Plus, news on the SEC, Smith Barney, Zale, and more.
Fidelity announced last week that manager Neal Miller is retiring from the firm. Miller has done an amazing job over the years at Fidelity New Millennium
Miller and his fund were unique to Fidelity in many ways. He does trend-change analysis to identify big shifts in the world economy that ought to lift a bunch of stocks. He was early on the impact of the Internet and rising oil prices.
In addition, Fidelity New Millennium stands out because Fidelity closed it at just $1 billion in assets and because Miller was a rare case in which Fidelity hired a manager from outside the firm.
SEC Told to Seek Comment on Board Rules
A U.S. court has ordered the Securities and Exchange Commission to seek more comment on planned rules changes regarding the independence of mutual fund directors. The new rules would require fund boards to name an independent chairman and would mandate at least three quarters of board members to be independent.
The SEC was given 90 days to collect comments on the costs of implementing the rules.
SEC Chooses Merrill Lawyer to Oversee Fund Division
The SEC named Merrill Lynch Investment Managers general counsel Andrew "Buddy" Donohue as its next director of the division of investment management.