Money Management Executive Latest News

HSBC Asset Management has promoted Steve Baker to chief executive officer of HSBC Asset Management North America. He reports both to Alain Dromer, global chief executive officer of HSBC, and to Leslie Bains, senior executive vice president and head of domestic private banking and wealth management. Baker has been with the firm for 26 years, most recently as chief operating officer.

Schwab Institutional has promoted Edie Heilman to run the Schwab Advisor Network, a nationwide referral service for affluent investors. She succeeds Rob Klapper, who was named a senior vice president of service offers in Schwab's marketing division. Heilman most recently was senior vice president of active trader services.

Integrity Mutual Funds has hired Brenda Sem as chief compliance officer of mutual fund operations. She was previously senior internal auditor of Alerus Financial and has also worked for Brady, Martz & Associates and American West Insurance Co.

Fiduciary Trust, a subsidiary of Franklin Resources, has appointed Wendy J. Mills as senior vice president for individual business development. In this role, she will advise individuals and families on investment management, trust and estate and custody. She reports to Murray Stoltz, senior vice president and director of individual business development. Prior to joining Fiduciary, Mills was a senior vice president for client acquisition at Bessemer Trust. She has also held senior positions at Morgan Guaranty Trust, Morgan Stanley and Fidelity.

Kenneth Domingues, a former senior Securities and Exchange Commission accountant, has joined the board of directors of the Forward Funds. At the SEC, Domingues was chief accountant for the division of investment management. He has also worked for Franklin Templeton, Coopers & Lybrand and the Investment Company Institute.

During the recent bear market, long/short and market-neutral funds were pitched as alternative investments or absolute return havens that could provide positive returns with dampened volatility.

A high concentration of insurance companies in the state and desire by Connecticut attorneys specializing in investment management to identify and confront industry issues, has spawned the formation of a new organization, the Investment Company Act of 1940 Attorneys’ Association of Connecticut.

The Investment Company Institute announced Friday that it had reelected Paul G. Haaga, Jr. as chairman for his second one-year term.

The Investment Company Institute’s board of directors is forming two separate task forces to concentrate on preventing late trading and short-term trading. The board will ask each task force to work closely with the SEC, the NASD and other regulators to devise ways firms can "forcefully and effectively" prevent such abuses.

A pleasant surprise greeted financial markets Friday when Labor Department numbers showed that jobs increased in September for the first time in eight months.