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The US Securities & Exchange Commission (SEC) is investigating Antigua-licensed Stanford International Bank (SIB) and its parent, Texas-based Stanford Group, regarding the sale of certificates of deposit issued by SIB and mutual fund wrap programs, reports Bloomberg News (Aug.
Mutual fund Wrap accounts, for individuals whose portfolio consists of mutual funds only, are rapidly gaining in popularity.
"I don't have enough time to follow the market on a daily basis." Ruff also does mutual fund wrap accounts where the client pays a single management fee with no additional transaction costs.
The two firms are to develop mutual fund wraps, which are accounts managed by a financial institution based on customers' investment goals.
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