Money Management Executive articles from June 2003

Money Management Executive archives from June 2003

At Deadline.(ING Group Web site combines entertainment content from AOL Time Warner with financial advice; notes other news)
June 2, 2003... ING Brings Personality To Personal Finance Back during the dot-com gold rush, financial services companies were tripping over each other to sign deals with major Web portals and to pay millions of dollars for clickable real estate. Now...

Phoenix's Meteoric Managed Money Rise.(Phoenix Investment Partners )
June 2, 2003... HARTFORD, Conn. Perhaps no other investment management firm better exemplifies its corporate namesake and feathered icon than Phoenix Investment Partners of Hartford, Conn, the asset management subsidiary of insurance company The Phoenix Cos....

SEC Chair Hints at Hedge Fund Regulation.(Securities and Exchange Commission Chairman William Donaldson presented agency's findings from its hedge fund roundtable)
June 2, 2003... WASHINGTON Lawmakers appeared skeptical of the need to bring hedge fund products to retail investors as Securities and Exchange Commission Chairman William Donaldson presented the agency's findings from its hedge fund roundtable. In his...

Fund Execs Say It's Time to Get Real.(Mutual fund industry)
June 2, 2003... WASHINGTON It's reality-check time for mutual fund executives as restoring confidence through lowered expectations could be something of an albatross for the industry. That was one of the most troubling messages from the nation's capital...

Special Report: ICI Conference Coverage Keys to Survival: Customer Segmentation, Asset Retention.(Mutual fund industry buzzwords)
June 2, 2003... WASHINGTON In the aftermath of the easy money of the 1990s, segmentation and retention have become the mutual fund industry buzzwords for the new century, and the new way of doing business. At a session held during the Investment Company...

Roye Urges Fund Industry To Rigorously Self-Police.(Mutural fund industry)(Brief Article)
June 2, 2003... WASHINGTON Paul Roye, the Securities and Exchange Commission's director of the division of investment management, issued a wakeup call for the mutual fund industry, telling attendees that the industry's place in the market is not assured,...

Victory Capital to Acquire NewBridge, Adding $2B.(Victory Capital Management will buy NewBridge Partners)
June 2, 2003... Victory Capital Management, the asset management division of KeyCorp, will acquire NewBridge Partners, a growth equity investment management firm with $2 billion in assets. Victory will merge NewBridge's marketing and administrative...

ADP to Supply 401(k) Kits For MetLife Retirement.(Brief Article)
June 2, 2003... MetLife Retirement & Savings, an administrator of defined benefit and defined contribution programs, has selected ADP Investor Communication Services to provide 401(k) print services for its small- and mid-sized clients. ADP is providing...

Sparhawk to Head Custody, Equity Lending for PFPC.(Brief Article)
June 2, 2003... PFPC, a member of the PNC Financial Services Group, has promoted Sam Sparhawk IV as head of the custody and securities lending businesses of PFPC Trust Co. In this role, Sparhawk will direct the operations of PFPC custody services,...

Gartmore Global Hires Meyer as SVP, Marketing.(Gartmore Global Investments)(Brief Article)
June 2, 2003... Gartmore Global Investments has hired J. Chris Meyer as senior vice president of marketing, reporting to Wilson Santos, executive vice president of distribution. Meyer is a 17-year veteran in the financial services industry and had most...

Sullivan Named Manager Of Genomics Fund.(Brief Article)
June 2, 2003... The Genomics Fund, a mutual fund specializing in investing in the genomics industry, has appointed Robert J. Sullivan portfolio manager for the fund. Sullivan is chief investment officer of Satuit Capital Management and investment manager of...

Separately Managed Accounts Power Plays: Get Ready for SMA, Alternative Hiring Wave.(Column)
June 2, 2003... George Wilbanks is managing director in the investment management practice at Russell Reynolds Associates' New York headquarters. This is the inaugural edition of his new quarterly "Power Plays" column, in which he will discuss recruiting...

