Money Management Executive Latest News

Putnam Investments has hired David Glancy as managing director and portfolio manager. A leading fund manager in both equity and high-yield debt, Glancy has been asked to also cover bank debt and undervalued and leveraged companies.

RiverSource Investments has launched the RiverSource Recovery and Infrastructure Fund, an open-end mutual fund that will seek long-term opportunities around the world.

Morningstar has developed a series of 18 asset allocation indexes for investors and advisers to use as benchmarks for target-date and target-risk funds.

Outflows from hedge funds soared to $74 billion in January, the second-highest level on record, according to TrimTabs.

As the global financial landscape continues to reshape, mergers and acquisitions this year will be led by those firms seeking capital or those that have capital in hand to put to work, according to Jefferies Putnam Lovell.

Of all of the possible defensive investment choices available, healthcare funds are doing the best, up 2.8% year-to-date, The Wall Street Journal reports. Strong earnings, healthy balance sheets, steady demand and industry consolidation are fortifying the sector, which is even beating telecommunications and consumer staples.

Kimberly Mustin has joined Legg Mason as managing director and head of institutional business, Americas.

Anthony Ryan, Under Secretary of Domestic Finance with the Treasury Department until just last month, will be joining Fidelity Investments to develop new products and strategies.

As investors move to fee-based financial planners, rather than those paid per transaction, those planners have become more comfortable recommending exchange-traded funds, according to Strategic Insight.

Money market fund assets have topped $4 trillion for the first time, greatly buoyed by the Treasury Department’s $1 NAV guarantees and financing to purchase asset-backed commercial paper from money funds, which has eased the credit markets.