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February 01, 2007 at 02:00 AM
In response to the scandal over favors given to some Fidelity mutual fund equity traders and supervisors by certain broker/dealers from 2002 to 2004, Fidelity Investments’ chairman Ned Johnson apologized to shareholders, customers, clients and employees in late December, and said that the company would pay $42 million plus interest to its mutual funds “for this misbehavior and the company’s failure to stop it”–a penalty recommended by Fidelity’s independent trustees.
Morningstar Inc. named its 19th annual mutual fund managers of the year. O. Mason Hawkins and Staley Cates were named domestic stock fund managers of the year for their work with the Longleaf Partners Fund (LLPFX) and Longleaf Partners Small Cap (LLSCX) fund; David Herro was named international stock fund manager of the year for the Oakmark International (OAKIX) and Oakmark International Small Cap (OAKEX) funds; and Jeffrey Gundlach was named Fixed-Income Fund Manager of the Year for managing the TCW Total Return Bond (TGLMX) fund.
SunGard acquired Automated Financial Systems Corporation, a provider of front-office products for financial institutions, which will become part of SunGard’s WealthStation wealth management technology.