Money, it's Just Not What it Used to Be'.(Phoenix Cos. print campaign gets Financial Communications Society award)
June 2, 2003... To support its separately managed account business, Phoenix Cos. has been running a print campaign, "Money, it's Just Not What it Used to Be," for the past four years to convey the idea that the old perception of money has changed. Just last...

See You In July.(SEC announces that comment period from hedge fund roundtable will remain open until July 7, 2003)(Brief Article)
June 2, 2003... Securities and Exchange Commission Chairman William Donaldson announced last week that the comment period from the hedge fund roundtable will remain open until July 7, 2003. The public can submit materials to be included in the public record by...

Investors Say 401(k) Service Has Fallen.(Brief Article)
June 2, 2003... WASHINGTON - Less than half of 401(k) participants say they are "very satisfied" with the service providers that handle recordkeeping and investments, according to Warren Cormier, president of Boston Research Group of Hopkinton, Mass., and...

Morningstar Buys mPower To Service Large Sponsors.
June 9, 2003... Chicago-based Morningstar has long been well positioned to service 401(k) and other defined contribution plan providers with investment advice. Now, it is reaching into the large plan sponsor arena with its purchase of privately held mPower, a...

Managed Accounts Broaden Offerings: Prudential, GE, Citizens Sign up New Investment Partners.
June 9, 2003... A number of separate-account investment platforms have recently broadened their offerings, which, at the end of the first quarter of 2003, collectively sported $729 billion in assets under management, according to Cerulli Associates of Boston....

SMA Quality, Not Quantity at Lord Abbett.(Separately managed accounts)
June 9, 2003... Separately managed accounts have enjoyed tremendous growth in recent years as high-net-worth individuals have been lured by their direct ownership and tax management features. Nowhere in the asset management industry has that growth been more...

Seligman Creates Scholarship 529 Program.(Seligman Advisors )
June 9, 2003... Trying to create a new niche in the 529 market and garner some of the assets of the hundreds of thousands of charitable organizations around the world, Seligman Advisors has come out with a 529 college savings scholarship account. ...

Merrill Lynch Launches Separately Managed Charity Fund.(Cleveland Foundation joins three-month-old Merrill Lynch Community Charitable Fund)
June 9, 2003... The Cleveland Foundation, the nation's second-largest charitable foundation with $1.5 billion under management, didn't waste any time joining the three-month-old Merrill Lynch Community Charitable Fund. Merrill's new separately managed...

SEI Debuts Fund Analysis Using Various Benchmarks.(SEI Investments)(Brief Article)
June 9, 2003... SEI Investments has rolled out Product Analysis, a mutual fund diagnostic tool that can help fund companies and their sales partners find new ways to market their funds by using statistical information and benchmarking tools from numerous data...

Hancock Closed-End Fund Invests in Preferred Stocks.(John Hancock Funds )(Brief Article)
June 9, 2003... John Hancock Funds has recently launched its eighth closed-end fund and its 12th closed-end fund in total. The John Hancock Preferred Income Fund III will seek high current income consistent with capital appreciation by investing at least...

Kelmoore Moves Reporting To CheckFree Investment.(Kelmoore Investment Co.)(Brief Article)
June 9, 2003... Kelmoore Investment Co., which manages $400 million in mutual funds and separate accounts, has moved its performance reporting to the APL service from CheckFree Investment Services, a division of CheckFree Corp. Kelmoore's aim is to better...

Bisys Creates SMA Group.(Bisys Group creates new separately managed account division )(Brief Article)
June 9, 2003... Bisys Group has entered the separately managed account business by creating a new separately managed account division that will cater exclusively to SMA managers and distributors. It will provide an array of services including account...

PFPC Hires Marazza For Fund Start-up Team.(Brief Article)
June 9, 2003... PFPC, a member of The PNC Financial Services Group, Inc. has hired Albert J. Marazza as vice president, sales of PFPC's fund start-up services. Prior to PFPC, Marazza served as a hedge fund analyst for Berens Capital Management. Marazza...

