Money Management Executive Latest News

Steve Wiggs is heading up BB&T Corp.'s new wealth management division. Formerly president of BB&T's Piedmont Region and a veteran of the firm since 1979, Wiggs assumes control of a division solely dedicated to affluent clients. He reports to Chief Operating Officer Henry Williamson. The new wealth management division is a combination of BB&T's existing personal trust and private financial service departments.

Latin American funds have been outstanding performers this year, but let's not break out the piatas just yet.

James T. Colby III has joined John Hancock Advisers as head of the municipal bond group, which has nearly $1 billion in assets in privately managed accounts and five funds.

While mutual fund firms asked investors to look the other way when it came to performance during the bear market, some fund companies are now treading in dangerous territory following the market's recent rally, by promoting their year-to-date performance.

RBC Asset Management Inc. has expanded its RBC Funds to include load versions of 10 existing portfolios.

Forward Management said it is trying to make its relationship with Uniplan Real Estate Advisors a bit closer.

Eric R. Dinallo, chief of the investment protection bureau in the office of the New York State Attorney General Elliot Spitzer, has joined Morgan Stanley as managing director and head of regulatory affairs. In this role, Dinallo will work federal and state regulators, as well as industry self-regulatory organizations. He will start Sept. 8, reporting to Chief Legal Officer Donald Kempf.

Phoenix Investment Partners, the $56 billion Hartford, Conn.-based asset management subsidiary of The Phoenix Companies, has launched two new asset allocation mutual funds that are noticeably lacking back-end loaded B shares. Phoenix is only offering A and C shares for purchase on the funds, which debuted Aug. 1.

Fidelity Investments has announced the start-up of Fidelity Advisor New Insights Fund, a flexibly managed equity fund.

MetLife said Monday it is reducing its recently reported second-quarter earnings by $31 million after taxes because its New England Financial affiliate improperly deferred expenses. MetLife also replaced Thom Faria as the affiliate’s president.