Money Management Executive Latest News

Banks, private banks, and trust companies are well positioned to gain market share in an environment that, for the first time in four years, is dominated by pessimism among the wealthiest investors, says an executive of U.S. Trust Corp., the private banking arm of Charles Schwab Corp.

The heat is on this summer, but the temperature of the registered hedge fund of funds marketplace is anything but sizzling. In fact, it is getting a downright chilly reception.

Back-office financial services giant SunGard plans to launch a new product that will combine its Synapse and BrokerAudit services.

Barclays Global Investors, the largest provider of exchange-traded funds (ETFs), said in a recent regulatory filing with the Securities and Exchange Commission that it seeks approval for a new ETF tracking silver, it was reported last week.

OppenheimerFunds announced last Monday its 529 business has reached $1 billion in assets under management, citing its customization features, competitive expense ratios and solid investment performance.

Two weeks after being hired as the new CEO of MassMutual Financial, Stuart "Stu" Reese is rolling up his sleeves to bring back positive publicity for the insurance giant, MassMutual announced last Thursday, in a press release.

The investment pros at MFS Investment Management, the nation's oldest mutual fund firm, aren't seeing any signs of the type of slowdown in the U.S. economy that Wall Street has been predicting. In fact, the Boston-based fund shop believes vital signs are pointing toward a very strong second half with the economy benefiting from having the wind at its back.

Everywhere we look it seems financial services firms are focused on catering to high-net-worth customers by promoting their wealth management services. While these customers maintain high balances, those balances are usually spread among many different types of accounts and the assets are diverse. Therefore, the ability to provide clients with a total view of their financial position is becoming more important and more complex.

The monied continued to make money as the number of high net worth individuals and their investment assets continued to swell in 2004, according to the annual World Wealth Report released by Merrill Lynch and Capgemini on June 9th.

In a move to stop Massachusetts Secretary of State William F. Galvin from subpoenaing documents, MassMutual Financial Group has disclosed the termination letter detailing the behavior that led to the sudden departure of former CEO Robert J. O'Connell, The Boston Globe reports.