BoA Capital Management Creates Marketing Position.(Brief Article)
June 9, 2003... Banc of America Capital Management, the investment management arm of Bank of America, recently named Anthony R. Carmenate to the newly created position of director of marketing, focusing on investment solutions provided to financial advisers...

Barrow, Hanley Appoints Petruzzelli Fund Manager.(Brief Article)
June 9, 2003... Barrow, Hanley, Mewhinney & Strauss (BHMS) has announced the addition of Deborah Petruzzelli to its fixed income team as portfolio manager for asset-backed, commercial mortgage-backed and mortgage-backed securities. In addition to portfolio...

Pioneer Names Hood CEO.(Pioneer Global Asset Management)
June 9, 2003... Pioneer Global Asset Management has promoted Osbert Hood to chief executive officer and president of Pioneer Investment Management USA. Hood will report to Dario Frigerio, chief executive officer of Pioneer Global. Hood has been chief...

Fund Industry's Efforts to Restore Trust Not Up to Snuff.(Mutual fund industry)
June 9, 2003... Despite its key role in promoting sound corporate governance and restoring public trust, the mutual fund industry is not taking the necessary steps to right the ship. A recent PricewaterhouseCoopers survey revealed that the industry has...

Institutional Web Site Usage Still Low Despite Improvements.
June 9, 2003... Web sites of global firms geared towards institutional investors are still lacking in several areas despite strides in the right direction, according to a yet-to-be published report by electronic business consulting firm kasina of New York. ...

At Deadline.(Eaton Vance buys majority stake in investment manager Parametric Portfolio Associates; notes other news)
June 16, 2003... Eaton Vance Spends $28M For Parametric Portfolio Money manager Eaton Vance has acquired a majority stake in investment manager Parametric Portfolio Associates for $28 million in cash. This ends the company's ongoing search for new...

Funds-of-Hedge Funds Gain World Interest: But Concerns Still Grow About Suitability for Retail Investors.(Sixth annual Global Funds Conference )
June 16, 2003... DUBLIN The retailization of hedge funds seems to be gaining momentum overseas, and international regulators are taking a cautious approach to the growing demand. But investment professionals in the U.S. are expressing little concern for, and...

Money Managers Emphasize SMA Process.(Separately managed accounts )
June 16, 2003... NEW YORK "Separately managed accounts are about a process, not a product," reminded Jack Sharry, president of the private client group of Phoenix Investment Partners of Hartford, Conn., speaking at a media conference held here earlier this...

ETF Liquidity Knocks Out Competition.(Closed-end fund world has seen rash of exchange-traded funds in recent years, triggering shift in focus of equity-fund IPOs)
June 16, 2003... The closed-end fund world has been under siege by a rash of exchange-traded funds in recent years, triggering a dramatic shift in the focus of equity-fund initial public offerings (IPOs). The sea change first began back in 1997, as IPOs for...

Monster Wall Street Rally Not Enough to Fuel Recovery.
June 16, 2003... Investors placing bets on a second-half recovery in the U.S. economy could prove to be overzealous, as key measures of growth are not aligned with soaring stock prices. "The market is up big and is discounting a rosy 2003 and 2004," said...

JPMorgan Assumes Control Of Retirement Joint Venture.(Brief Article)
June 16, 2003... JPMorgan, the asset management unit of J.P. Morgan Chase & Co., has taken sole ownership of its joint venture retirement plan with American Century Investments. What was J.P. Morgan/American Century Retirement Plan Services is now JPMorgan...

F&C Claymore Selects PFPC for Fund Accounting.(F&C Claymore Preferred Securities Income Fund )(Brief Article)
June 16, 2003... The F&C Claymore Preferred Securities Income Fund has selected PFPC for its fund accounting and administration services. Flaherty & Crumine, founded in 1983, specializes in the management of preferred securities and manages approximately $2.5...

