Money Management Executive Latest News

Buchanan Leaves Janus Sohn, Smith Promoted

While most investment management companies hunger to secure long-term relationships with clients of sizable assets, Mellon Equity Associates of Pittsburgh is happy to welcome small transitory clients looking for a comfy, but temporary, port to keep them out of a storm.

There are many laws that hold parents responsible for the willful misconduct of their children, and now it looks like Marsh & McLennan Cos. (MMC) may have to face the music for its lack of oversight of its Putnam Investments unit.

Van Alen: At the Noah Fund, we believe that more and more investors are looking to invest in accordance with their spiritual and moral beliefs. Is it the Vice Fund's belief that investors are just looking to make a profit?

Ahrens: The Noah Fund has a 5.5% front end load, plus it has a 2.2% expense ratio. Do you think it's really socially responsible to sell this fund by appealing to someone's religious views when the expenses are so high?

Nationwide Financial Services Inc., the U.S. retirement savings arm of Nationwide Mutual Insurance Co., said Wednesday that President and COO Joseph J. Gasper will retire in May 2004.

It’s the same old story. Survey results prove once again that many investors haven’t gotten the point yet of financial planning and how it can help them in retirement. And the more company-sponsored surveys, like American Express Financial Advisor’s Personal Economy Study, state the obvious, the more financial advisers must keep working to get the word out.

Merrill Lynch Investment Managers has just announced it has gotten a preparatory license from the Chinese Security Regulatory Commission to establish a joint venture mutual fund company with subsidiaries of the Bank of China.

Eaton Vance Corp. announced Thursday that former Chairman Landon T. Clay will sell all of his 8.5 million shares of nonvoting common stock.

The SEC Thursday charged Heartland Advisors with fraud and insider trading on two of its junk bond mutual funds. The charges stem from a sudden, $93 million drop in the value of several of the firm’s municipal junk bond funds in 2000 (see MFMN 12/1/00). The SEC filed its complaint in a Wisconsin court against the firm and CEO William Nasgovitz, COO Paul Beste, General Counsel Jilaine Bauer, SVP Kevin Clark, Treasurer Kenneth Della and fund manager Thomas Conlin.