Money Management Executive Latest News

JP Morgan Fleming, mutual fund subsidiary of the financial services giant JP Morgan, has been named the sub-advisor to the First American International Fund, the companies announced. The move is subject to shareholder approval, with the tentative vote date set as Dec. 7, 2004.

Canadian regulators announced potential enforcement proceedings against four of the largest Canadian mutual fund companies last week, as the fund industry market-timing scandal expanded north of the border.

Daniel Calugar strikes again. If there is one name you don't want in your client book of business, aside from Eddie Stern, it is Calugar's. For the second time this summer, Franklin Resources has paid for its dealing with the mysterious Las Vegas investor.

DALLAS -- Separately managed accounts, now with a combined $529 billion in assets under management, appear headed for a more stringent regulatory landscape. While the tax-efficient investment vehicles geared toward the high net worth have enjoyed tremendous growth in the last five years with little agitation from regulators, the industry sees rougher terrain ahead.

NEW YORK -- Elizabeth Krentzman, general counsel of the Investment Company Institute, called on the fund industry to cultivate a better relationship with the brokerage community to tackle the many issues facing the interrelated businesses. She made the remarks at the ICI's Equity Markets conference here last Thursday.

In the months before the 2004 presidential election, investors are opting for safety over risk. Equity fund inflows were an estimated $11.5 billion in August, according to Lipper, as value funds once again beat growth funds and mixed equity continued to attract most of investors' money.

Kelmoore Hires Devine, Shaw, Wooledge as Execs

DALLAS -- Bank executives and a handful of third-party service providers convened here last week to attend a separately managed account conference focused on how banks can penetrate a space heavily dominated by the major wirehouses.

Pioneer Investments of Boston is tiptoeing into the separately managed account business through a brand-new phase of its year-old existing partnership with growth manager Oak Ridge Investments of Chicago.

Bank of America will shift 10 of its top executives to Boston as part of a consolidation of its wealth and investment management divisions into that city.