CollegeChoice Adds Funds, Dollar-Cost Averaging.(CollegeChoice 529 Investment Plan)(Brief Article)
June 16, 2003... CollegeChoice 529 Investment Plan, an affiliate of Bank One Corp., has expanded its college savings portfolio to include five new funds and a dollar-cost averaging feature. The plan now includes the Fidelity Advisor Inflation-Protected Bond...

Evergreen National Ads Focus on 71-Year Heritage.(Evergreen Investments)(Brief Article)
June 16, 2003... Evergreen Investments has launched a new national advertising campaign entitled, "More Demanding." The ads focus on the disciplined approach and long-term dedication to quality asset management Evergreen has deployed since 1932. Copyright...

Franklin SVP Alexander Becomes NICSA Chair.(National Investment Company Services Association elects Penelope S. Alexander, senior vice president of human resources at Franklin Templeton Investments)(Brief Article)
June 16, 2003... The National Investment Company Services Association (NICSA) has elected Penelope S. Alexander, senior vice president of human resources at Franklin Templeton Investments, as chairperson of the board of directors. She replaces Gary French,...

CEO of Roger Engemann Names Lash as Successor.(Roger Engemann & Associates)(Brief Article)
June 16, 2003... Roger Engemann, chief executive officer of Roger Engemann & Associates, an asset management subsidiary of Phoenix Investment Partners, has announced the appointment of Gretchen Lash to succeed him in that role. Lash will serve as CEO and CIO,...

Northern Trust Hires PM For International Equities.(Brief Article)
June 16, 2003... Northern Trust Global Investments Europe has appointed Stephen Watson as portfolio manager to its active international equities team in London. Watson specializes in European equities and will be responsible for research and stock...

Proposed Bill Would Mean Greater Transparency.(Proposed bill is called the Mutual Funds Integrity and Fee Transparency Act of 2003)
June 16, 2003... Mutual fund investors may get a better understanding of fund costs and greater insight into the relationships and possible conflicts of interests of fund management. House Capital Markets Subcommittee Chairman Richard H. Baker (R-LA),...

Fund Companies Can Reduce CDSC Market Risk.(Contingent deferred sales charge )
June 16, 2003... A prolonged bear market is resulting in the loss of millions of dollars in fees each year to mutual fund companies. Fund firms have a particular problem recouping the commissions fronted to brokers who sell funds with back-end loads. In...

AIMing for a Fresh Approach.(Move into separately managed accounts is transforming AIM)
June 16, 2003... NEW YORK The growth of the SMA marketplace hasn't only caused financial intermediaries and investors to adapt to a new managed account model. Investment management firms are finding they have to carve out their own path to SMA success. ...

At Deadline.(Industry supports much Of mutual fund disclosure bill)
June 23, 2003... Industry Supports Much Of Mutual Fund Disclosure Bill As the House Subcommittee on Capital Markets met last Wednesday for a hearing on the Mutual Funds Integrity and Fee Transparency Act, the Investment Company Institute threw its support...

Citigroup Sued Over B Share Disclosure.
June 23, 2003... Financial services giant Citigroup is being sued by an investor who claims that she was duped into putting her money into a pricier share class of mutual funds. In a class action complaint filed in a Manhattan federal court on June 12,...

AIM, INVESCO Closer to Convergence.(AIM Investments and INVESCO Funds Group )
June 23, 2003... Sister companies AIM Investments of Houston and INVESCO Funds Group of Denver, both investment management units of AMVESCAP, the U.K. holding company, are growing closer every day. The companies, which had slowly evolved into two competing...

World SMA Growth Seen Lagging U.S.(Separately managed accounts)(Interview)
June 23, 2003... Internationally, separately managed accounts are growing at a steady pace, unlike the leaps and bounds their stateside counterparts are experiencing. Money Management Executive Associate Editor Chris Frankie recently spoke with Shiv...

