Industry

Financial intermediaries often explain to clients that wants and needs are two different animals. But the same holds true for the intermediaries themselves, particularly separately managed account advisers.

Lehman Brothers' acquisition of Neuberger Berman, both of New York, will permit the two firms to diversify and grow their combined $100 billion in assets.

Mutual fund giant Federated Investors has inked a deal to buy the mutual fund assets of Washington-based banking firm Riggs National in a move that would boost Federated's total assets by about $470 million.

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.

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 their own name and logo.

Eaton Vance Spends $28M For Parametric Portfolio

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.

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 San Francisco company that provides online advice to participants of defined contribution plans.

Victory Capital Management, the asset management division of KeyCorp, will acquire NewBridge Partners, a growth equity investment management firm with $2 billion in assets.

Janus Capital Group Inc. has moved to expand its Asian distribution by signing an agreement to offer its funds through 30 Taiwan banks. The move comes as its assets under management fell again in the first quarter.