Money Management Executive Latest News

William M. Ennis, the president and CEO of Evergreen Investments, has flown the firm's Charlotte, N.C., coop and headed north to lead the investment management sales, distribution and operations charge at the investment management unit of Morgan Stanley of New York. Evergreen is the $235 billion investment management arm of Wachovia Corp.

The bullish case for the asset management business is stronger than ever, as long-term mutual fund assets have risen over $600 billion in the first half of 2003.

SMA players predict that the altered dividend and capital gains tax rates may result in some minor tweaking of investment strategies, but they don't expect any dramatic changes.

Fidelity Investments eliminated the 3% sales load on five of its biggest diversified equity funds last week, including the Fidelity Magellan Fund. The four other funds that now have no sales load are the Fidelity Contrafund, the Fidelity Contrafund II, the Fidelity Low-Priced Stock and the Fidelity New Millennium funds.

American Express Financial Corp. has introduced three new mutual funds within its fixed-income line. The funds will be distributed by American Express financial advisers, American Express's brokerage division and select American Express retirement plans.

The NASD has advised its members that they must save all instant message communications for at least three years and ensure that those messages follow guidelines for sales literature and correspondence. Similar rules already apply to the use of e-mails.

Waddell & Reed Financial has announced the appointment of J. Bradley Ross as executive vice president and national sales manager of Ivy Funds Distributor , the broker/dealer for the Ivy Funds.

Janus Capital has named Girard Miller as executive vice president and chief operating officer. Miller was previously president and CEO of ICMA Retirement Corp., a company that manages retirement plans for state and local governments. ICMA has since named Joan McAllen, executive vice president and COO, as acting CEO. A permanent successor is to be named soon.

PPM America, which provides investment services to Prudential affiliates and clients, has hired Anthony Balestrieri as senior managing director and portfolio manager in the firm's public fixed-income and portfolio management group.

JPMorgan Treasury Services has appointed Steve Groppi to the position of Europe, Middle East and Africa regional executive. In addition to the new role, Groppi will maintain his position as regional executive for the Asia Pacific region.