Financial Services Industry
Industry: Email Alert RSS FeedSenior executives depart Alliance Capital.
Financial News, November, 2003
Byline: Alistair Graham
Two senior Alliance Capital executives have been asked to resign as part of the widening investigation by US regulators into improper fund trading of mutual funds.John Carifa, president, chief operating officer and director of the US fund manager which is part of French group Axa, and Michael Laughlin, chairman of the company's mutual fund distribution unit, were asked to resign by an executive board led by Lewis Sanders, chief executive at Alliance Capital. Carifa is also chairman of the board of Alliance's mutual funds.
Sanders said: "They had both senior and direct responsibility over the firm's mutual fund unit which allowed inappropriate market timing transactions."
Alliance Capital said it was giving full...
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