fund's shares and you don't get more value, just more shares. What's happened is a meaningless gesture, done in the hope that it will fool somebody.That is why fund firms don't split shares often, and why it's good to examine the rare fund that tries to gain notoriety by making a cosmetic move like this and selling it as substantive.Monument Internet Fund has announced a 3-for-1 split, calling it the "first-ever split for an Internet fund" -- hardly surprising since the few other Internet funds seem more focused on the market than on gimmickry.
BUSINESS
By PAUL ADAMS and PAUL ADAMS,SUN REPORTER | April 27, 2006
T. Rowe Price Group Inc. reported yesterday record revenue and a 24 percent increase in first-quarter profit as the market gained momentum and investors poured more money into the Baltimore investment firm's mutual funds. The company's shares reached an all-time high on the news yesterday. Price had net income of $116.7 million, or 84 cents per diluted share, in the quarter that ended March 31, compared with $94 million, or 69 cents per share, in the year-earlier period. Revenue climbed 20 percent to $429.
BUSINESS
By Glenn Burkins and Glenn Burkins,Knight-Ridder News Service | April 12, 1992
You have probably heard it a thousand times: Never invest in a mutual fund without reading the prospectus.That's good advice, most people would say.But if the mutual fund industry has its way, investors soon will be sending in their money without ever getting a prospectus.Industry officials say investors should be allowed to buy mutual fund shares based on advertisements alone, provided the ads contain certain information. Therefore, the industry has asked the Securities and Exchange Commission to approve these "off-the-page" sales.
BUSINESS
By BLOOMBERG BUSINESS NEWS | February 4, 1996
People may be able to buy and sell mutual fund shares over the Internet with a few clicks of their home computers in less than a year.That's what officials at T. Rowe Price Associates Inc., Vanguard Group and Fidelity Investments predict. To be sure, trading won't occur over the Internet until the protection of investors is assured.The Securities and Exchange Commission already is considering rules to regulate trading on the Internet, said a lawyer in the SEC's division of investment management.
BUSINESS
By WERNER RENBERG and WERNER RENBERG,1993 By WERNER RENBERG | November 14, 1993
When a House subcommittee held a hearing on the mutual fund industry in July, Chairman Edward J. Markey, D-Mass., began by quoting James Stockdale's words from the 1992 vice presidential debate: "Why am I here?"Markey said industry executives also might have wondered why they were there, given the industry's avoidance of problems in the 1980s "almost alone among American financial services companies." But he said Congress needed to determine whether federal regulators still were able to protect investors in the fast-growing industry.
BUSINESS
By WALTER HAMILTON and WALTER HAMILTON,LOS ANGELES TIMES | March 17, 2006
NEW YORK -- Bear Stearns Cos. Inc. yesterday became the third brokerage in as many days to post record first-quarter earnings and revenue, but the news was overshadowed by old problems - illegal market-timing practices that bilked mutual fund investors out of millions. The New York Stock Exchange and Securities and Exchange Commission said yesterday that they fined Bear Stearns $250 million - nearly half of its first-quarter profit - for helping hedge funds and other customers to illegally trade mutual fund shares.
BUSINESS
By BLOOMBERG NEWS | August 10, 2004
WASHINGTON - Securities regulators must modify their proposals to combat abusive market timing and late trading in mutual funds, or risk hurting retirement-fund investors, a congressional report said yesterday. The Government Accountability Office said new rules should ensure that retirement-fund holders aren't "being more adversely affected" than others. The Securities and Exchange Commission has proposed a hard 4 p.m. deadline for mutual-fund trading and a minimum 2 percent redemption fee when shares are bought and sold within five days.
BUSINESS
By WERNER RENBERG and WERNER RENBERG,1991, Werner Renberg | August 25, 1991
There are plenty of well-managed, no-load stock and bond mutual funds whose shares you can buy directly from fund companies after doing your own research. But you also can buy front- or back-end load funds from a broker, insurance agent or other salesperson who can offer advice and other services.If you accept a front-end load that reduces the amount of money working for you, a back-end load that reduces your proceeds when you sell, or annual charges that shave your dividends, you ought to be treated fairly.
BUSINESS
By WALTER HAMILTON and WALTER HAMILTON,LOS ANGELES TIMES | March 17, 2006
NEW YORK -- Bear Stearns Cos. Inc. yesterday became the third brokerage in as many days to post record first-quarter earnings and revenue, but the news was overshadowed by old problems - illegal market-timing practices that bilked mutual fund investors out of millions. The New York Stock Exchange and Securities and Exchange Commission said yesterday that they fined Bear Stearns $250 million - nearly half of its first-quarter profit - for helping hedge funds and other customers to illegally trade mutual fund shares.
