Money Management Executive Latest News

Optimistic by nature, Americans are inclined to believe that there is a technology fix for nearly every problem. While that may or may not be the case, there is at least one challenge in the asset management business that can be effectively addressed by a more aggressive application of the current generation of e-business tools: wholesaler productivity.

Merger and acquisition activity within the investment advisory industry is red hot this year, with the second quarter of 2006 already shaping up to be active.

Legg Mason elected its president, James Hirschmann, elected chief operating officer.

DWS Scudder, a division of Deutsche Asset Management, has launched two global funds to capitalize on the firms' global network.

Eighty-nine asset management deals were announced during the first half of the year, a record for number of deals in any half year, according to a report by Putnam Lovell NBF Securities.

The Senate has unanimously approved a bill that would tighten rules governing sales of mutual funds and life insurance to members of the military, The New York Times reports.

Fidelity Brokerage reported its assets in the second quarter rose 21% to $1.5 trillion. Driving those strong sales was money invested in individual retirement accounts, money market funds and Fidelity's target-date funds, the Freedom Funds.

The House of Representatives and Senate agree that 401(k) plan providers should be allowed to bundle advice in with the plan, according to House Majority Leader John Boehner, Reuters reports. Currently, plan sponsors may offer advice, but only from an outside, independent party, yet many do not do so.

With stock markets around the world tumbling since the war broke out between Israel and Lebanon eight days ago, an estimated $1.48 trillion has been wiped from valuations, according to Birinyi Associates, the Associated Press reports.

Jude T. Driscoll, chairman, chief executive officer, president and trustee of Delaware Investments since 2002, resigned abruptly on Tuesday, a filing with the SEC indicated. His resignation will be effective August 1.