Profitability Expected to Decline 41% Through 2006.(outlook for the global fund industry)
June 23, 2003... The outlook for the global fund industry appears to have some rather ominous storm clouds ahead. According to a recently released industry study by the Boston Consulting Group of Boston, profits may be nearly halved over the next few...

Financial Advisers Give SMA Support Failing Grade.(Separate managed accounts)
June 23, 2003... Separate account managers are earning high marks when it comes to articulating their knowledge of financial markets and the investment process, but considerable improvement is needed in terms of the support they provide advisers. That was...

Many Firms Unprepared for Proxy Disclosure: IRRC.(Brief Article)
June 23, 2003... Several mutual fund companies and investment advisors that have taken steps to comply with the Securities and Exchange Commission's proxy voting reporting rules are ill prepared to continue the task significantly beyond the Aug. 6 deadline. ...

Schwab OneSource Volume Inches up Scant 1%.(Charles Schwab's Mutual Fund OneSource fund supermarket volume)(Brief Article)
June 23, 2003... Charles Schwab's Mutual Fund OneSource fund supermarket volume of 55,700 transactions in May increased 1% from May 2002, but declined 3% from April 2003. Total trades of 199,600 during the month were up 11% from a year ago and up 13% from April...

ING Funds Selects BONY For Accounting, Custody.(Bank of New York)(Brief Article)
June 23, 2003... ING Funds has selected the Bank of New York to provide fund accounting, custody, securities lending and foreign exchange services for the ING Funds, comprising approximately $40 billion of mutual fund assets. The assets represent those of ING...

FRC Research to Include Sales Ideas From Ibbotson.(Financial Research Corp. contracts with Ibbotson Associates )(Brief Article)
June 23, 2003... Financial Research Corp. (FRC) has contracted with Ibbotson Associates to have Ibbotson analyze its advanced research reports for mutual fund wholesalers and provide five sales ideas for each one. Fund companies can customize each report with...

Finn Joins U.S. Bancorp as Lead Large-Cap Manager.(U.S. Bancorp Asset Management named Matt Finn the new lead manager of the First American Large Cap Value Fund)(Brief Article)
June 23, 2003... U.S. Bancorp Asset Management has named Matt Finn as the new lead manager of the First American Large Cap Value Fund, which had more than $949 million in assets under management as of March 31. The current fund manager, Brent Mellum, will...

Bridgeway Capital Names Mulcahy, Rome as Partners.(Bridgeway Capital Management hires Mike Mulcahy as a partner and director and Michael E. Rome as a partner)(Brief Article)
June 23, 2003... Bridgeway Capital Management has hired Mike Mulcahy as a partner and director and Michael E. Rome as a partner. Mulcahy is responsible for managing strategy and growth for Bridgeway and was also elected to the Bridgeway Capital Management...

Lindsey Heads Marketing For Integrity Mutual Funds.(Jeffery A. Lindsey promoted)(Brief Article)
June 23, 2003... Integrity Mutual Funds has promoted Jeffery A. Lindsey to director of marketing. Lindsey joined Integrity in 2001 as a vice president, with responsibility for mergers, acquisitions and recruiting for Integrity's broker/dealer arm. Prior to...

Dublin Must Stay Progressive.(Ireland's place in mutual fund industry)
June 23, 2003... DUBLIN Industry executives here painted the Isle's future as an offshore domicile as big and bold, but representatives from Continental European countries spoke of several difficult tasks ahead for their markets stemming from three years of...

At Deadline.(Lockwood Advisors uses alliances with banking company to broaden menu of products )
June 30, 2003... Lockwood Woos Advisers With Menu Beyond SMAs Lockwood Advisors, Bank of New York's managed account subsidiary, is using its alliances with the banking company to broaden its menu of products in order to go down market for wallet share...

Freddie Fans Hold Firm on Earnings Issue.(Freddie Mac)
June 30, 2003... Freddie Mac continues to be put through the wringer after a high-profile accounting scandal forced the company to restate earnings for the last three years and led to the ousting of three top-level executives. Most recently, the House...