BUSINESS
By BLOOMBERG NEWS | August 10, 2004
WASHINGTON - Securities regulators must modify their proposals to combat abusive market timing and late trading in mutual funds, or risk hurting retirement-fund investors, a congressional report said yesterday. The Government Accountability Office said new rules should ensure that retirement-fund holders aren't "being more adversely affected" than others. The Securities and Exchange Commission has proposed a hard 4 p.m. deadline for mutual-fund trading and a minimum 2 percent redemption fee when shares are bought and sold within five days.
BUSINESS
By JAY HANCOCK | September 28, 2003
IT HAS BEEN every investor's daydream, inspiring escapist fiction at least since the Gilded Age: buying today's valuable asset at yesterday's depressed price. In Mark Twain's Following the Equator, an Australian bum reaps a fortune by slitting open a shark's belly and retrieving a newspaper with word of a big rise in London wool prices - news that won't arrive by steamer for another month. The people in Back to the Future II obtain a sports-score almanac published in the 21st century to make a killing on game bets in the 1950s.
BUSINESS
By EILEEN AMBROSE | August 24, 2003
JUST A FEW years ago, some experts predicted exchange-traded funds would be the death of mutual funds. Today, those claims appear to be greatly exaggerated, but ETFs are steadily gaining in popularity with small investors and even some mutual fund companies. Basically, an ETF is like an index fund that can be traded like a stock. While open-ended mutual fund shares can be bought or sold only once a day, ETFs can be traded throughout the day. Besides greater flexibility, ETFs generally have lower fees and can be more tax-efficient than other mutual funds.
BUSINESS
By EILEEN AMBROSE | March 9, 2003
BUY A GALLON of ketchup, a gross of cat food or 10 miles of duct tape and you expect to get a price break. But people may not be aware that by investing a sizable amount in certain mutual funds, either all at once or over time, they're due a discount, too. The discount involves "breakpoints," the levels at which investors have purchased enough shares that they get a reduction on the upfront sales charge. "No load" funds don't carry sales charges, so breakpoints don't apply to them. Breakpoints are a hot issue since the National Association of Securities Dealers' Philadelphia office discovered in a routine review last fall that investors weren't getting the discounts due them.
BUSINESS
By BLOOMBERG NEWS | October 29, 2002
NEW YORK - American Express Co.'s Kenneth Chenault says his sons used to tell strangers to switch to the company's credit cards. Now, the 10- and 12-year-old boys ask people if they have a financial plan, he says. Chenault, 51, needs all the help he can get attracting customers to American Express Financial Advisors. The network of 11,000 brokers has generated 16 percent of net income since January last year, less than half its annual contribution the previous five years. The unit's share of the U.S mutual fund market has fallen to 11th this year from seventh in 1998, according to Financial Research Corp.
BUSINESS
By Donald Saltz | August 30, 1991
Early this year, T. Rowe Price assumed all the services that the State Street Bank of Boston had been performing for the mutual fund company, as Price decided to handle its client relationships directly. To facilitate this part of its business, Price opened new offices in Owings Mills.The product is important but so is service in the burgeoning mutual fund business, notes Steven Norwitz, vice president who heads public relations for the firm which has its headquarters in Baltimore.Price manages about $32 billion -- $20 billion of this in its 37 varied funds and $12 billion for private clients -- and it is one of the nation's leading mutual fund and money management companies.
BUSINESS
By WERNER RENBERG and WERNER RENBERG,1993 By WERNER RENBERG | May 16, 1993
You might have read or heard recently that "the mutual fund bubble" is about to burst. What does that mean to you as a mutual fund investor? If you consider such comments in the context of fund industry trends, you may not be so worried.But, first, note the improper use of the term "mutual funds" by some commentators who:* Treat mutual funds as equity funds, which account for only 31 percent of the industry's total assets -- and ignore bond and money market mutual funds, which account for 36 percent and 33 percent, respectively.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | September 22, 2002
The Vice Fund went on sale to the public this month, billing itself as a "socially irresponsible fund" that will put investors' assets into tobacco, gambling, liquor and defense. The Vice Fund's founder, a Texas research and investment outfit with $240 million in assets under management, says the industries it has singled out for the Vice Fund are easy for the public to understand and largely recession-proof. The economy could boom or slump, but a cigarette still gives smokers a jolt of nicotine that keeps them hooked.
BUSINESS
By CHARLES JAFFE | December 2, 2001
IN MANY ways, shopping for mutual funds is a lot easier than shopping for holiday gifts. There are no lines, no traffic jams, no congested parking lots, no wrong sizes or colors, and always a huge selection. That being the case - and with many consumers saying they're in no mood to shop this year and yet looking for gifts that are "different" - this may be an ideal time to consider mutual fund shares as a gift to your loved ones. Many fund companies have some type of gift program, ranging from special funds to unique savings incentives.
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