Money Management Executive Latest News

DUBLIN - Industry executives here painted the Isle's future as an offshore domicile as big and bold, but representatives from Continental European countries spoke of several difficult tasks ahead for their markets stemming from three years of the bear market.

Financial services company Northern Trust is expected to announce more job cuts soon, according to industry analysts interviewed in a recent Reuters report. The company has already cut jobs this year in an attempt to lower costs.

Gabelli Asset Management announced that its chief financial officer will be leaving the firm to pursue outside business interests, the Associated Press reports. Robert Zuccaro, who was hired in 1998 as a controller and quickly promoted to CFO, has announced his departure next month.

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.

John Hancock Advisers, which manages $25.6 billion in assets, launched its eighth closed-end fund that invests in preferred securities, and its twelfth closed-end fund overall.

So far this year, hedge funds are not living up to their reputation as a good way of beating the market. Hedge funds rose 2.94% in May, but the S&P 500 gained 5.09% in the month, according to HedgeFund.net. So far this year, the S&P is up 9.52%, whereas hedge funds are up 6.79%. However, the top 25% of hedge funds have gained 10.06% year-to-date.

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 Brokerage and select American Express retirement plans.

Individual investors in Japan are selling their stock funds, according to a survey conducted by Nomura Research Institute (NRI), as reported by Reuters.

Lockwood Advisors , Bank of New York’s managed account subsidiary, is using its alliances with the banking company to broaden its menu of products in order to go down market for wallet share.

Janus Capital Group has named a new executive vice president and chief operating officer, Reuters reports.