Money Management Executive Latest News

Citigroup Inc. has named Brian Leach as its new chief risk officer.

Mortgage giant Fannie Mae has posted a $3.55 billion loss for the last quarter of 2007, blaming rising home loan defaults.

The wealth management unit of Citigroup Inc. has agreed to buy Legg Mason Inc.’s managed account trading and technology operations.

Standard & Poor’s released ratings action on five of the bond insurers Monday, downgrading Financial Guaranty Insurance Co. to A, from AA, and maintaining a credit watch with developing implications, while downgrading XL Capital Assurance Inc. to A-minus, from AAA, and keeping it on negative watch.

Oppenheimer & Co. has been ordered to pay $250,000 for failing to supervise the improper market timing of mutual fund shares from January through September 2003, according to FINRA. The firm has also been ordered to pay $4.25 million in restitution to more than 60 mutual fund companies.

The Hartford Financial Services Group Inc. announced it is promoting Lizabeth Zlatkus to executive vice president and chief financial officer and John Walters to president and chief operating officer of Hartford’s life operations.

Hall Capital Names Boneparth as President

The vast majority of retirees opt against voluntarily annuitizing retirement savings. So, insurers need to better educate consumers about immediate annuity benefits.

MIAMI-As the burden of responsibility for retirement planning continues to shift toward the individual, investors should be cautious about "fast analysis" investment advice, a top financial executive told attendees at the NICSA conference here last Tuesday.

U.S. money manager Legg Mason denied market rumors this week that one of its money market funds had fallen to below $1 in net asset value, commonly known as "breaking the buck."