Money Management Executive Latest News

Nuveen Investments reported a 14% increase in its second-quarter earnings of $36 million over the period of a year earlier, on a restated basis. The firm's operating revenues were $120.4 million, up 13% from 2003. Nuveen took in $6 billion in assets and netted $3.1 billion in the quarter, with total assets now reaching $102 billion, up 16% from assets of $88 billion a year ago. The firm reported that the increase in assets was driven by $11.2 billion in net new flows and $2.4 billion of market appreciation.

Janus Capital reported a significant second quarter jump in income to $130.2 million from $47.5 million during the same quarter in 2003, according to a recent filing.

Armada Appoints Mahoney As Head of Distribution

After almost three years, it was over. This past December, Callan Associates, a San Francisco-based investment consultant overseeing asset managers in Charles Schwab's managed account program, removed Chartwell Investment Partner's large-cap value equity product from the Schwab platform. Callan noted that Chartwell had underperformed the median benchmark performance for nine out of 12 previous quarters and occupied the bottom decile for four of those nine quarters.

A former leader in retirement plan recordkeeping and custodial services, personal trust services, and more recently custody services for registered investment advisers, Security Trust Co. fell prey to the SEC's microscope when it was charged in November with late-trading mutual fund abuses. The firm was the first to have criminal charges against then-CEO Grant Seeger and was the first to temporarily close its doors.

It's crunch time for mutual funds. With the Oct. 5 deadline for mutual funds to designate a chief compliance officer just two months away, fund executives are scrambling to get their policies and procedures in place. The question is are they ready?

Janus Capital Group has finalized plans to shutter its Westport, Conn., office and relocate the employees to nearby facilities in New York, Knight Ridder Tribune Business News reports.

Tighter investment spreads at life insurance companies have driven UBS Investment Research to change its credit rating on the sector’s bonds from "market perform" to "underweight." The primary reason for this change is that life insurers’ bonds are trading right around their market value.

The clock is ticking toward the deadline for mutual funds to meet compliance guidelines required by newly adopted securities industry regulations, and many asset managers are now scrambling as the Oct, 5 deadline rapidly approaches, Dow Jones Newswires reports.

Federated Investors predicts in increase in the number of smaller mutual funds that outsource their back-office administrative needs to larger complexes, Reuters reports