Few Actually Use SMA Customization.(Separately managed accounts)
June 30, 2003... While customization remains one of the key selling points for increasingly popular separately managed accounts, the usage of this feature remains low due to technology issues, complacency of certain providers and level of investor need. ...

Ennis Joins Morgan at Critical Time.(Morgan Stanley and Company Inc.)
June 30, 2003... William M. Ennis, the president and CEO of Evergreen Investments, has flown the firm's Charlotte, N.C., coop and headed north to lead the investment management sales, distribution and operations charge at the investment management unit of...

New Tax Laws Won't Make or Break SMAs.
June 30, 2003... SMA players predict that the altered dividend and capital gains tax rates may result in some minor tweaking of investment strategies, but they don't expect any dramatic changes. When President George Bush signed into law the Tax Relief...

Mutual Funds Well-Equipped for Accelerated Growth.
June 30, 2003... The bullish case for the asset management business is stronger than ever, as long-term mutual fund assets have risen over $600 billion in the first half of 2003. Bolstered by a giant stock market rally in recent months, the U.S. mutual...

Fidelity Removes Load On Five Diversified Funds.(Fidelity Investments)
June 30, 2003... Fidelity Investments eliminated the 3% sales load on five of its biggest diversified equity funds last week, including the Fidelity Magellan Fund. The four other funds that now have no sales load are the Fidelity Contrafund, the Fidelity...

Amex Introduces Three Fixed-Income Mutual Funds.(American Express Financial Corp.)(Brief Article)
June 30, 2003... American Express Financial Corp. has introduced three new mutual funds within its fixed-income line. The funds will be distributed by American Express financial advisers, American Express's brokerage division and select American Express...

NASD Gets Tough On B/D Instant Messaging.(Brief Article)
June 30, 2003... The NASD has advised its members that they must save all instant message communications for at least three years and ensure that those messages follow guidelines for sales literature and correspondence. Similar rules already apply to the use of...

Ross Named Sales Manager For Ivy Funds Distributor.(Brief Article)
June 30, 2003... Waddell & Reed Financial has announced the appointment of J. Bradley Ross as executive vice president and national sales manager of Ivy Funds Distributor , the broker/dealer for the Ivy Funds. Ross moves to Waddell & Reed from ING Funds,...

Miller Joins Janus Capital As EVP, COO From ICMA.(Brief Article)
June 30, 2003... Janus Capital has named Girard Miller as executive vice president and chief operating officer. Miller was previously president and CEO of ICMA Retirement Corp., a company that manages retirement plans for state and local governments. ICMA has...

PPM Hires Balestrieri as Senior Managing Director.(Brief Article)
June 30, 2003... PPM America, which provides investment services to Prudential affiliates and clients, has hired Anthony Balestrieri as senior managing director and portfolio manager in the firm's public fixed-income and portfolio management group. ...

Groppi to Lead JPMorgan's Business in Europe, Africa.(JPMorgan Treasury Services )(Brief Article)
June 30, 2003... JPMorgan Treasury Services has appointed Steve Groppi to the position of Europe, Middle East and Africa regional executive. In addition to the new role, Groppi will maintain his position as regional executive for the Asia Pacific region. ...

Baker's Mutual Funds Integrity Bill No Piece of Cake.
June 30, 2003... Despite a seeming endorsement from the Investment Company Institute, many in the mutual fund industry say the Mutual Funds Integrity and Fee Transparency Act of 2003, proposed by House Capital Markets Subcommittee Chairman Richard H. Baker...

Nationwide Moves 401(k)s to Fees.(Nationwide Financial)
June 30, 2003... Nationwide Financial of Columbus, Ohio, has rolled out a new program that allows registered investment advisers (RIAs) and certified public accountants (CPAs) to sell its retirement plans for a fee rather than a commission, making it the first...