Money Management Executive Latest News

Nearly nine out of 10 major financial firms has made serving the upcoming Baby Boomer retirement boon their No. 1 priority, according to a new report from Financial Research Corp.

Wilmington Trust Taps Sanford as President

Prosecutors in the criminal trial of former Bank of America broker Theodore C. Sihpol III rested their case last Monday after calling a human resources executive as their final witness, who testified that Sihpol's compensation rose sharply in the years he allegedly helped New Jersey hedge fund Canary Capital make improper trades.

The findings of an 18-month Securities and Exchange Commission investigation into possible conflicts of interest in the investment consulting industry may have finally confirmed the suspicions of industry watchers; the pension investment consultant industry may indeed be "corrupt."

Transamerica Investment Management, a member of the AEGON Group, said last week it would acquire Westcap Investors, a Los Angeles-based money manager. The financial terms of the deal, which is expected to close this summer, were not disclosed.

American Express Financial Advisors (AEFA) has rebranded as Ameriprise, as part of its spin-off from American Express. Starting August 1, Ameriprise will be operating as an independent, publicly traded financial planning and financial services business, with the transaction is expected to be completed by the third quarter of 2005.

Federal and state programs instituted to educate the public about investing wisely are fighting over money allotted to them in the aftermath of the stock research scandals that surfaced in 2003, the Wall Street Journal reports.

Morningstar has again made headlines, this time due to a subpoena issued by the Labor Department scrutinizing the company's consulting unit. This is the third investigation into Morningstar Associates, which provides investment advice to 401(k) plans, and is related to investigations mounted by New York Attorney General Eliot Spitzer and the Securities and Exchange Commission, the Associated Press reports.

Waddell & Reed Financial said on Thursday that Keith A. Tucker has stepped down from the positions of chairman of the board and chief executive officer.

Dover Corporate Responsibility Management LLC on Wednesday launched three new classes of a mutual fund for retail and institutional investors.