Money Management Executive Latest News

Ruth Papazian is joining Morgan Stanley as the head of investment management global marketing. She was previously the president and chief marketing officer of Evergreen Investments, and before that, director of marketing for Wells Fargo Securities. In her 20 years in the industry, she has also worked for Fidelity and Colonial Mutual Funds.

Christopher K. Von Bargen has joined Gabelli Asset Management as a senior vice president, marketing, a new position in which he will be in charge of institutional sales in the Southeast. He will be based in Atlanta and report to Chief Operating Officer Doug Jamieson.

Avinash Persaud, the former head of global research and a managing director at State Street Corp., is joining GAM next month as investment director in charge of a global currency fund that will be launched by the end of the year. Persaud issued a statement saying he decided to join the firm because it gives its portfolio managers freedom yet supports them with a strong technological and operations infrastructure.

Fred Alger has promoted Dan Chung from chief investment officer and director of research to president. Chung joined the firm in 1994 as chief technology analyst. He became CIO on Sept. 11, 2001.

Rex Wagner has been appointed as president and chief executive officer of Cardinal Wealth Services. He joins the firm after having served as the manager of the Washington office of Raymond James & Associates.

The 529 college savings plan has yet to catch America's attention the way many providers would have hoped. While it is still early in the product's lifespan, it has struggled with profitability issues, low awareness levels among average investors, and potentially crushing legislative barriers.

While New York State Attorney General Eliot Spitzer’s complaint against Canary Capital Partners states that market timing and late trading can cost investors as much as $4 billion a year, another report puts it in terms that may hit home a little harder for many investors. Timing can sap a fund’s returns by as much as 2% a year, according to The Wall Street Journal.

Survey data released yesterday from the Profit Sharing/401(k) Council of America (PSCA) reveals 401(k) plans held at a steady pace in 2002, as employee deferral rates fell slightly while employer contributions ticked upward.

To fight charges that it allowed a hedge fund to trade illegally, Bank of America has hired the New York law firm Wilkie Farr & Gallagher to handle its case.

For the second time in six days, mutual fund companies received letters from the Securities and Exchange Commission last week inquiring how their funds are priced and traded.