Fiduciary Breach Costs CPA $5,000

A California CPA firm will have to pay $5,000 in restitution to an employee stock ownership plan (ESOP), to resolve a lawsuit alleging that the CPA firm knowingly participated in fiduciary breaches under the Employee Retirement Income Security Act (ERISA).

All Equity Markets Gain in Q406

Modest overall economic growth and a subsiding of inflation fears contributed to strong performance from U.S. equity markets in the last quarter of 2006, according to Mercer Investment Consulting (Mercer IC).

Bad Behaviors Thwart Performance

Recent research from UBS Global Asset Management suggests that when individual investors pursue performance over portfolio discipline, they underperform the market – and their own investments.

Latter 2006 Sees Slower Hedge Fund Growth

New hedge funds had a difficult time raising money in the second half of 2006 after the equity market slowdown at midyear and the later meltdown of Amaranth Advisors, according to a new study from Absolute Return magazine.

DALBAR Says Adviser Certifications FAB-Ready

In light of the Department of Labor’s (DoL) latest regulatory pronouncement on offering participant investment advice, DALBAR has already updated its two plan adviser certification programs.

A Billion Here, A Billion There…

The New York Stock Exchange has fined Morgan Stanley $300,000 for its failure to stop a trader from entering an order to buy $10.8 billion in stocks – rather than the $10.8 million intended.

A Valentine’s Day Primer

Regardless of your relationship status, Valentine’s Day is coming – and for those of you in some kind of committed relationship (or wanting to be), here are some handy insights to get you ready for the day:

XShares to Develop ETF Based on Carbon Emission Credits

XShares Advisors LLC will develop exchange-traded funds (ETFs) based on carbon emission credits, which allow firms and other organizations the right to emit a stated amount of carbon dioxide over a specified time period, the company announced.

ETFs See Asset Uptick in January

Assets of U.S.-listed exchange-traded funds (ETFs) were up slightly to $422 billion in January, according to new data from State Street Global Advisors.

Four Fidelity B-Ds Fined $3.75M by NASD

The National Association of Securities Dealers (NASD) has fined four Fidelity broker-dealers a combined $3.75 million for faltering on some of their recordkeeping responsibilities for clients and ordered them to conduct audits of their registration and recordkeeping systems, policies and procedures.

DTCC to Launch Fund Prospectus Database

The Depository Trust&Clearing Corporation (DTCC) has unveiled plans for a July launch of its redesigned Mutual Fund Profile Service database, which it says will be a centralized repository for information in a fund's prospectus.

Dow Jones Unveils New Version of Wealth Manager

Dow Jones has announced the release of a new Web version of Dow Jones Wealth Manager, which it says provides financial advisers with the ability to match news to a client’s investments and professional and personal interests.

DOL Releases Guidelines for PPA’s Fiduciary Adviser

In its first Field Accounting Bulletin (FAB) of 2007, the U.S. Department of Labor’s (DoL) Employee Benefits Security Administration (EBSA) offered guidance pertaining to the investment advice and fiduciary investment adviser exemptions introduced in the Pension Protection Act (PPA).

Start Early, Save Much for Savings Success

Apparently, the conventional wisdom is right: the earlier you start saving, the more you save and the more generous market return you enjoy, the larger nest egg you will end up with, according to a recent Congressional Research Service (CRS) report.