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Strong Financial Corp

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BUSINESS
January 4, 2005 | From Associated Press
Banking giant Wells Fargo & Co. on Monday completed its acquisition of beleaguered mutual fund provider Strong Financial Corp., saying it expected to blend Strong's business into its existing lineup of mutual funds during the second quarter. The bank hasn't decided whether it will rename Strong Financial's mutual funds, Wells spokesman Won Ha said. Strong Financial's sales price hasn't been disclosed.
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BUSINESS
January 4, 2005 | From Associated Press
Banking giant Wells Fargo & Co. on Monday completed its acquisition of beleaguered mutual fund provider Strong Financial Corp., saying it expected to blend Strong's business into its existing lineup of mutual funds during the second quarter. The bank hasn't decided whether it will rename Strong Financial's mutual funds, Wells spokesman Won Ha said. Strong Financial's sales price hasn't been disclosed.
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BUSINESS
January 31, 2004 | From Associated Press
A New York state grand jury is reportedly considering evidence against the founder and former chief executive of beleaguered mutual fund company Strong Financial Corp. The grand jury, convened by New York Atty. Gen. Eliot Spitzer, has been examining evidence concerning Richard S. Strong's short-term trading activity in his company's mutual funds, the New York Times reported Friday.
BUSINESS
May 27, 2004 | E. Scott Reckard, Times Staff Writer
Beefing up its mutual fund and asset-management business, Wells Fargo & Co. said Wednesday that it would buy the key assets of Strong Financial Corp., whose founder, Richard Strong, agreed last week to pay $60 million to settle charges that he made improper trades in his company's funds. The purchase includes $27 billion in assets held by Strong Capital Management Co., the firm's mutual fund manager.
BUSINESS
December 4, 2003 | From Associated Press
Strong Financial Corp. on Wednesday confirmed that it's for sale, a day after founder and Chief Executive Richard Strong resigned amid federal and state investigations of his trading activities. In a brief statement, the company said it had hired brokerage Goldman Sachs to look for possible deals. "A sale of the company is among the strategic alternatives we are considering," spokeswoman Stephanie Truog said. "Nothing may come of this exploration.
BUSINESS
May 27, 2004 | E. Scott Reckard, Times Staff Writer
Beefing up its mutual fund and asset-management business, Wells Fargo & Co. said Wednesday that it would buy the key assets of Strong Financial Corp., whose founder, Richard Strong, agreed last week to pay $60 million to settle charges that he made improper trades in his company's funds. The purchase includes $27 billion in assets held by Strong Capital Management Co., the firm's mutual fund manager.
BUSINESS
November 2, 2003 | From Times Staff
U.S. Economy Grows at 7.2% Rate in 3rd Quarter In the most powerful quarterly expansion in nearly two decades, the U.S. economy grew at a 7.2.% annual rate from July through September, driven by consumer spending and a burst of corporate investment. Growth of the gross domestic product, which measures the nation's output of goods and services, was stronger than the 6% predicted by many economists.
BUSINESS
January 26, 2005 | From Reuters
Wells Fargo & Co. will drop the Strong name from mutual funds it is absorbing after its purchase of $29 billion of assets from scandal-tainted Strong Financial Corp. The San Francisco-based bank said Tuesday that it would rename its mutual fund family the Wells Fargo Advantage funds when the merger of Wells Fargo funds and some Strong funds is completed next quarter. The combined family will have about 120 funds and about $100 billion of assets under management.
BUSINESS
December 3, 2003 | From Reuters
Richard Strong stepped down Tuesday as chairman and chief executive of Strong Financial Corp., parent of the asset management company he founded 29 years ago, in a move analysts said was designed to help the company survive an industrywide probe of mutual fund trading practices. A majority owner, Strong will take steps to divest himself of voting control of Strong Financial, the company said.
BUSINESS
June 24, 2004 | Jonathan Peterson, Times Staff Writer
The Securities and Exchange Commission, seeking to head off another scandal in the mutual fund industry, ruled Wednesday that fund chairmen can't also work for the companies that run the funds. The measure was approved 3 to 2 over the objections of leading mutual fund companies and the industry's trade group, which said it would needlessly disrupt operations. Proponents, including Republican SEC Chairman William H.
BUSINESS
January 31, 2004 | From Associated Press
A New York state grand jury is reportedly considering evidence against the founder and former chief executive of beleaguered mutual fund company Strong Financial Corp. The grand jury, convened by New York Atty. Gen. Eliot Spitzer, has been examining evidence concerning Richard S. Strong's short-term trading activity in his company's mutual funds, the New York Times reported Friday.
BUSINESS
December 4, 2003 | From Associated Press
Strong Financial Corp. on Wednesday confirmed that it's for sale, a day after founder and Chief Executive Richard Strong resigned amid federal and state investigations of his trading activities. In a brief statement, the company said it had hired brokerage Goldman Sachs to look for possible deals. "A sale of the company is among the strategic alternatives we are considering," spokeswoman Stephanie Truog said. "Nothing may come of this exploration.
BUSINESS
November 2, 2003 | From Times Staff
U.S. Economy Grows at 7.2% Rate in 3rd Quarter In the most powerful quarterly expansion in nearly two decades, the U.S. economy grew at a 7.2.% annual rate from July through September, driven by consumer spending and a burst of corporate investment. Growth of the gross domestic product, which measures the nation's output of goods and services, was stronger than the 6% predicted by many economists.
BUSINESS
May 27, 2004 | Jonathan Peterson, Times Staff Writer
The Securities and Exchange Commission ruled Wednesday that mutual fund managers must report any personal trading they do in the funds they oversee, counting on greater disclosure to help prevent trading abuses that plunged the industry into scandal last year. The SEC on a 4-0 vote approved the disclosure condition as part of a rule requiring investment companies to adopt codes of ethics to combat misconduct in the mutual fund industry.
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