Plus, Missouri drops 529 fees, Transamerica shuffles subadvisors, and more.
Alpine Woods Capital Investors, LLC and its chief executive officer, Samuel Lieber, reached a settlement with the Securities and Exchange Commission regarding trading of initial public offering shares in two of the firm's smallest funds. Alpine agreed to retain its compliance consultant (which the firm hired before the SEC investigation began) and pay a penalty of $650,000. Samuel Lieber will pay $65,000.
The SEC alleged that between Feb. 1, 2006, and Jan. 31, 2008, Alpine Dynamic Financial Services
Missouri Drops 529 Fees
Missouri's MOST 529 college savings plan is getting cheaper, according to an announcement from State Treasurer Clint Zweiful. Costs for the direct-sold plan will range from 0.29% to 0.38% for age-based and index options, down from 0.55%. Actively managed portfolios' costs will range from 0.53% to 0.60%, down from 0.87% to 1.58%. For the advisor-sold plan, no account owner's fees will increase and 27% of them will see fees decrease.
These cuts make the direct-sold plan, which earns an average Morningstar analyst rating, more competitive on the fee front with Vanguard's direct-sold plans in New York and Nevada, which are the industry's cheapest.
Also, Missouri retained Upromise as its plan manager for the next five years and announced that DWS Investments will be the exclusive distributor of its advisor-sold MOST 529 plan.
Transamerica Subadvisor Shuffle
Transamerica recently announced a number of subadvisor and fund name changes that will take place at the end of next month.
JPMorgan and BlackRock will become the subadvisors of Transamerica Balanced
Wellington Management will become the sole subadvisor of Transamerica Diversified Equity