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June 7, 2010

 Past Issues

Mutual Funds

JPMorgan Beefs Up Bond Fund Business

JPMorgan, consistently one of the top municipal bond underwriters, has been responding to increased appetite in the market recently by expanding its retail networks, marketing taxable munis for international distribution, and bulking up its public finance staff. The firm has ranked third among muni underwriters in the country over the past five years. From January through May, JPMorgan senior-managed 158 issues worth $20.8 billion, ranking it third with a 12.3% market share, compared with an 11.4% share last year, according to Thomson Reuters.

Alternative Mutual Funds Growing Less Exotic

An 'empowered investor base' insisting on more transparency and liquidity from managers, as well as absolute returns and uncorrelated investment strategies, has led to a spike in demand for alternative mutual funds, a report concluded. American and European investors funneled more than $110 billion into the alternative strategies in 2009, according to SEI, which issued the report with Strategic Insight.

Week In Review

IRS Probes 401(k) Compliance, SEC Proposes Consolidated Audit Trail for SROs, SEC Warns of Stock Scams Related to Gulf Oil Spill, Funds Bleed $16.6 Billion, Banks Have High Hopes for Simpler Annuities, MFS CIO Swanson Says Global Recovery Has Legs, and BoA Enhances Retirement Platform for Small Biz.

Ops & Tech

Fund Firms Prepare for Cost Basis Intricacies

The cost-basis reporting requirements are going to be a quagmire for shareholders and fund complexes alike. 'Many mutual fund shareholders are invested in more than just mutual funds,' said Jeff Cook, director of regulatory compliance at DST Systems. 'These new rules bring every existing shareholder into play.' The changes to the Internal Revenue Service's Form 1099-B represent an entirely new method of managing accounts and are intended to curtail what is thought to be widespread tax avoidance.

Editor's Desk

Mutual Funds Must Go High-Tech-v. 3.0

Over the last number of years, mutual fund transfer agencies and shareholder communications companies have tried to convince shareholders to accept paperless summary prospectuses, proxies, trade confirmations and electronically stamped signatures. Fund supermarkets and web home pages have broadened their horizons to include market commentary, videostreaming and personal financial news. At the same time, exchange-traded funds, funds-of-funds, hedge FoFs, unified managed accounts, target dates, 401(k) auto enrollment and heightened awareness among people throughout the country of the difficulties of being retired-have taken off.

Executive Moves

Executive Moves

Bullion Heads Payden's New Boston Office and First Republic Hires Portfolio Veteran Fletcher.