Morgan Stanley Smith Barney (MSSB) will pay an $8 million penalty and has admitted wrongdoing to settle charges related to single inverse Exchange Traded Fund (ETF) investments it recommended to advisory clients, according to the SEC, which finds that Morgan Stanley “did not adequately implement its policies and procedures to ensure that clients understood the… Read More >>
Oppenheimer & Co. Fined $2M for Noncompliant ETF Sales
The Financial Industry Regulatory Authority (FINRA) has fined investment bank Oppenheimer & Co. $2.25 million and has ordered the firm to pay restitution of more than $716,000 to affected customers for recommending non-traditional exchange-traded funds (ETFs) that the regulator says “were not suitable” for certain retail investors and were sold “without reasonable supervision.” FINRA’s actions… Read More >>
BNY Uses New Instance of InvestOne to End NAV Crisis
Fund custodian BNY Mellon’s net asset value (NAV) pricing crisis is at a turning point as the firm installed over the weekend a new instance of the SunGard hosted InvestOne system at the heart of the problems that have plagued the bank’s U.S.-based exchange-traded and mutual fund clients over the past week. On Tuesday, September… Read More >>
ETFs Picking Up Steam: Report
With liquidity drying up in the cash market, fixed income exchange-traded funds (ETF) have emerged “as an alternative product that allows investors to navigate an increasingly difficult market environment,” according to a new report by market research firm TABB Group. As evidence, TABB cites the fact that assets under management in corporate bond ETFs have… Read More >>
MSCI Names Head of ETF Coverage for Australia
MSCI, a vendor of investment decision support tools, has hired Tim Bradbury as vice president of exchange traded fund (ETF) coverage in Australia, officials say. In his new role, Bradbury will be responsible for “driving visibility, awareness and usage of the MSCI indexes within the fast growing ETF market in Australia, with a special focus… Read More >>
PIMCO Outflows Hit $150B for 2014
Mutual fund giant Pacific Investment Management Co. (PIMCO) had a total of $150 billion in estimated outflows for 2014, according to new data from financial research firm Morningstar, which also found that PIMCO had $26.7 billion in withdrawals last month. Morningstar researchers report that the PIMCO experienced an outflow of $26,717,199,997 for the quarter that… Read More >>
